Pzena Investment Management LLC Has $41.52 Million Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Pzena Investment Management LLC decreased its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 15.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 982,110 shares of the financial services provider's stock after selling 181,796 shares during the period. Pzena Investment Management LLC owned about 0.15% of Fifth Third Bancorp worth $41,524,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of FITB. Farther Finance Advisors LLC boosted its stake in Fifth Third Bancorp by 32.0% in the third quarter. Farther Finance Advisors LLC now owns 3,640 shares of the financial services provider's stock valued at $156,000 after acquiring an additional 883 shares during the last quarter. Concurrent Investment Advisors LLC acquired a new position in shares of Fifth Third Bancorp during the 3rd quarter worth about $215,000. Principal Financial Group Inc. boosted its holdings in shares of Fifth Third Bancorp by 1.8% during the 3rd quarter. Principal Financial Group Inc. now owns 821,531 shares of the financial services provider's stock worth $35,194,000 after buying an additional 14,137 shares during the period. Assetmark Inc. boosted its holdings in shares of Fifth Third Bancorp by 12.9% during the 3rd quarter. Assetmark Inc. now owns 4,126 shares of the financial services provider's stock worth $177,000 after buying an additional 471 shares during the period. Finally, Baker Avenue Asset Management LP bought a new stake in Fifth Third Bancorp in the 3rd quarter valued at about $225,000. Institutional investors and hedge funds own 83.79% of the company's stock.

Remove Ads

Insider Transactions at Fifth Third Bancorp

In other news, EVP Kevin P. Lavender sold 21,700 shares of the company's 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 completion of the transaction, the executive vice president now directly 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 sale was disclosed in a filing with the SEC, which is available through this link. Also, COO James C. Leonard sold 17,200 shares of the company's stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total value of $761,272.00. Following the transaction, the chief operating officer now directly owns 244,487 shares of the company's stock, valued at approximately $10,820,994.62. The trade was a 6.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.50% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on FITB shares. Piper Sandler reaffirmed an "overweight" rating and set a $53.00 price target (down previously from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. Barclays upped their price objective on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an "overweight" rating in a research report on Monday, January 6th. Wells Fargo & Company upped their price objective on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an "overweight" rating in a research report on Friday, November 15th. 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 research report on Wednesday, January 22nd. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $47.00 price objective on shares of Fifth Third Bancorp in a research report on Monday, February 10th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat, Fifth Third Bancorp presently has an average rating of "Hold" and a consensus price target of $47.36.

Fifth Third Bancorp Stock Up 2.9 %

Fifth Third Bancorp stock traded up $1.07 during trading hours on Friday, reaching $38.55. The stock had a trading volume of 4,398,044 shares, compared to its average volume of 4,787,238. The company has a market cap of $25.76 billion, a price-to-earnings ratio of 12.28, 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. The business's 50 day moving average price is $42.91 and its 200-day moving average price is $43.69. Fifth Third Bancorp has a 52 week low of $33.82 and a 52 week high of $49.07.

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.