Citadel Advisors Purchases Millions of Shares in Fifth Third BancorpCitadel Advisors, one of the nation's biggest hedge funds with $77 billion in assets under management, is pleased to announce the acquisition of millions of shares in Fifth Third Bancorp.
Citadel said in a Securities and Exchange Commission filing that it pumped up its stake in Fifth Third (Nasdaq: FITB) during the quarter. It owned less than 1 million shares in the prior quarter.
The purchase represents a $200 million bet on Fifth Third.
A Citadel spokesman said the company wouldn’t comment on the purchase. Citadel typically uses a mix of fundamental research on a company’s performance and quantitative research regarding its financials.
Fifth Third’s stock rose 26 cents, or 1.2 percent, to $22.60 in late-afternoon trading on Tuesday.Source: Cincinnati Business Courier