Cinctive Capital Management LP Acquires Shares of 131,373 Fifth Third Bancorp $FITB

Cinctive Capital Management LP bought a new stake in Fifth Third Bancorp (NASDAQ:FITB) during the 3rd quarter, HoldingsChannel reports. The fund bought 131,373 shares of the financial services provider’s stock, valued at approximately $5,853,000.

Other institutional investors have also recently made changes to their positions in the company. Evolution Wealth Management Inc. purchased a new position in shares of Fifth Third Bancorp during the 2nd quarter worth about $26,000. Westside Investment Management Inc. raised its position in Fifth Third Bancorp by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 292 shares during the period. United Community Bank lifted its stake in Fifth Third Bancorp by 581.0% in the third quarter. United Community Bank now owns 681 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 581 shares during the last quarter. Elevation Point Wealth Partners LLC purchased a new position in shares of Fifth Third Bancorp during the second quarter valued at approximately $48,000. Finally, Country Trust Bank purchased a new position in shares of Fifth Third Bancorp during the second quarter valued at approximately $51,000. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock opened at $43.40 on Friday. The company has a 50 day moving average price of $50.45 and a 200-day moving average price of $46.59. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.82 and a current ratio of 0.83. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $55.44. The company has a market capitalization of $39.30 billion, a PE ratio of 12.26, a P/E/G ratio of 0.88 and a beta of 0.96.

Analyst Upgrades and Downgrades

FITB has been the topic of several recent analyst reports. Piper Sandler increased their price target on Fifth Third Bancorp from $50.00 to $57.00 and gave the stock an “overweight” rating in a report on Wednesday, January 21st. Evercore boosted their price objective on Fifth Third Bancorp from $52.00 to $57.00 and gave the company an “in-line” rating in a report on Thursday, February 5th. Stephens upped their price objective on Fifth Third Bancorp from $54.00 to $57.00 and gave the company an “overweight” rating in a research report on Thursday, December 18th. UBS Group reiterated a “buy” rating and issued a $59.00 target price on shares of Fifth Third Bancorp in a research note on Wednesday, February 4th. Finally, Truist Financial decreased their target price on Fifth Third Bancorp from $60.00 to $53.00 and set a “buy” rating for the company in a research report on Friday. Seventeen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Fifth Third Bancorp currently has a consensus rating of “Moderate Buy” and an average target price of $56.56.

Fifth Third Bancorp Profile

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.