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

Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 3.4% during the 4th quarter, Holdings Channel.com reports. The firm owned 53,932 shares of the financial services provider’s stock after acquiring an additional 1,795 shares during the period. 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 also recently modified their holdings of the business. Retirement Wealth Solutions LLC acquired a new position in Fifth Third Bancorp during the fourth quarter valued at $25,000. Sierra Ocean LLC purchased a new position in Fifth Third Bancorp during the 4th quarter valued at about $28,000. BankPlus Trust Department acquired a new position in shares of Fifth Third Bancorp in the 4th quarter valued at about $29,000. Legacy Investment Solutions LLC purchased a new stake in shares of Fifth Third Bancorp in the third quarter worth approximately $36,000. Finally, Midwest Capital Advisors LLC acquired a new stake in shares of Fifth Third Bancorp during the fourth quarter worth approximately $33,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on FITB shares. Morgan Stanley cut their target price 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. Citigroup lifted their price objective on Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Stephens reaffirmed an “equal weight” rating and set 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 issued a $47.00 price target on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $53.00 target price (down from $54.00) on shares of Fifth Third Bancorp in a research note on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $47.36.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $38.89 on Wednesday. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80. The company’s fifty day moving average price is $42.68 and its 200 day moving average price is $43.64. The company has a market capitalization of $25.98 billion, a PE ratio of 12.39, a price-to-earnings-growth ratio of 1.42 and a beta of 1.21. Fifth Third Bancorp has a one year low of $33.82 and a one year high of $49.07.

Insiders Place Their Bets

In other news, 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 transaction 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Kevin P. Lavender sold 21,700 shares of the business’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $43.55, for a total value of $945,035.00. Following the transaction, the executive vice president now 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 disclosure for this sale can be found here. Company insiders own 0.53% of the company’s stock.

About Fifth Third Bancorp

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.