Victory Capital Management Inc. Has $31.79 Million Stake in Fifth Third Bancorp $FITB

Victory Capital Management Inc. reduced its stake in Fifth Third Bancorp (NASDAQ:FITB) by 7.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 713,666 shares of the financial services provider’s stock after selling 58,252 shares during the period. Victory Capital Management Inc. owned approximately 0.11% of Fifth Third Bancorp worth $31,794,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wealthquest Corp increased its position in shares of Fifth Third Bancorp by 2.3% in the third quarter. Wealthquest Corp now owns 11,068 shares of the financial services provider’s stock worth $493,000 after purchasing an additional 244 shares during the period. Tiemann Investment Advisors LLC lifted its position in shares of Fifth Third Bancorp by 3.9% during the 2nd quarter. Tiemann Investment Advisors LLC now owns 6,700 shares of the financial services provider’s stock worth $276,000 after buying an additional 250 shares during the last quarter. Capital Investment Advisory Services LLC boosted its stake in Fifth Third Bancorp by 1.1% in the third quarter. Capital Investment Advisory Services LLC now owns 22,686 shares of the financial services provider’s stock valued at $1,011,000 after buying an additional 251 shares in the last quarter. CENTRAL TRUST Co raised its stake in Fifth Third Bancorp by 4.1% during the second quarter. CENTRAL TRUST Co now owns 6,620 shares of the financial services provider’s stock worth $272,000 after acquiring an additional 260 shares in the last quarter. Finally, Foster & Motley Inc. lifted its holdings in shares of Fifth Third Bancorp by 1.7% in the third quarter. Foster & Motley Inc. now owns 15,981 shares of the financial services provider’s stock worth $712,000 after acquiring an additional 265 shares during the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $47.31 on Monday. The company has a market capitalization of $42.67 billion, a price-to-earnings ratio of 13.36, a PEG ratio of 0.96 and a beta of 0.96. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $55.44. The stock has a fifty day simple moving average of $50.67 and a 200 day simple moving average of $46.58. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.68.

Insider Activity at Fifth Third Bancorp

In related news, EVP Jude Schramm sold 2,250 shares of Fifth Third Bancorp stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $48.50, for a total value of $109,125.00. Following the transaction, the executive vice president directly owned 129,191 shares of the company’s stock, valued at $6,265,763.50. The trade was a 1.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.53% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Keefe, Bruyette & Woods lifted their price target on shares of Fifth Third Bancorp from $53.00 to $55.00 and gave the company a “market perform” rating in a report on Wednesday, January 21st. Wells Fargo & Company raised their target price on shares of Fifth Third Bancorp from $52.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 5th. Jefferies Financial Group upped their price target on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, December 19th. Argus raised their price objective on Fifth Third Bancorp from $49.00 to $58.00 in a report on Thursday, January 22nd. Finally, Wall Street Zen cut Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, February 7th. Seventeen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $56.91.

About Fifth Third Bancorp

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.