Cinctive Capital Management LP Buys New Stake in Fifth Third Bancorp $FITB

Cinctive Capital Management LP purchased a new position in Fifth Third Bancorp (NASDAQ:FITB) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 131,373 shares of the financial services provider’s stock, valued at approximately $5,853,000.

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

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Wall Street Zen cut Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, February 7th. Janney Montgomery Scott raised their target price on shares of Fifth Third Bancorp from $51.00 to $56.25 and gave the company a “buy” rating in a report on Wednesday, January 21st. Jefferies Financial Group boosted their price target on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, December 19th. TD Cowen reaffirmed a “buy” rating and set a $60.00 price target on shares of Fifth Third Bancorp in a research note on Tuesday, February 3rd. Finally, Morgan Stanley increased their price objective on shares of Fifth Third Bancorp from $60.00 to $67.00 and gave the company an “overweight” rating in a research report on Monday, March 2nd. Seventeen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $56.56.

Fifth Third Bancorp Price Performance

NASDAQ:FITB opened at $43.40 on Friday. The firm has a market capitalization of $39.30 billion, a price-to-earnings ratio of 12.26, a PEG ratio of 0.88 and a beta of 0.96. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.83 and a quick ratio of 0.82. The business has a 50 day simple moving average of $50.45 and a 200-day simple moving average of $46.59. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $55.44.

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.