Sequoia Financial Advisors LLC Increases Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Sequoia Financial Advisors LLC increased its stake in Fifth Third Bancorp (NASDAQ:FITB) by 16.7% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 16,151 shares of the financial services provider’s stock after purchasing an additional 2,306 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Fifth Third Bancorp were worth $683,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the stock. HighTower Advisors LLC grew its position in shares of Fifth Third Bancorp by 6.3% in the fourth quarter. HighTower Advisors LLC now owns 155,011 shares of the financial services provider’s stock valued at $6,554,000 after purchasing an additional 9,195 shares in the last quarter. AGF Management Ltd. grew its position in shares of Fifth Third Bancorp by 85.9% in the fourth quarter. AGF Management Ltd. now owns 25,962 shares of the financial services provider’s stock valued at $1,098,000 after purchasing an additional 11,995 shares in the last quarter. Citizens Financial Group Inc. RI grew its position in Fifth Third Bancorp by 4.4% during the fourth quarter. Citizens Financial Group Inc. RI now owns 13,211 shares of the financial services provider’s stock worth $559,000 after buying an additional 561 shares in the last quarter. Riverbend Wealth Management LLC purchased a new position in Fifth Third Bancorp during the fourth quarter worth about $599,000. Finally, Vista Investment Partners II LLC purchased a new position in Fifth Third Bancorp during the fourth quarter worth about $3,030,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FITB has been the subject of several recent analyst reports. Stephens restated an “equal weight” rating and set a $51.00 target price on shares of Fifth Third Bancorp in a research report on Wednesday, March 5th. Barclays boosted their target price on Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Morgan Stanley reduced their target price on Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating for the company in a research report on Thursday, March 13th. Royal Bank of Canada restated an “outperform” rating and set a $47.00 target price on shares of Fifth Third Bancorp in a research report on Monday, February 10th. Finally, 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 research note on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of “Hold” and a consensus price target of $47.36.

Fifth Third Bancorp Trading Up 1.1 %

NASDAQ FITB opened at $38.99 on Tuesday. 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. The stock has a 50-day moving average of $42.76 and a 200-day moving average of $43.67. The firm has a market cap of $26.05 billion, a PE ratio of 12.42, a price-to-earnings-growth ratio of 1.42 and a beta of 1.21.

Insider Activity

In other Fifth Third Bancorp news, 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 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 represents a 6.57 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Kevin P. Lavender sold 21,700 shares of the company’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 $5,698,778.80. The trade was a 14.22 % decrease in their position. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by corporate insiders.

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.