PGGM Investments Acquires 63,229 Shares of Fifth Third Bancorp (NASDAQ:FITB)

PGGM Investments raised its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 58.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 172,150 shares of the financial services provider's stock after acquiring an additional 63,229 shares during the quarter. PGGM Investments' holdings in Fifth Third Bancorp were worth $7,279,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Retirement Wealth Solutions LLC acquired a new stake in Fifth Third Bancorp in the 4th quarter valued at about $25,000. Sierra Ocean LLC purchased a new stake in Fifth Third Bancorp during the fourth quarter valued at about $28,000. Venturi Wealth Management LLC lifted its stake in Fifth Third Bancorp by 89.5% during the third quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider's stock valued at $29,000 after buying an additional 316 shares in the last quarter. BankPlus Trust Department purchased a new stake in Fifth Third Bancorp during the fourth quarter valued at about $29,000. Finally, Midwest Capital Advisors LLC purchased a new stake in Fifth Third Bancorp during the fourth quarter valued at about $33,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kevin P. Lavender sold 21,700 shares of the stock in a transaction that occurred on 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 in the company, valued at $5,698,778.80. This trade represents a 14.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO James C. Leonard sold 17,200 shares of the stock in a transaction that occurred 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 approximately $10,820,994.62. This trade represents a 6.57 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.53% of the company's stock.

Remove Ads

Fifth Third Bancorp Stock Down 0.3 %

NASDAQ:FITB traded down $0.10 during mid-day trading on Tuesday, reaching $38.89. The stock had a trading volume of 3,383,096 shares, compared to its average volume of 4,780,603. The business's 50 day moving average is $42.76 and its 200 day moving average is $43.67. Fifth Third Bancorp has a fifty-two week low of $33.82 and a fifty-two week high of $49.07. The stock has a market cap of $25.98 billion, a P/E ratio of 12.39, 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.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Morgan Stanley reduced their price objective on shares of Fifth Third Bancorp from $57.00 to $52.00 and set an "equal weight" rating for the company in a research note on Thursday, March 13th. Barclays upped 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. Truist Financial upped their price objective on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the company a "buy" rating in a research note on Wednesday, January 22nd. Piper Sandler reiterated an "overweight" rating and issued a $53.00 target price (down previously from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. Finally, Citigroup upped their target price on Fifth Third Bancorp from $43.00 to $52.00 and gave the company a "neutral" rating in a report on Friday, November 22nd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $47.36.

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.