Clark Capital Management Group Inc. Buys 27,280 Shares of Fifth Third Bancorp $FITB

Key Points

• Clark Capital Management Group increased its stake in Fifth Third Bancorp by 27,280 shares (a 1.4% rise) to 1,970,383 shares, worth about $87.78 million and representing roughly 0.30% of the company.
• Analysts have lifted price targets recently and the consensus rating is a "Moderate Buy" with an average target of $56.56 (17 Buys, 3 Holds), implying upside from current levels.
• Fifth Third opened at $43.40, has a market cap of $39.3 billion and a P/E of 12.26, trading in a 52-week range of $32.25–$55.44.

Clark Capital Management Group Inc. boosted its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 1.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,970,383 shares of the financial services provider's stock after buying an additional 27,280 shares during the quarter. Clark Capital Management Group Inc. owned approximately 0.30% of Fifth Third Bancorp worth $87,781,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in FITB. Westside Investment Management Inc. raised its position in shares of Fifth Third Bancorp by 100.0% during the third quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider's stock worth $26,000 after acquiring an additional 292 shares during the last quarter. Evolution Wealth Management Inc. acquired a new position in shares of Fifth Third Bancorp in the second quarter worth approximately $26,000. United Community Bank boosted its holdings 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 valued at $30,000 after acquiring an additional 581 shares during the last quarter. Guerra Advisors Inc acquired a new stake in Fifth Third Bancorp during the 3rd quarter valued at approximately $51,000. Finally, Elevation Point Wealth Partners LLC acquired a new stake in Fifth Third Bancorp during the 2nd quarter valued at approximately $48,000. Institutional investors own 83.79% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on FITB shares. 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. Piper Sandler increased their price objective on shares of Fifth Third Bancorp from $50.00 to $57.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 21st. Robert W. Baird lifted their target price on shares of Fifth Third Bancorp from $50.00 to $55.00 in a research note on Wednesday, December 17th. Janney Montgomery Scott boosted 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. Finally, Argus upped their price target on shares of Fifth Third Bancorp from $49.00 to $58.00 in a research report on Thursday, January 22nd. Seventeen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $56.56.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $43.40 on Friday. The stock 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. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $55.44. The stock's 50 day moving average price is $50.45 and its two-hundred day moving average price is $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 Company 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.

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