Zurcher Kantonalbank Zurich Cantonalbank Sells 30,818 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Zurcher Kantonalbank Zurich Cantonalbank cut its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 9.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 303,561 shares of the financial services provider’s stock after selling 30,818 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Fifth Third Bancorp were worth $12,835,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. PL Capital Advisors LLC boosted its position in Fifth Third Bancorp by 4,128.0% during 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 buying an additional 1,816,320 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Fifth Third Bancorp during the 4th quarter valued at $38,971,000. Charles Schwab Investment Management Inc. lifted its position in shares of Fifth Third Bancorp by 3.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 21,586,847 shares of the financial services provider’s stock valued at $912,692,000 after acquiring an additional 812,385 shares during the period. Zurich Insurance Group Ltd FI acquired a new position in shares of Fifth Third Bancorp during the 3rd quarter valued at $28,490,000. Finally, Teachers Retirement System of The State of Kentucky increased its stake in Fifth Third Bancorp by 76.2% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 1,330,649 shares of the financial services provider’s stock valued at $57,005,000 after purchasing an additional 575,449 shares in the last quarter. 83.79% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

FITB has been the subject of a number of recent research reports. Wells Fargo & Company boosted their price target on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. 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. Barclays upped their price objective on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a report on Monday, January 6th. DA Davidson increased 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. Finally, Truist Financial increased their price target on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $47.31.

Insider Activity

In other news, EVP Kevin P. Lavender sold 21,700 shares of the firm’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $43.55, for a total value of $945,035.00. Following the completion of the transaction, the executive vice president now directly owns 130,856 shares in the company, valued at $5,698,778.80. This trade represents a 14.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO James C. Leonard sold 17,200 shares of the firm’s stock in a transaction dated 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 transaction, the chief operating officer now owns 244,487 shares of the company’s stock, valued at approximately $10,820,994.62. The trade was a 6.57 % 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.

Fifth Third Bancorp Stock Performance

FITB stock opened at $38.53 on Thursday. 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 business’s fifty day simple moving average is $43.01 and its two-hundred day simple moving average is $43.73. Fifth Third Bancorp has a twelve month low of $33.82 and a twelve month high of $49.07. The firm has a market cap of $25.74 billion, a price-to-earnings ratio of 12.27, a PEG ratio of 1.42 and a beta of 1.21.

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.