Skandinaviska Enskilda Banken AB publ Buys 110,000 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Skandinaviska Enskilda Banken AB publ grew its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 78.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 250,045 shares of the financial services provider's stock after acquiring an additional 110,000 shares during the quarter. Skandinaviska Enskilda Banken AB publ's holdings in Fifth Third Bancorp were worth $10,682,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in FITB. Assetmark Inc. boosted its holdings in Fifth Third Bancorp by 12.9% in the third quarter. Assetmark Inc. now owns 4,126 shares of the financial services provider's stock worth $177,000 after acquiring an additional 471 shares in the last quarter. Venturi Wealth Management LLC boosted its holdings in Fifth Third Bancorp by 89.5% in the third quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider's stock worth $29,000 after acquiring an additional 316 shares in the last quarter. Apollon Wealth Management LLC boosted its holdings in Fifth Third Bancorp by 13.8% in the third quarter. Apollon Wealth Management LLC now owns 35,052 shares of the financial services provider's stock worth $1,502,000 after acquiring an additional 4,251 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Fifth Third Bancorp by 1.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,731,656 shares of the financial services provider's stock valued at $74,184,000 after purchasing an additional 19,572 shares in the last quarter. Finally, Aptus Capital Advisors LLC bought a new position in shares of Fifth Third Bancorp during the third quarter valued at $206,000. 83.79% of the stock is owned by institutional investors.

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Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on FITB. Stephens reaffirmed an "equal weight" rating and set a $51.00 price target on shares of Fifth Third Bancorp in a report on Wednesday, March 5th. DA Davidson upped their price target on Fifth Third Bancorp from $49.00 to $50.00 and gave the company a "neutral" rating in a report on Thursday, January 23rd. Citigroup upped their price target on Fifth Third Bancorp from $43.00 to $52.00 and gave the company a "neutral" rating in a report on Friday, November 22nd. Truist Financial upped their price target on Fifth Third Bancorp from $51.00 to $52.00 and gave the company a "buy" rating in a report on Wednesday, January 22nd. Finally, Morgan Stanley lowered their price target on Fifth Third Bancorp from $57.00 to $52.00 and set an "equal weight" rating on the stock in a report on Thursday, March 13th. One 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's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $47.36.

Insider Buying and Selling

In related news, COO James C. Leonard sold 17,200 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was 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 directly owns 244,487 shares of the company's stock, valued at approximately $10,820,994.62. This represents a 6.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Kevin P. Lavender sold 21,700 shares of the firm'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 sale, the executive vice president now directly owns 130,856 shares of the company's stock, valued at $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. 0.53% of the stock is currently owned by company insiders.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB traded up $0.57 during trading on Wednesday, hitting $39.46. 3,612,617 shares of the company's stock were exchanged, compared to its average volume of 4,758,148. 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 business's 50-day simple moving average is $42.68 and its 200 day simple moving average is $43.64. The company has a market cap of $26.36 billion, a price-to-earnings ratio of 12.57, a PEG ratio of 1.42 and a beta of 1.21.

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.