Raymond James Financial Inc. Makes New Investment in Fifth Third Bancorp (NASDAQ:FITB)

Raymond James Financial Inc. acquired a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 921,726 shares of the financial services provider's stock, valued at approximately $38,971,000. Raymond James Financial Inc. owned about 0.14% of Fifth Third Bancorp at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of FITB. Assetmark Inc. increased its position 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 valued at $177,000 after purchasing an additional 471 shares during the last quarter. Venturi Wealth Management LLC boosted its holdings in Fifth Third Bancorp by 89.5% during the 3rd quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 316 shares during the period. Versor Investments LP boosted its holdings in Fifth Third Bancorp by 28.1% during the 3rd quarter. Versor Investments LP now owns 16,869 shares of the financial services provider's stock valued at $723,000 after acquiring an additional 3,700 shares during the period. Apollon Wealth Management LLC boosted its holdings in Fifth Third Bancorp by 13.8% during the 3rd quarter. Apollon Wealth Management LLC now owns 35,052 shares of the financial services provider's stock valued at $1,502,000 after acquiring an additional 4,251 shares during the period. Finally, First National Trust Co boosted its holdings in Fifth Third Bancorp by 44.9% during the 3rd quarter. First National Trust Co now owns 77,099 shares of the financial services provider's stock valued at $3,303,000 after acquiring an additional 23,890 shares during the period. 83.79% of the stock is currently owned by institutional investors.

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Analyst Upgrades and Downgrades

FITB has been the subject of several analyst reports. Barclays increased their target price on Fifth Third Bancorp from $51.00 to $56.00 and gave the company an "overweight" rating in a report on Monday, January 6th. Piper Sandler restated an "overweight" rating and set a $53.00 target price (down from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. Morgan Stanley dropped their target price on Fifth Third Bancorp from $57.00 to $52.00 and set an "equal weight" rating for the company in a report on Thursday. Citigroup increased their price objective on Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a "neutral" rating in a report on Friday, November 22nd. Finally, DA Davidson increased their price objective on Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a "neutral" rating in a report on Thursday, January 23rd. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $47.36.

Insider Activity at Fifth Third Bancorp

In related news, COO James C. Leonard sold 17,200 shares of the firm'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 transaction of $761,272.00. Following the completion of the transaction, the chief operating officer now owns 244,487 shares of the company's stock, valued at $10,820,994.62. This trade represents a 6.57 % decrease in their position. The transaction 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 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 transaction, the executive vice president now directly owns 130,856 shares of the company's stock, valued at approximately $5,698,778.80. This trade represents a 14.22 % decrease in their position. The disclosure for this sale can be found here. 0.53% of the stock is owned by corporate insiders.

Fifth Third Bancorp Stock Up 2.9 %

Shares of FITB traded up $1.07 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. Fifth Third Bancorp has a 12-month low of $33.82 and a 12-month high of $49.07. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market capitalization of $25.76 billion, a price-to-earnings ratio of 12.28, a price-to-earnings-growth ratio of 1.42 and a beta of 1.21. The company has a 50-day simple moving average of $42.84 and a 200-day simple moving average of $43.68.

About Fifth Third Bancorp

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.