Gateway Investment Advisers LLC Has $7.16 Million Position in Fifth Third Bancorp $FITB

Key Points

• Gateway Investment Advisers LLC increased its stake in Fifth Third Bancorp by 4.5%, now holding 174,068 shares valued at $7.16 million.
• Fifth Third Bancorp announced a quarterly dividend of $0.40 per share, up from its previous $0.37, representing an annual yield of 3.5%.
• Analysts have raised their target prices for Fifth Third Bancorp, with Wells Fargo & Company setting a new target of $52.00 and maintaining an "overweight" rating.

Gateway Investment Advisers LLC grew its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 4.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 174,068 shares of the financial services provider's stock after acquiring an additional 7,480 shares during the quarter. Gateway Investment Advisers LLC's holdings in Fifth Third Bancorp were worth $7,159,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in FITB. Nuveen LLC purchased a new position in Fifth Third Bancorp in the 1st quarter valued at $334,805,000. Massachusetts Financial Services Co. MA acquired a new stake in shares of Fifth Third Bancorp in the 1st quarter worth $113,900,000. Charles Schwab Investment Management Inc. increased its stake in shares of Fifth Third Bancorp by 6.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider's stock worth $898,009,000 after acquiring an additional 1,321,554 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Fifth Third Bancorp by 4,271.4% in the 1st quarter. GAMMA Investing LLC now owns 1,203,362 shares of the financial services provider's stock worth $47,172,000 after acquiring an additional 1,175,834 shares during the last quarter. Finally, Alecta Tjanstepension Omsesidigt acquired a new position in Fifth Third Bancorp in the 1st quarter valued at about $40,989,000. Hedge funds and other institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Stock Down 0.4%

Shares of FITB stock traded down $0.20 during mid-day trading on Friday, reaching $46.08. 8,455,666 shares of the company were exchanged, compared to its average volume of 4,085,903. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81. The company has a market capitalization of $30.50 billion, a P/E ratio of 14.31, a P/E/G ratio of 1.47 and a beta of 0.93. The business's 50 day simple moving average is $43.70 and its 200 day simple moving average is $40.19.

Fifth Third Bancorp announced that its Board of Directors has authorized a share repurchase plan on Monday, June 16th that authorizes the company to buyback 100,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Fifth Third Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a dividend of $0.40 per share. This is an increase from Fifth Third Bancorp's previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Tuesday, September 30th. Fifth Third Bancorp's dividend payout ratio (DPR) is presently 45.96%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on FITB. Piper Sandler lifted their price objective on Fifth Third Bancorp from $48.00 to $50.00 and gave the company an "overweight" rating in a research note on Wednesday, September 10th. Truist Financial lifted their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the company a "buy" rating in a research note on Friday, September 12th. Wells Fargo & Company boosted their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 10th. Finally, DA Davidson upgraded Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and boosted their target price for the stock from $42.00 to $47.00 in a research note on Monday, June 9th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Fifth Third Bancorp currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.13.

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.