PNC Financial Services Group Inc. Has $11.14 Million Holdings in Fifth Third Bancorp (NASDAQ:FITB)

PNC Financial Services Group Inc. lifted its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 0.9% during the fourth quarter, Holdings Channel.com reports. The firm owned 263,510 shares of the financial services provider’s stock after buying an additional 2,471 shares during the period. PNC Financial Services Group Inc.’s holdings in Fifth Third Bancorp were worth $11,141,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of FITB. Boston Common Asset Management LLC lifted its holdings in Fifth Third Bancorp by 12.4% during the 4th quarter. Boston Common Asset Management LLC now owns 309,350 shares of the financial services provider’s stock worth $13,079,000 after buying an additional 34,203 shares in the last quarter. AMJ Financial Wealth Management lifted its stake in shares of 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 valued at $9,843,000 after acquiring an additional 9,401 shares during the period. Lockheed Martin Investment Management Co. bought a new position in Fifth Third Bancorp in the fourth quarter valued at about $9,878,000. Smith Group Asset Management LLC acquired a new stake in Fifth Third Bancorp in the fourth quarter worth about $423,000. Finally, Icon Wealth Advisors LLC bought a new stake in Fifth Third Bancorp during the 3rd quarter worth about $541,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on FITB shares. Truist Financial lifted their price target on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday, January 22nd. Stephens reaffirmed an “equal weight” rating and issued a $51.00 price objective 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. DA Davidson increased their price target on Fifth Third Bancorp from $49.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, January 23rd. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $53.00 price objective (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 issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $47.31.

Fifth Third Bancorp Stock Down 2.7 %

Fifth Third Bancorp stock opened at $38.23 on Wednesday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82. Fifth Third Bancorp has a 1-year low of $33.82 and a 1-year high of $49.07. The company has a fifty day simple moving average of $43.08 and a 200 day simple moving average of $43.77. The company has a market cap of $25.54 billion, a P/E ratio of 12.18, a price-to-earnings-growth ratio of 1.42 and a beta of 1.21.

Insider Transactions at Fifth Third Bancorp

In other news, COO James C. Leonard sold 17,200 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total transaction of $761,272.00. Following the sale, 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 position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Kevin P. Lavender sold 21,700 shares of the firm’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $43.55, for a total transaction of $945,035.00. Following the completion of the transaction, the executive vice president now directly owns 130,856 shares of the company’s stock, 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 0.50% 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.