Connor Clark & Lunn Investment Management Ltd. Boosts Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 3.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 53,932 shares of the financial services provider’s stock after buying an additional 1,795 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Fifth Third Bancorp were worth $2,280,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. 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 in the last quarter. AMJ Financial Wealth Management lifted 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 worth $9,843,000 after purchasing an additional 9,401 shares during the last quarter. Banco Santander S.A. acquired a new position in Fifth Third Bancorp in the fourth quarter worth $357,000. Lockheed Martin Investment Management Co. acquired a new stake in shares of Fifth Third Bancorp during the fourth quarter worth $9,878,000. Finally, Smith Group Asset Management LLC bought a new position in shares of Fifth Third Bancorp in the 4th quarter worth about $423,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on FITB shares. Truist Financial increased their price objective on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. 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 research report on Thursday, March 13th. Keefe, Bruyette & Woods increased their target price on Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Citigroup boosted their price target on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Finally, 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. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $47.36.

Insider Buying and Selling

In other Fifth Third Bancorp news, 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 value of $761,272.00. Following the transaction, the chief operating officer now owns 244,487 shares in the company, valued at approximately $10,820,994.62. The trade was a 6.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Kevin P. Lavender sold 21,700 shares of the stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $43.55, for a total value of $945,035.00. Following the sale, the executive vice president now owns 130,856 shares of the company’s stock, valued at $5,698,778.80. This trade represents a 14.22 % decrease in their position. The disclosure for this sale can be found here. 0.53% of the stock is owned by corporate insiders.

Fifth Third Bancorp Stock Down 0.3 %

FITB opened at $38.89 on Wednesday. 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 company has a market capitalization of $25.98 billion, a PE ratio of 12.39, a P/E/G ratio of 1.42 and a beta of 1.21. The stock’s fifty day moving average is $42.68 and its 200-day moving average is $43.64. Fifth Third Bancorp has a one year low of $33.82 and a one year high of $49.07.

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.