Korea Investment CORP Increases Holdings in Fifth Third Bancorp $FITB

Key Points

• Korea Investment CORP boosted its stake in Fifth Third Bancorp by 90.1% in Q3, buying 181,700 shares to hold 383,364 shares worth about $17.08 million (≈0.06% ownership).
• Institutional ownership is high at 83.79%, with large recent buys including Barclays increasing its holding to 3,947,246 shares (≈$175.85 million).
• Analysts rate FITB a consensus "Moderate Buy" (17 Buys, 3 Holds) with a consensus price target of $56.91 versus the recent stock price of about $46.59, suggesting potential upside.

Korea Investment CORP boosted its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 90.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 383,364 shares of the financial services provider's stock after buying an additional 181,700 shares during the period. Korea Investment CORP owned approximately 0.06% of Fifth Third Bancorp worth $17,079,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of FITB. Grantham Mayo Van Otterloo & Co. LLC acquired a new stake in Fifth Third Bancorp during the 3rd quarter valued at approximately $2,030,000. Ameriflex Group Inc. boosted its holdings in shares of Fifth Third Bancorp by 817.8% in the 3rd quarter. Ameriflex Group Inc. now owns 2,680 shares of the financial services provider's stock valued at $119,000 after acquiring an additional 2,388 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Fifth Third Bancorp by 2.5% in the third quarter. First Trust Advisors LP now owns 2,050,428 shares of the financial services provider's stock worth $91,347,000 after acquiring an additional 50,608 shares during the period. Aptus Capital Advisors LLC raised its holdings in shares of Fifth Third Bancorp by 4.0% during the third quarter. Aptus Capital Advisors LLC now owns 8,134 shares of the financial services provider's stock worth $362,000 after purchasing an additional 313 shares during the last quarter. Finally, Barclays PLC raised its holdings in shares of Fifth Third Bancorp by 27.0% during the third quarter. Barclays PLC now owns 3,947,246 shares of the financial services provider's stock worth $175,850,000 after purchasing an additional 840,094 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have commented on FITB shares. Wall Street Zen lowered shares of Fifth Third Bancorp from a "hold" rating to a "sell" rating in a report on Saturday, February 7th. Wolfe Research lifted their price objective on Fifth Third Bancorp from $55.00 to $57.00 and gave the company an "outperform" rating in a research note on Wednesday, January 21st. Weiss Ratings raised Fifth Third Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, February 26th. Robert W. Baird upped their target price on Fifth Third Bancorp from $50.00 to $55.00 in a research note on Wednesday, December 17th. Finally, Truist Financial raised their target price on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a "buy" rating in a report on Monday, January 26th. Seventeen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Fifth Third Bancorp has an average rating of "Moderate Buy" and a consensus price target of $56.91.

Fifth Third Bancorp Stock Down 0.8%

FITB stock opened at $46.59 on Wednesday. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $55.44. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.82 and a current ratio of 0.83. The firm's fifty day moving average is $50.63 and its 200 day moving average is $46.62. The firm has a market cap of $42.02 billion, a PE ratio of 13.16, a P/E/G ratio of 0.95 and a beta of 0.96.

Insider Activity at Fifth Third Bancorp

In other news, EVP Jude Schramm sold 2,250 shares of the firm's stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $48.50, for a total transaction of $109,125.00. Following the sale, the executive vice president directly owned 129,191 shares in the company, valued at $6,265,763.50. This trade represents a 1.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.53% of the stock is owned by company insiders.

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.

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