HighTower Advisors LLC Boosts Stake in Fifth Third Bancorp (NASDAQ:FITB)

HighTower Advisors LLC raised its position in Fifth Third Bancorp (NASDAQ:FITB) by 6.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 155,011 shares of the financial services provider’s stock after purchasing an additional 9,195 shares during the quarter. HighTower Advisors LLC’s holdings in Fifth Third Bancorp were worth $6,554,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. PL Capital Advisors LLC lifted its stake in Fifth Third Bancorp by 4,128.0% during the 4th quarter. PL Capital Advisors LLC now owns 1,860,320 shares of the financial services provider’s stock worth $78,654,000 after acquiring an additional 1,816,320 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Fifth Third Bancorp during the fourth quarter worth about $38,971,000. Charles Schwab Investment Management Inc. lifted its position in shares of Fifth Third Bancorp by 3.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 21,586,847 shares of the financial services provider’s stock worth $912,692,000 after purchasing an additional 812,385 shares in the last quarter. Zurich Insurance Group Ltd FI purchased a new position in shares of Fifth Third Bancorp in the third quarter valued at approximately $28,490,000. Finally, Teachers Retirement System of The State of Kentucky grew its holdings in shares of Fifth Third Bancorp by 76.2% in the third 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 purchasing an additional 575,449 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

FITB has been the topic of a number of research reports. Piper Sandler reiterated 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. Barclays lifted 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. Stephens restated an “equal weight” rating and set a $51.00 price target on shares of Fifth Third Bancorp in a report on Wednesday, March 5th. Keefe, Bruyette & Woods lifted their price objective on Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Finally, Morgan Stanley reduced their target price on shares of Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating on the stock in a report on Thursday, March 13th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $47.36.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $38.89 on Wednesday. The company’s 50 day simple moving average is $42.68 and its 200-day simple moving average is $43.64. Fifth Third Bancorp has a 12-month low of $33.82 and a 12-month high of $49.07. The firm has a market cap of $25.98 billion, a PE ratio of 12.39, a price-to-earnings-growth ratio of 1.42 and a beta of 1.21. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82.

Insiders Place Their Bets

In other Fifth Third Bancorp news, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp stock in a transaction that occurred on Thursday, February 20th. The stock was 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 in the company, valued at approximately $5,698,778.80. This trade represents a 14.22 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO James C. Leonard sold 17,200 shares of the business’s 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 completion of the transaction, the chief operating officer now directly owns 244,487 shares in the company, valued at approximately $10,820,994.62. The trade was a 6.57 % decrease in their position. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by insiders.

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.