Fifth Third Bancorp (NASDAQ:FITB) Shares Purchased by Gateway Investment Advisers LLC

Gateway Investment Advisers LLC grew its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 18.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 166,588 shares of the financial services provider's stock after acquiring an additional 25,622 shares during the quarter. Gateway Investment Advisers LLC's holdings in Fifth Third Bancorp were worth $6,530,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Boston Partners raised its holdings in shares of Fifth Third Bancorp by 6.2% in the fourth quarter. Boston Partners now owns 14,135,430 shares of the financial services provider's stock worth $597,692,000 after buying an additional 823,803 shares during the last quarter. Deutsche Bank AG increased its holdings in shares of Fifth Third Bancorp by 27.3% in the fourth quarter. Deutsche Bank AG now owns 2,046,701 shares of the financial services provider's stock valued at $86,535,000 after purchasing an additional 438,446 shares during the period. AMJ Financial Wealth Management raised its stake in shares of Fifth Third Bancorp by 4.2% in the fourth quarter. AMJ Financial Wealth Management now owns 232,803 shares of the financial services provider's stock worth $9,843,000 after purchasing an additional 9,401 shares during the last quarter. Banco Santander S.A. acquired a new stake in shares of Fifth Third Bancorp during the fourth quarter worth about $357,000. Finally, Fred Alger Management LLC boosted its position in Fifth Third Bancorp by 29.5% in the fourth quarter. Fred Alger Management LLC now owns 65,867 shares of the financial services provider's stock valued at $2,809,000 after buying an additional 15,023 shares during the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on FITB shares. Royal Bank of Canada reissued an "outperform" rating and set a $47.00 price target on shares of Fifth Third Bancorp in a research report on Monday, February 10th. DA Davidson reduced their target price on shares of Fifth Third Bancorp from $45.00 to $42.00 and set a "neutral" rating for the company in a report on Monday, April 21st. Truist Financial lowered their price target on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Cowen assumed coverage on Fifth Third Bancorp in a research note on Wednesday, May 14th. They set a "buy" rating for the company. Finally, Jefferies Financial Group assumed coverage on Fifth Third Bancorp in a research note on Wednesday, May 21st. They issued a "buy" rating and a $47.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $47.00.

Fifth Third Bancorp Price Performance

NASDAQ:FITB traded up $1.11 during trading hours on Friday, hitting $39.41. 3,176,082 shares of the stock were exchanged, compared to its average volume of 4,523,008. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07. The company has a market cap of $26.31 billion, a P/E ratio of 12.55, a P/E/G ratio of 1.42 and a beta of 0.90. The firm's fifty day moving average price is $36.65 and its 200 day moving average price is $40.94. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.73 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.03. Fifth Third Bancorp had a return on equity of 14.10% and a net margin of 17.43%. The company had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.17 billion. During the same quarter in the previous year, the company posted $0.70 earnings per share. As a group, equities research analysts anticipate that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a $0.37 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $1.48 annualized dividend and a yield of 3.76%. Fifth Third Bancorp's payout ratio is 46.98%.

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.