Amundi Raises Stake in Fifth Third Bancorp (NASDAQ:FITB)

Amundi grew its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 24.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,395,778 shares of the financial services provider’s stock after purchasing an additional 275,559 shares during the quarter. Amundi owned approximately 0.21% of Fifth Third Bancorp worth $59,209,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. OneDigital Investment Advisors LLC boosted its stake in shares of Fifth Third Bancorp by 1.1% during the third quarter. OneDigital Investment Advisors LLC now owns 20,505 shares of the financial services provider’s stock valued at $878,000 after purchasing an additional 222 shares during the period. Transamerica Financial Advisors Inc. lifted its stake in Fifth Third Bancorp by 7.5% in the third quarter. Transamerica Financial Advisors Inc. now owns 3,332 shares of the financial services provider’s stock worth $143,000 after acquiring an additional 232 shares during the period. Eads & Heald Wealth Management lifted its stake in Fifth Third Bancorp by 3.0% in the fourth quarter. Eads & Heald Wealth Management now owns 8,201 shares of the financial services provider’s stock worth $347,000 after acquiring an additional 235 shares during the period. Valley National Advisers Inc. lifted its stake in Fifth Third Bancorp by 3.6% in the fourth quarter. Valley National Advisers Inc. now owns 6,763 shares of the financial services provider’s stock worth $285,000 after acquiring an additional 236 shares during the period. Finally, Geneos Wealth Management Inc. lifted its stake in Fifth Third Bancorp by 4.7% in the fourth quarter. Geneos Wealth Management Inc. now owns 5,475 shares of the financial services provider’s stock worth $231,000 after acquiring an additional 246 shares during the period. 83.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Kevin P. Lavender sold 21,700 shares of the company’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $43.55, for a total transaction of $945,035.00. Following the transaction, the executive vice president now owns 130,856 shares in the company, valued at $5,698,778.80. This represents a 14.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO James C. Leonard sold 17,200 shares of the company’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total transaction of $761,272.00. Following the transaction, the chief operating officer now owns 244,487 shares in the company, valued at approximately $10,820,994.62. This trade represents a 6.57 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Stock Performance

FITB opened at $38.23 on Wednesday. Fifth Third Bancorp has a 52-week low of $33.82 and a 52-week high of $49.07. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82. The company has a market cap of $25.54 billion, a P/E ratio of 12.18, a price-to-earnings-growth ratio of 1.42 and a beta of 1.21. The firm’s 50-day moving average price is $43.08 and its 200-day moving average price is $43.77.

Analysts Set New Price Targets

FITB has been the subject of a number of research reports. Wells Fargo & Company upped their price objective on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Citigroup upped their price objective on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. Truist Financial upped their price objective on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $47.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $53.00 price objective (down from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. One 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. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $47.31.

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.