Gateway Wealth Partners LLC Takes Position in Fifth Third Bancorp $FITB

Gateway Wealth Partners LLC bought a new stake in Fifth Third Bancorp (NASDAQ:FITB) during the first quarter, HoldingsChannel reports. The institutional investor bought 12,956 shares of the financial services provider’s stock, valued at approximately $602,000.

A number of other large investors also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its stake in shares of Fifth Third Bancorp by 303.4% in the first quarter. Bank of New York Mellon Corp now owns 20,079,733 shares of the financial services provider’s stock valued at $932,904,000 after buying an additional 15,101,629 shares in the last quarter. Norges Bank acquired a new position in Fifth Third Bancorp during the 4th quarter worth about $649,264,000. Price T Rowe Associates Inc. MD boosted its holdings in Fifth Third Bancorp by 41.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider’s stock valued at $1,664,013,000 after acquiring an additional 10,444,799 shares during the period. Clearbridge Investments LLC boosted its holdings in Fifth Third Bancorp by 719.2% during the 4th quarter. Clearbridge Investments LLC now owns 3,012,022 shares of the financial services provider’s stock valued at $140,993,000 after acquiring an additional 2,644,332 shares during the period. Finally, Invesco Ltd. grew its holdings in shares of Fifth Third Bancorp by 12.1% in the fourth quarter. Invesco Ltd. now owns 23,799,312 shares of the financial services provider’s stock valued at $1,114,046,000 after purchasing an additional 2,574,712 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Performance

Shares of FITB stock opened at $56.62 on Friday. The stock has a market cap of $51.31 billion, a PE ratio of 19.00, a P/E/G ratio of 1.09 and a beta of 0.90. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. Fifth Third Bancorp has a 1 year low of $40.04 and a 1 year high of $59.50. The stock has a fifty day moving average price of $54.66 and a 200 day moving average price of $51.19.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). The business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. Fifth Third Bancorp’s revenue was up 45.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.88 earnings per share. Sell-side analysts forecast that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio is currently 54.61%.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Stephens began coverage on Fifth Third Bancorp in a research note on Monday, June 15th. They set an “equal weight” rating and a $58.00 target price for the company. Bank of America increased their target price on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Monday, July 20th. Royal Bank Of Canada raised their price target on Fifth Third Bancorp from $57.00 to $62.00 and gave the stock an “outperform” rating in a research note on Monday, July 20th. Citigroup lifted their price objective on shares of Fifth Third Bancorp from $53.00 to $59.00 and gave the company a “neutral” rating in a research note on Friday, July 24th. Finally, Keefe, Bruyette & Woods boosted their target price on Fifth Third Bancorp from $58.00 to $60.00 and gave the company a “market perform” rating in a report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of “Moderate Buy” and an average price target of $60.54.

About Fifth Third Bancorp

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.