AMF Tjanstepension AB bought a new position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 224,098 shares of the financial services provider's stock, valued at approximately $9,477,000.
Several other hedge funds have also recently made changes to their positions in the company. PL Capital Advisors LLC grew its stake in shares of Fifth Third Bancorp by 4,128.0% during the 4th quarter. PL Capital Advisors LLC now owns 1,860,320 shares of the financial services provider's stock worth $78,654,000 after acquiring an additional 1,816,320 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Fifth Third Bancorp in the fourth quarter worth about $38,971,000. Charles Schwab Investment Management Inc. increased its stake in shares of Fifth Third Bancorp by 3.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 21,586,847 shares of the financial services provider's stock worth $912,692,000 after purchasing an additional 812,385 shares in the last quarter. Zurich Insurance Group Ltd FI bought a new stake in shares of Fifth Third Bancorp in the third quarter valued at approximately $28,490,000. Finally, Teachers Retirement System of The State of Kentucky lifted its stake in shares of Fifth Third Bancorp by 76.2% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 1,330,649 shares of the financial services provider's stock valued at $57,005,000 after buying an additional 575,449 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors.
Insider Transactions 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 value of $761,272.00. Following the transaction, the chief operating officer now owns 244,487 shares in the company, valued at $10,820,994.62. This trade represents a 6.57 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kevin P. Lavender sold 21,700 shares of the company's stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $43.55, for a total transaction of $945,035.00. Following the sale, the executive vice president now owns 130,856 shares of the company's stock, valued at approximately $5,698,778.80. The trade was a 14.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.50% of the company's stock.
Fifth Third Bancorp Price Performance
NASDAQ:FITB traded up $0.30 during midday trading on Wednesday, hitting $38.53. The company had a trading volume of 4,786,020 shares, compared to its average volume of 4,782,978. The stock's fifty day moving average price is $43.08 and its 200-day moving average price is $43.77. Fifth Third Bancorp has a 52-week low of $33.82 and a 52-week high of $49.07. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82. The company has a market capitalization of $25.74 billion, a PE ratio of 12.27, a P/E/G ratio of 1.42 and a beta of 1.21.
Analyst Ratings Changes
FITB has been the subject of a number of recent research reports. Barclays lifted their price objective on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the company an "overweight" rating in a research note on Monday, January 6th. Piper Sandler reiterated 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. Wells Fargo & Company increased their price objective on Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an "overweight" rating in a report on Friday, November 15th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $47.00 target price on shares of Fifth Third Bancorp in a report on Monday, February 10th. Finally, DA Davidson increased their price target on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a "neutral" rating in a report on Thursday, January 23rd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Fifth Third Bancorp currently has an average rating of "Hold" and an average price target of $47.31.
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Fifth Third Bancorp Company Profile
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Free Report)
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.
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