Assetmark Inc. Purchases 8,491 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Assetmark Inc. grew its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 205.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 12,617 shares of the financial services provider's stock after purchasing an additional 8,491 shares during the quarter. Assetmark Inc.'s holdings in Fifth Third Bancorp were worth $533,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of FITB. PL Capital Advisors LLC lifted its position 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 valued at $78,654,000 after acquiring an additional 1,816,320 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Fifth Third Bancorp by 3.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 21,586,847 shares of the financial services provider's stock valued at $912,692,000 after acquiring an additional 812,385 shares during the period. Zurich Insurance Group Ltd FI acquired a new position in shares of Fifth Third Bancorp during the 3rd quarter valued at $28,490,000. Teachers Retirement System of The State of Kentucky lifted its position 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 acquiring an additional 575,449 shares during the period. Finally, Franklin Resources Inc. raised its holdings in Fifth Third Bancorp by 8.1% during the third quarter. Franklin Resources Inc. now owns 5,476,374 shares of the financial services provider's stock worth $242,713,000 after buying an additional 409,292 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company's stock.

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Fifth Third Bancorp Stock Performance

FITB traded up $1.07 during trading on Friday, hitting $38.55. 4,398,044 shares of the company traded hands, compared to its average volume of 4,787,238. The firm has a market cap of $25.76 billion, a P/E ratio of 12.28, a price-to-earnings-growth ratio of 1.42 and a beta of 1.21. The stock's fifty day moving average is $42.84 and its 200 day moving average is $43.68. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82. Fifth Third Bancorp has a one year low of $33.82 and a one year high of $49.07.

Analyst Upgrades and Downgrades

FITB has been the topic of several research reports. Truist Financial upped their price objective on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a "buy" rating in a report on Wednesday, January 22nd. Morgan Stanley lowered their price objective on shares of Fifth Third Bancorp from $57.00 to $52.00 and set an "equal weight" rating on the stock in a report on Thursday. Stephens restated an "equal weight" rating and set a $51.00 price objective on shares of Fifth Third Bancorp in a report on Wednesday, March 5th. Citigroup upped their price objective on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a "neutral" rating in a report on Friday, November 22nd. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a "market perform" rating in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Fifth Third Bancorp currently has a consensus rating of "Hold" and an average price target of $47.36.

Insider Activity at Fifth Third Bancorp

In other Fifth Third Bancorp news, COO James C. Leonard sold 17,200 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total transaction of $761,272.00. Following the completion of 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Kevin P. Lavender sold 21,700 shares of the stock in a transaction dated Thursday, February 20th. The stock was 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 of the company's stock, valued at $5,698,778.80. This represents a 14.22 % decrease in their position. The disclosure for this sale can be found here. 0.53% of the stock is owned by company insiders.

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.