Commonwealth Equity Services LLC Cuts Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Commonwealth Equity Services LLC trimmed its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 0.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 216,241 shares of the financial services provider’s stock after selling 1,808 shares during the period. Commonwealth Equity Services LLC’s holdings in Fifth Third Bancorp were worth $9,143,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Retirement Wealth Solutions LLC bought a new stake in shares of Fifth Third Bancorp in the fourth quarter worth $25,000. Sierra Ocean LLC bought a new position in shares of Fifth Third Bancorp during the fourth quarter valued at approximately $28,000. BankPlus Trust Department acquired a new stake in Fifth Third Bancorp in the fourth quarter worth $29,000. Legacy Investment Solutions LLC bought a new stake in Fifth Third Bancorp in the 3rd quarter valued at about $36,000. Finally, Midwest Capital Advisors LLC bought a new stake in Fifth Third Bancorp during the 4th quarter valued at $33,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Performance

FITB opened at $39.46 on Thursday. 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 stock’s 50 day moving average price is $42.62 and its two-hundred day moving average price is $43.61. The firm has a market capitalization of $26.36 billion, a P/E ratio of 12.57, 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.

Insider Activity

In related news, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $43.55, for a total transaction of $945,035.00. Following the sale, the executive vice president now directly owns 130,856 shares of the company’s stock, valued at $5,698,778.80. This trade represents a 14.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO James C. Leonard sold 17,200 shares of the business’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total value of $761,272.00. Following the transaction, the chief operating officer now owns 244,487 shares in the company, valued at $10,820,994.62. This represents a 6.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.53% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Keefe, Bruyette & Woods upped 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 research note on Wednesday, December 4th. Stephens reissued an “equal weight” rating and issued a $51.00 price target on shares of Fifth Third Bancorp in a research note on Wednesday, March 5th. 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. Morgan Stanley reduced their price target on shares of Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating for the company in a research report on Thursday, March 13th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $53.00 price objective (down previously from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target 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.