AGF Management Ltd. Boosts Stake in Fifth Third Bancorp (NASDAQ:FITB)

AGF Management Ltd. grew its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 85.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 25,962 shares of the financial services provider's stock after acquiring an additional 11,995 shares during the period. AGF Management Ltd.'s holdings in Fifth Third Bancorp were worth $1,098,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. OneDigital Investment Advisors LLC lifted its position in shares of Fifth Third Bancorp by 1.1% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 20,505 shares of the financial services provider's stock valued at $878,000 after acquiring an additional 222 shares during the period. Transamerica Financial Advisors Inc. lifted its position in shares of Fifth Third Bancorp by 7.5% during the 3rd quarter. Transamerica Financial Advisors Inc. now owns 3,332 shares of the financial services provider's stock valued at $143,000 after acquiring an additional 232 shares during the period. Eads & Heald Wealth Management lifted its position in shares of Fifth Third Bancorp by 3.0% during the 4th quarter. Eads & Heald Wealth Management now owns 8,201 shares of the financial services provider's stock valued at $347,000 after acquiring an additional 235 shares during the period. Valley National Advisers Inc. lifted its position in shares of Fifth Third Bancorp by 3.6% during the 4th quarter. Valley National Advisers Inc. now owns 6,763 shares of the financial services provider's stock valued at $285,000 after acquiring an additional 236 shares during the period. Finally, Geneos Wealth Management Inc. lifted its position in shares of Fifth Third Bancorp by 4.7% during the 4th quarter. Geneos Wealth Management Inc. now owns 5,475 shares of the financial services provider's stock valued at $231,000 after acquiring an additional 246 shares during the period. 83.79% of the stock is currently owned by institutional investors and hedge funds.

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Fifth Third Bancorp Stock Up 1.5 %

Shares of NASDAQ:FITB traded up $0.57 during midday trading on Wednesday, hitting $39.46. 3,612,617 shares of the company's stock traded hands, compared to its average volume of 4,207,959. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market cap of $26.36 billion, a PE ratio of 12.57, a P/E/G ratio of 1.42 and a beta of 1.21. The firm's fifty day moving average price is $42.68 and its two-hundred day moving average price is $43.64. Fifth Third Bancorp has a twelve month low of $33.82 and a twelve month high of $49.07.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on FITB. Royal Bank of Canada reissued an "outperform" rating and set a $47.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Morgan Stanley dropped their price objective on shares of Fifth Third Bancorp from $57.00 to $52.00 and set an "equal weight" rating for the company in a research note on Thursday, March 13th. Truist Financial raised their price objective on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a "buy" rating in a research note on Wednesday, January 22nd. Piper Sandler reissued an "overweight" rating and set a $53.00 price objective (down from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. Finally, Barclays raised their price objective on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an "overweight" rating in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $47.36.

Insider Activity at Fifth Third Bancorp

In related news, COO James C. Leonard sold 17,200 shares of Fifth Third Bancorp stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total transaction of $761,272.00. Following the transaction, the chief operating officer now owns 244,487 shares in the company, valued at approximately $10,820,994.62. The trade was a 6.57 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $43.55, for a total transaction of $945,035.00. Following the transaction, the executive vice president now owns 130,856 shares in the company, valued at $5,698,778.80. The trade was a 14.22 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.53% of the company's stock.

About Fifth Third Bancorp

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.