Independent Advisor Alliance Increases Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Independent Advisor Alliance raised its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 13.2% in the fourth quarter, Holdings Channel reports. The institutional investor owned 14,935 shares of the financial services provider’s stock after buying an additional 1,745 shares during the quarter. Independent Advisor Alliance’s holdings in Fifth Third Bancorp were worth $631,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Boston Common Asset Management LLC raised its stake in Fifth Third Bancorp by 12.4% during the fourth quarter. Boston Common Asset Management LLC now owns 309,350 shares of the financial services provider’s stock valued at $13,079,000 after buying an additional 34,203 shares during the last quarter. AMJ Financial Wealth Management raised its stake in Fifth Third Bancorp by 4.2% during the fourth quarter. AMJ Financial Wealth Management now owns 232,803 shares of the financial services provider’s stock valued at $9,843,000 after buying an additional 9,401 shares during the last quarter. Banco Santander S.A. purchased a new position in Fifth Third Bancorp during the fourth quarter valued at $357,000. Lockheed Martin Investment Management Co. purchased a new position in Fifth Third Bancorp during the fourth quarter valued at $9,878,000. Finally, Smith Group Asset Management LLC purchased a new position in Fifth Third Bancorp in the 4th quarter worth approximately $423,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ:FITB opened at $38.55 on Monday. Fifth Third Bancorp has a 52 week low of $33.82 and a 52 week high of $49.07. The stock has a market capitalization of $25.76 billion, a P/E ratio of 12.28, a PEG ratio of 1.42 and a beta of 1.21. The firm has a fifty day simple moving average of $42.84 and a two-hundred day simple moving average of $43.69. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82.

Wall Street Analysts Forecast Growth

Several brokerages have commented on FITB. Stephens reiterated an “equal weight” rating and set a $51.00 target price on shares of Fifth Third Bancorp in a research note on Wednesday, March 5th. Morgan Stanley reduced their price objective on Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating for the company in a report on Thursday. DA Davidson upped their target price on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, January 23rd. Citigroup lifted their price target 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. Finally, Truist Financial increased their price objective on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the company a “buy” rating in a research report on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Fifth Third Bancorp presently has an average rating of “Hold” and an average target price of $47.36.

Insiders Place Their Bets

In other Fifth Third Bancorp news, COO James C. Leonard sold 17,200 shares of Fifth Third Bancorp stock in a transaction 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 of the company’s stock, valued at $10,820,994.62. This trade represents a 6.57 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $43.55, for a total transaction of $945,035.00. Following the completion of the transaction, the executive vice president now directly owns 130,856 shares of the company’s stock, valued at $5,698,778.80. The trade was a 14.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.53% of the company’s stock.

Fifth Third Bancorp 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.