First Trust Advisors LP Has $91.35 Million Position in Fifth Third Bancorp $FITB

First Trust Advisors LP grew its stake in Fifth Third Bancorp (NASDAQ:FITB) by 2.5% in the third quarter, HoldingsChannel.com reports. The fund owned 2,050,428 shares of the financial services provider’s stock after acquiring an additional 50,608 shares during the period. First Trust Advisors LP’s holdings in Fifth Third Bancorp were worth $91,347,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Fifth Third Bancorp by 1.6% during the second quarter. Vanguard Group Inc. now owns 83,849,824 shares of the financial services provider’s stock valued at $3,448,743,000 after purchasing an additional 1,301,624 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Fifth Third Bancorp by 1.7% in the second quarter. Charles Schwab Investment Management Inc. now owns 23,306,918 shares of the financial services provider’s stock worth $958,614,000 after purchasing an additional 398,517 shares during the period. Invesco Ltd. raised its holdings in Fifth Third Bancorp by 16.6% in the second quarter. Invesco Ltd. now owns 20,677,686 shares of the financial services provider’s stock worth $850,473,000 after purchasing an additional 2,941,333 shares during the period. Geode Capital Management LLC boosted its position in shares of Fifth Third Bancorp by 3.6% during the second quarter. Geode Capital Management LLC now owns 18,008,755 shares of the financial services provider’s stock worth $737,728,000 after purchasing an additional 619,956 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Fifth Third Bancorp during the second quarter worth about $357,440,000. Institutional investors own 83.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on FITB. Citigroup lifted their target price on Fifth Third Bancorp from $50.00 to $53.00 and gave the company a “neutral” rating in a research report on Friday, January 23rd. Barclays raised their price target on shares of Fifth Third Bancorp from $51.00 to $61.00 and gave the stock an “overweight” rating in a research note on Monday, January 5th. TD Cowen reiterated a “buy” rating and issued a $60.00 price objective on shares of Fifth Third Bancorp in a report on Tuesday, February 3rd. Wolfe Research boosted their price objective on shares of Fifth Third Bancorp from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 21st. Finally, Keefe, Bruyette & Woods increased their target price on shares of Fifth Third Bancorp from $53.00 to $55.00 and gave the stock a “market perform” rating in a report on Wednesday, January 21st. Seventeen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $56.91.

Insider Buying and Selling at Fifth Third Bancorp

In other news, EVP Jude Schramm sold 2,250 shares of the company’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $48.50, for a total transaction of $109,125.00. Following the sale, the executive vice president owned 129,191 shares in the company, valued at $6,265,763.50. This represents a 1.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.53% of the stock is owned by company insiders.

Fifth Third Bancorp Stock Performance

FITB opened at $46.98 on Tuesday. The business’s 50-day simple moving average is $50.65 and its 200 day simple moving average is $46.61. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $55.44. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.82 and a current ratio of 0.83. The firm has a market capitalization of $42.37 billion, a PE ratio of 13.27, a PEG ratio of 0.96 and a beta of 0.96.

Fifth Third Bancorp Profile

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.