Riverbend Wealth Management LLC Takes $599,000 Position in Fifth Third Bancorp (NASDAQ:FITB)

Riverbend Wealth Management LLC bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) during the fourth quarter, HoldingsChannel reports. The fund bought 14,160 shares of the financial services provider’s stock, valued at approximately $599,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of FITB. Retirement Wealth Solutions LLC acquired a new stake in shares of Fifth Third Bancorp during the fourth quarter worth about $25,000. Sierra Ocean LLC acquired a new stake in Fifth Third Bancorp during the 4th quarter worth approximately $28,000. Venturi Wealth Management LLC grew its stake in shares of Fifth Third Bancorp by 89.5% in the 3rd quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 316 shares during the last quarter. BankPlus Trust Department purchased a new position in shares of Fifth Third Bancorp in the 4th quarter valued at approximately $29,000. Finally, Midwest Capital Advisors LLC acquired a new position in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $33,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Insider Activity at Fifth Third Bancorp

In other news, EVP Kevin P. Lavender sold 21,700 shares of the company’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $43.55, for a total value of $945,035.00. Following the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO James C. Leonard sold 17,200 shares of Fifth Third Bancorp stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total value of $761,272.00. Following the sale, the chief operating officer now owns 244,487 shares of the company’s stock, valued at approximately $10,820,994.62. This represents a 6.57 % decrease in their position. The disclosure for this sale can be found here. 0.50% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Truist Financial boosted 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 note on Wednesday, January 22nd. DA Davidson increased their price target on shares of Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, January 23rd. Piper Sandler reaffirmed an “overweight” rating and issued a $53.00 price objective (down previously from $54.00) on shares of Fifth Third Bancorp in a report on Wednesday, January 22nd. Citigroup boosted their target price on Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Finally, Wells Fargo & Company raised their price target on Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a report on Friday, November 15th. 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 company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $47.31.

Fifth Third Bancorp Stock Down 1.9 %

Shares of NASDAQ FITB opened at $39.28 on Tuesday. The firm’s 50-day moving average is $43.16 and its two-hundred day moving average is $43.80. The company has a market capitalization of $26.24 billion, a PE ratio of 12.51, a price-to-earnings-growth ratio of 1.42 and a beta of 1.21. Fifth Third Bancorp has a 12-month low of $33.82 and a 12-month high of $49.07. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80.

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.