Cibc World Markets Corp Reduces Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Cibc World Markets Corp cut its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 19.4% during the 4th quarter, Holdings Channel.com reports. The firm owned 106,067 shares of the financial services provider’s stock after selling 25,487 shares during the quarter. Cibc World Markets Corp’s holdings in Fifth Third Bancorp were worth $4,485,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in FITB. PL Capital Advisors LLC grew its position in shares of Fifth Third Bancorp by 4,128.0% in the 4th quarter. PL Capital Advisors LLC now owns 1,860,320 shares of the financial services provider’s stock worth $78,654,000 after acquiring an additional 1,816,320 shares in the last quarter. Jupiter Asset Management Ltd. acquired a new position in shares of Fifth Third Bancorp in the 4th quarter worth approximately $53,508,000. Raymond James Financial Inc. acquired a new position in shares of Fifth Third Bancorp in the 4th quarter worth approximately $38,971,000. Charles Schwab Investment Management Inc. grew its position in shares of Fifth Third Bancorp by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 21,586,847 shares of the financial services provider’s stock worth $912,692,000 after acquiring an additional 812,385 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new position in shares of Fifth Third Bancorp in the 3rd quarter worth approximately $28,490,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on FITB shares. Royal Bank of Canada reiterated an “outperform” rating and issued a $47.00 target price on shares of Fifth Third Bancorp in a research report on Monday, February 10th. DA Davidson boosted their price objective on Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, January 23rd. 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. Stephens restated an “equal weight” rating and set a $51.00 price objective on shares of Fifth Third Bancorp in a research report on Wednesday, March 5th. Finally, Keefe, Bruyette & Woods boosted their price objective on Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. One 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. Based on data from MarketBeat, Fifth Third Bancorp has a consensus rating of “Hold” and an average target price of $47.36.

Fifth Third Bancorp Stock Up 1.5 %

FITB opened at $39.46 on Thursday. Fifth Third Bancorp has a one year low of $33.82 and a one year high of $49.07. 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 stock’s fifty day moving average is $42.62 and its 200-day moving average is $43.61. The company has a market capitalization of $26.36 billion, a PE ratio of 12.57, a P/E/G 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 business’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 owns 130,856 shares of the company’s stock, valued at approximately $5,698,778.80. The trade was a 14.22 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO James C. Leonard sold 17,200 shares of the business’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total value of $761,272.00. Following the completion of the sale, the chief operating officer now directly owns 244,487 shares in the company, valued at $10,820,994.62. This represents 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.

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.