Gateway Investment Advisers LLC Increases Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Gateway Investment Advisers LLC boosted its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 43.7% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 194,908 shares of the financial services provider’s stock after acquiring an additional 59,239 shares during the period. Gateway Investment Advisers LLC’s holdings in Fifth Third Bancorp were worth $7,112,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Financial Synergies Wealth Advisors Inc. acquired a new stake in Fifth Third Bancorp during the first quarter valued at $29,000. Friedenthal Financial purchased a new position in shares of Fifth Third Bancorp in the fourth quarter worth about $48,000. Centerpoint Advisors LLC raised its stake in Fifth Third Bancorp by 125.0% during the first quarter. Centerpoint Advisors LLC now owns 1,350 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 750 shares during the period. Mather Group LLC. purchased a new position in Fifth Third Bancorp during the first quarter worth about $56,000. Finally, Jones Financial Companies Lllp raised its stake in Fifth Third Bancorp by 327.3% during the fourth quarter. Jones Financial Companies Lllp now owns 1,675 shares of the financial services provider’s stock worth $58,000 after purchasing an additional 1,283 shares during the period. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB traded down $0.01 during trading hours on Friday, reaching $39.65. 2,902,956 shares of the company’s stock were exchanged, compared to its average volume of 4,868,144. The firm has a market capitalization of $27.12 billion, a price-to-earnings ratio of 12.59, a P/E/G ratio of 1.91 and a beta of 1.24. The company has a 50-day moving average of $38.03 and a 200 day moving average of $36.59. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.95. Fifth Third Bancorp has a 1-year low of $22.49 and a 1-year high of $42.91.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Friday, July 19th. The financial services provider reported $0.81 earnings per share for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.04). The business had revenue of $3.32 billion for the quarter, compared to analyst estimates of $2.11 billion. Fifth Third Bancorp had a return on equity of 15.79% and a net margin of 17.41%. During the same quarter in the prior year, the company earned $0.87 EPS. Research analysts anticipate that Fifth Third Bancorp will post 3.3 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 3.53%. The ex-dividend date was Friday, June 28th. Fifth Third Bancorp’s dividend payout ratio is currently 44.44%.

Insider Transactions at Fifth Third Bancorp

In other news, EVP Kevin P. Lavender sold 20,000 shares of the firm’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $41.77, for a total value of $835,400.00. Following the completion of the sale, the executive vice president now owns 125,087 shares in the company, valued at approximately $5,224,883.99. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Kevin P. Lavender sold 20,000 shares of the firm’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $41.77, for a total value of $835,400.00. Following the completion of the sale, the executive vice president now owns 125,087 shares in the company, valued at approximately $5,224,883.99. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Jude Schramm sold 2,500 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $40.00, for a total transaction of $100,000.00. Following the completion of the sale, the executive vice president now owns 134,422 shares of the company’s stock, valued at approximately $5,376,880. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,500 shares of company stock worth $1,429,920. Company insiders own 0.50% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on FITB. Stephens reaffirmed an “equal weight” rating and set a $41.00 target price on shares of Fifth Third Bancorp in a research note on Tuesday, June 11th. Jefferies Financial Group upped their price objective on shares of Fifth Third Bancorp from $42.00 to $43.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. Argus upped their price objective on shares of Fifth Third Bancorp from $42.00 to $46.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Wolfe Research raised shares of Fifth Third Bancorp from a “peer perform” rating to an “outperform” rating and set a $43.00 target price on the stock in a research note on Friday, May 31st. Finally, Evercore ISI cut their target price on shares of Fifth Third Bancorp from $42.00 to $41.00 and set an “in-line” rating on the stock in a research note on Tuesday, June 25th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of “Hold” and a consensus price target of $40.56.

Fifth Third Bancorp Company 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.