Proficio Capital Partners LLC Invests $6.42 Million in Fifth Third Bancorp (NASDAQ:FITB)

Proficio Capital Partners LLC purchased a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) during the fourth quarter, HoldingsChannel reports. The firm purchased 151,748 shares of the financial services provider’s stock, valued at approximately $6,416,000.

A number of other hedge funds also recently modified their holdings of FITB. Retirement Wealth Solutions LLC bought a new position in Fifth Third Bancorp during the 4th quarter worth $25,000. Sierra Ocean LLC bought a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at about $28,000. Venturi Wealth Management LLC increased its stake in shares of Fifth Third Bancorp by 89.5% in the third quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock valued at $29,000 after buying an additional 316 shares during the period. BankPlus Trust Department bought a new position in shares of Fifth Third Bancorp during the fourth quarter worth about $29,000. Finally, Midwest Capital Advisors LLC acquired a new position in shares of Fifth Third Bancorp in the fourth quarter worth approximately $33,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Up 2.9 %

Fifth Third Bancorp stock opened at $38.55 on Monday. Fifth Third Bancorp has a 12 month low of $33.82 and a 12 month high of $49.07. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82. The business’s fifty day simple moving average is $42.84 and its two-hundred day simple moving average is $43.69. The company has a market capitalization of $25.76 billion, a price-to-earnings ratio of 12.28, a price-to-earnings-growth ratio of 1.42 and a beta of 1.21.

Insider Transactions at Fifth Third Bancorp

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 completion of the sale, the executive vice president now owns 130,856 shares of the company’s stock, valued at $5,698,778.80. This represents a 14.22 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO James C. Leonard sold 17,200 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total transaction of $761,272.00. Following the completion of the transaction, the chief operating officer now directly owns 244,487 shares in the company, valued at approximately $10,820,994.62. The trade was a 6.57 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.53% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on FITB shares. Keefe, Bruyette & Woods raised their price target on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Royal Bank of Canada reissued an “outperform” rating and set a $47.00 target price on shares of Fifth Third Bancorp in a research note on Monday, February 10th. DA Davidson upped their price target on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, January 23rd. Barclays lifted their price objective on Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Finally, Piper Sandler restated an “overweight” rating and set a $53.00 target price (down previously from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $47.36.

About Fifth Third Bancorp

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.