PGGM Investments Acquires 63,229 Shares of Fifth Third Bancorp (NASDAQ:FITB)

PGGM Investments boosted its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 58.1% in the 4th quarter, HoldingsChannel reports. The firm owned 172,150 shares of the financial services provider’s stock after purchasing an additional 63,229 shares during the quarter. PGGM Investments’ holdings in Fifth Third Bancorp were worth $7,279,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. PL Capital Advisors LLC lifted its holdings in shares of Fifth Third Bancorp by 4,128.0% in the fourth quarter. PL Capital Advisors LLC now owns 1,860,320 shares of the financial services provider’s stock worth $78,654,000 after buying an additional 1,816,320 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new stake in Fifth Third Bancorp in the 4th quarter worth $53,508,000. Raymond James Financial Inc. purchased a new stake in Fifth Third Bancorp in the 4th quarter worth $38,971,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Fifth Third Bancorp by 3.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 21,586,847 shares of the financial services provider’s stock valued at $912,692,000 after purchasing an additional 812,385 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI purchased a new position in shares of Fifth Third Bancorp during the third quarter valued at about $28,490,000. 83.79% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Fifth Third Bancorp 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 value of $945,035.00. Following the transaction, the executive vice president now directly owns 130,856 shares in the company, valued at $5,698,778.80. This represents a 14.22 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO James C. Leonard sold 17,200 shares of Fifth Third Bancorp stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total transaction of $761,272.00. Following the sale, the chief operating officer now directly 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 disclosure for this sale can be found here. Insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Price Performance

Shares of FITB stock opened at $37.48 on Friday. The stock has a 50 day moving average price of $42.91 and a 200 day moving average price of $43.69. Fifth Third Bancorp has a 52-week low of $33.82 and a 52-week high of $49.07. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market capitalization of $25.04 billion, a P/E ratio of 11.94, a P/E/G ratio of 1.42 and a beta of 1.21.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Barclays raised their price target on Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Royal Bank of Canada reissued an “outperform” rating and issued a $47.00 target price on shares of Fifth Third Bancorp in a report on Monday, February 10th. Wells Fargo & Company boosted their price target on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Stephens reiterated an “equal weight” rating and set a $51.00 price objective on shares of Fifth Third Bancorp in a research report on Wednesday, March 5th. Finally, Truist Financial boosted their target price on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a report on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $47.36.

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.