Victory Capital Management Inc. Has $31.79 Million Stake in Fifth Third Bancorp $FITB

Victory Capital Management Inc. reduced its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 7.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 713,666 shares of the financial services provider’s stock after selling 58,252 shares during the period. Victory Capital Management Inc.’s holdings in Fifth Third Bancorp were worth $31,794,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Fifth Third Bancorp during the 2nd quarter valued at about $357,440,000. Invesco Ltd. boosted its holdings in shares of Fifth Third Bancorp by 16.6% during the 2nd quarter. Invesco Ltd. now owns 20,677,686 shares of the financial services provider’s stock worth $850,473,000 after buying an additional 2,941,333 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Fifth Third Bancorp by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 83,849,824 shares of the financial services provider’s stock worth $3,448,743,000 after buying an additional 1,301,624 shares during the period. Westfield Capital Management Co. LP bought a new stake in shares of Fifth Third Bancorp in the 2nd quarter valued at $52,643,000. Finally, Franklin Resources Inc. lifted its position in shares of Fifth Third Bancorp by 20.7% during the 2nd quarter. Franklin Resources Inc. now owns 7,240,976 shares of the financial services provider’s stock valued at $297,821,000 after acquiring an additional 1,240,709 shares during the period. 83.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on FITB. Evercore raised their price target on shares of Fifth Third Bancorp from $52.00 to $57.00 and gave the stock an “in-line” rating in a report on Thursday, February 5th. Wells Fargo & Company raised their target price on Fifth Third Bancorp from $52.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. Truist Financial upped their price target on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. Royal Bank Of Canada raised their price objective on Fifth Third Bancorp from $52.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, January 21st. Finally, DA Davidson upped their target price on Fifth Third Bancorp from $52.00 to $58.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Seventeen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Fifth Third Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $56.91.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $47.31 on Monday. The firm has a market capitalization of $42.67 billion, a P/E ratio of 13.36, a P/E/G ratio of 0.96 and a beta of 0.96. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $55.44. The stock has a 50 day moving average price of $50.67 and a two-hundred day moving average price of $46.58. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.82 and a current ratio of 0.83.

Insider Transactions at Fifth Third Bancorp

In related news, EVP Jude Schramm sold 2,250 shares of the stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $48.50, for a total value of $109,125.00. Following the completion of the sale, the executive vice president directly owned 129,191 shares of the company’s stock, valued at approximately $6,265,763.50. This represents a 1.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.53% of the company’s stock.

Fifth Third Bancorp Company 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.