AlphaQuest LLC Acquires 21,149 Shares of Fifth Third Bancorp (NASDAQ:FITB)

AlphaQuest LLC lifted its position in Fifth Third Bancorp (NASDAQ:FITB) by 6,275.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,486 shares of the financial services provider’s stock after acquiring an additional 21,149 shares during the quarter. AlphaQuest LLC’s holdings in Fifth Third Bancorp were worth $908,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Retirement Wealth Solutions LLC bought a new stake in shares of Fifth Third Bancorp in the 4th quarter worth $25,000. Sierra Ocean LLC bought a new stake in shares of Fifth Third Bancorp in the 4th quarter worth $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 worth $29,000 after acquiring an additional 316 shares in the last quarter. BankPlus Trust Department bought a new stake in shares of Fifth Third Bancorp in the 4th quarter worth $29,000. Finally, Midwest Capital Advisors LLC bought a new stake in shares of Fifth Third Bancorp in the 4th quarter worth $33,000. Institutional investors own 83.79% of the company’s stock.

Insider Transactions at Fifth Third Bancorp

In other news, COO James C. Leonard sold 17,200 shares of the 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 sale, the chief operating officer now directly owns 244,487 shares of the company’s stock, valued at approximately $10,820,994.62. This represents a 6.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Kevin P. Lavender sold 21,700 shares of the 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 completion of the sale, the executive vice president now directly owns 130,856 shares in the company, valued at approximately $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. Insiders own 0.50% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Truist Financial upped their target price 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. Stephens reissued an “equal weight” rating and issued a $51.00 price target on shares of Fifth Third Bancorp in a report on Wednesday, March 5th. Citigroup boosted their price target on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Royal Bank of Canada reissued an “outperform” rating and issued a $47.00 price target on shares of Fifth Third Bancorp in a report on Monday, February 10th. Finally, DA Davidson boosted 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. 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 company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $47.31.

Fifth Third Bancorp Price Performance

NASDAQ FITB opened at $39.28 on Tuesday. The company has a market cap 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 52 week low of $33.82 and a 52 week high of $49.07. 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 firm’s 50-day simple moving average is $43.16 and its two-hundred day simple moving average is $43.80.

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.