Carret Asset Management LLC Sells 1,900 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Carret Asset Management LLC reduced its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 3.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 50,325 shares of the financial services provider’s stock after selling 1,900 shares during the quarter. Carret Asset Management LLC’s holdings in Fifth Third Bancorp were worth $2,128,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of FITB. Assetmark Inc. grew its stake in shares of Fifth Third Bancorp by 12.9% during the third quarter. Assetmark Inc. now owns 4,126 shares of the financial services provider’s stock valued at $177,000 after buying an additional 471 shares during the last quarter. Venturi Wealth Management LLC grew its stake in shares of Fifth Third Bancorp by 89.5% during the third quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock valued at $29,000 after buying an additional 316 shares during the last quarter. Apollon Wealth Management LLC grew its stake in shares of Fifth Third Bancorp by 13.8% during the third quarter. Apollon Wealth Management LLC now owns 35,052 shares of the financial services provider’s stock valued at $1,502,000 after buying an additional 4,251 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Fifth Third Bancorp by 1.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,731,656 shares of the financial services provider’s stock valued at $74,184,000 after buying an additional 19,572 shares during the last quarter. Finally, Aptus Capital Advisors LLC bought a new position in shares of Fifth Third Bancorp during the third quarter valued at about $206,000. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB opened at $37.48 on Friday. Fifth Third Bancorp has a fifty-two week low of $33.82 and a fifty-two week high of $49.07. The company has a 50 day simple moving average of $42.91 and a two-hundred day simple moving average of $43.69. The company has a market capitalization of $25.04 billion, a price-to-earnings ratio of 11.94, a P/E/G ratio of 1.42 and a beta of 1.21. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80.

Insider Activity at Fifth Third Bancorp

In related news, COO James C. Leonard sold 17,200 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total transaction of $761,272.00. Following the completion of the sale, the chief operating officer now owns 244,487 shares of the company’s stock, valued at $10,820,994.62. This trade represents a 6.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kevin P. Lavender sold 21,700 shares of Fifth Third Bancorp stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $43.55, for a total transaction of $945,035.00. Following the completion of the sale, the executive vice president now directly owns 130,856 shares of the company’s stock, valued at approximately $5,698,778.80. This trade represents a 14.22 % decrease in their position. The disclosure for this sale can be found here. 0.50% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Truist Financial increased their target price 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. Royal Bank of Canada reiterated an “outperform” rating and set a $47.00 target price on shares of Fifth Third Bancorp in a report on Monday, February 10th. Morgan Stanley dropped 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 report on Thursday. Wells Fargo & Company increased their target price on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Finally, DA Davidson increased their target price 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. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $47.36.

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.