Davis Selected Advisers Increases Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Davis Selected Advisers boosted its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 0.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,444,176 shares of the financial services provider's stock after buying an additional 8,640 shares during the period. Davis Selected Advisers owned approximately 0.36% of Fifth Third Bancorp worth $103,340,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FITB. OneDigital Investment Advisors LLC increased its position in shares of Fifth Third Bancorp by 1.1% in 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. grew its stake in 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 purchasing an additional 232 shares during the last quarter. Eads & Heald Wealth Management increased its holdings in shares of Fifth Third Bancorp by 3.0% in the fourth quarter. Eads & Heald Wealth Management now owns 8,201 shares of the financial services provider's stock valued at $347,000 after purchasing an additional 235 shares during the period. Valley National Advisers Inc. raised its stake in shares of Fifth Third Bancorp by 3.6% in the fourth quarter. Valley National Advisers Inc. now owns 6,763 shares of the financial services provider's stock worth $285,000 after purchasing an additional 236 shares during the last quarter. Finally, Geneos Wealth Management Inc. lifted its holdings in shares of Fifth Third Bancorp by 4.7% during the fourth quarter. Geneos Wealth Management Inc. now owns 5,475 shares of the financial services provider's stock worth $231,000 after purchasing an additional 246 shares during the period. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

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Insiders Place Their Bets

In other news, COO James C. Leonard sold 17,200 shares of the firm's stock in a transaction that occurred 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 completion of the sale, 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kevin P. Lavender sold 21,700 shares of the company's stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $43.55, for a total value of $945,035.00. Following the completion of the transaction, the executive vice president now owns 130,856 shares in the company, valued at $5,698,778.80. This represents a 14.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.50% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have commented on FITB shares. Keefe, Bruyette & Woods lifted their price objective on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the company a "market perform" rating in a research note on Wednesday, December 4th. Piper Sandler reiterated an "overweight" rating and set a $53.00 price objective (down previously from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. DA Davidson upped their target price on Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a "neutral" rating in a research note on Thursday, January 23rd. Barclays lifted their price target on Fifth Third Bancorp from $51.00 to $56.00 and gave the company an "overweight" rating in a research report on Monday, January 6th. Finally, Stephens restated an "equal weight" rating and issued a $51.00 price objective on shares of Fifth Third Bancorp in a research report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $47.31.

Fifth Third Bancorp Price Performance

NASDAQ FITB traded up $0.30 during trading hours on Wednesday, hitting $38.53. 4,786,020 shares of the company's stock traded hands, compared to its average volume of 4,782,977. The company has a market capitalization of $25.74 billion, a PE ratio of 12.27, a PEG ratio of 1.42 and a beta of 1.21. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80. Fifth Third Bancorp has a 52-week low of $33.82 and a 52-week high of $49.07. The firm's 50-day moving average is $43.08 and its 200-day moving average is $43.77.

Fifth Third Bancorp Company Profile

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.