OFI Invest Asset Management Takes Position in Fifth Third Bancorp (NASDAQ:FITB)

OFI Invest Asset Management acquired a new stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 27,841 shares of the financial services provider's stock, valued at approximately $1,137,000.

Several other hedge funds have also recently bought and sold shares of FITB. PL Capital Advisors LLC lifted its position in Fifth Third Bancorp by 4,128.0% in 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 purchasing an additional 1,816,320 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Fifth Third Bancorp during the 4th quarter valued at about $38,971,000. Charles Schwab Investment Management Inc. increased its stake in 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 buying an additional 812,385 shares during the period. Zurich Insurance Group Ltd FI acquired a new position in Fifth Third Bancorp during the 3rd quarter valued at about $28,490,000. Finally, Teachers Retirement System of The State of Kentucky increased its stake in 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 during the period. 83.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, COO James C. Leonard sold 17,200 shares of Fifth Third Bancorp stock in a transaction 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 sale, the chief operating officer now owns 244,487 shares of the company's stock, valued at approximately $10,820,994.62. This trade represents a 6.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kevin P. Lavender sold 21,700 shares of the firm's stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $43.55, for a total value of $945,035.00. Following the transaction, the executive vice president now owns 130,856 shares in the company, valued at approximately $5,698,778.80. This trade 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 owned by corporate insiders.

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Fifth Third Bancorp Stock Down 2.7 %

FITB stock traded down $1.05 during midday trading on Thursday, reaching $37.48. The company had a trading volume of 5,279,178 shares, compared to its average volume of 4,794,361. The company has a 50 day moving average of $43.01 and a two-hundred day moving average of $43.73. The company has a market capitalization of $25.04 billion, a P/E ratio of 11.94, a PEG ratio of 1.42 and a beta of 1.21. Fifth Third Bancorp has a 1 year low of $33.82 and a 1 year high of $49.07. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82.

Analysts Set New Price Targets

Several research firms have recently weighed in on FITB. Keefe, Bruyette & Woods raised 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 report on Wednesday, December 4th. Barclays raised 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 report on Monday, January 6th. Piper Sandler restated an "overweight" rating and set a $53.00 price objective (down previously from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. Stephens restated an "equal weight" rating and set a $51.00 price objective on shares of Fifth Third Bancorp in a research report on Wednesday, March 5th. Finally, Citigroup raised their price objective on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the company a "neutral" rating in a research report on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat.com, Fifth Third Bancorp has an average rating of "Hold" and a consensus target price of $47.36.

Fifth Third Bancorp 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.