Cassady Schiller Wealth Management LLC Reduces Position in Fifth Third Bancorp (NASDAQ:FITB)

Cassady Schiller Wealth Management LLC trimmed its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 7.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 20,501 shares of the financial services provider’s stock after selling 1,630 shares during the quarter. Cassady Schiller Wealth Management LLC’s holdings in Fifth Third Bancorp were worth $867,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Corient Private Wealth LLC increased its position in shares of Fifth Third Bancorp by 0.4% during the fourth quarter. Corient Private Wealth LLC now owns 219,200 shares of the financial services provider’s stock worth $9,266,000 after acquiring an additional 958 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its holdings in Fifth Third Bancorp by 10.1% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 97,492 shares of the financial services provider’s stock valued at $4,122,000 after buying an additional 8,963 shares during the last quarter. Natixis Advisors LLC increased its holdings in Fifth Third Bancorp by 2.0% in the fourth quarter. Natixis Advisors LLC now owns 816,116 shares of the financial services provider’s stock valued at $34,505,000 after buying an additional 15,667 shares during the last quarter. Frank Rimerman Advisors LLC increased its holdings in Fifth Third Bancorp by 5.6% in the fourth quarter. Frank Rimerman Advisors LLC now owns 9,368 shares of the financial services provider’s stock valued at $396,000 after buying an additional 494 shares during the last quarter. Finally, Picton Mahoney Asset Management increased its holdings in Fifth Third Bancorp by 451.4% in the fourth quarter. Picton Mahoney Asset Management now owns 2,680 shares of the financial services provider’s stock valued at $113,000 after buying an additional 2,194 shares during the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

Fifth Third Bancorp Stock Performance

Shares of FITB stock opened at $38.55 on Monday. Fifth Third Bancorp has a 12-month low of $33.82 and a 12-month high of $49.07. The firm has a market capitalization of $25.76 billion, a price-to-earnings ratio of 12.28, a price-to-earnings-growth ratio of 1.42 and a beta of 1.21. The business has a 50 day simple moving average of $42.84 and a 200 day simple moving average of $43.69. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80.

Analysts Set New Price Targets

FITB has been the subject of several research analyst reports. Barclays boosted their price objective on Fifth Third Bancorp from $51.00 to $56.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Keefe, Bruyette & Woods boosted their price objective on Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Truist Financial boosted their price objective on Fifth Third Bancorp from $51.00 to $52.00 and gave the company a “buy” rating in a report on Wednesday, January 22nd. Morgan Stanley lowered their price objective on Fifth Third Bancorp from $57.00 to $52.00 and set an “equal weight” rating for the company in a report on Thursday. Finally, Citigroup increased their price target on Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. One investment 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’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $47.36.

Insider Buying and Selling

In other Fifth Third Bancorp news, EVP Kevin P. Lavender sold 21,700 shares of the stock in a transaction 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 transaction, 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO James C. Leonard sold 17,200 shares of the stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total value of $761,272.00. Following the transaction, the chief operating officer now directly 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. Corporate insiders own 0.53% of the company’s stock.

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.