Gateway Investment Advisers LLC Lowers Holdings in Fifth Third Bancorp (FITB)

Gateway Investment Advisers LLC lowered its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 1.7% in the 3rd quarter, Holdings Channel reports. The firm owned 117,736 shares of the financial services provider’s stock after selling 2,088 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Fifth Third Bancorp were worth $3,287,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the business. BlackRock Inc. raised its stake in shares of Fifth Third Bancorp by 5.9% in the second quarter. BlackRock Inc. now owns 48,455,130 shares of the financial services provider’s stock valued at $1,390,661,000 after acquiring an additional 2,718,504 shares during the period. Boston Partners raised its stake in shares of Fifth Third Bancorp by 1.0% in the second quarter. Boston Partners now owns 12,408,147 shares of the financial services provider’s stock valued at $356,114,000 after acquiring an additional 117,763 shares during the period. Wells Fargo & Company MN raised its stake in shares of Fifth Third Bancorp by 16.9% in the second quarter. Wells Fargo & Company MN now owns 7,362,392 shares of the financial services provider’s stock valued at $211,301,000 after acquiring an additional 1,062,218 shares during the period. Janus Henderson Group PLC raised its stake in shares of Fifth Third Bancorp by 119.9% in the second quarter. Janus Henderson Group PLC now owns 4,875,534 shares of the financial services provider’s stock valued at $139,929,000 after acquiring an additional 2,658,672 shares during the period. Finally, Schroder Investment Management Group raised its stake in shares of Fifth Third Bancorp by 106.3% in the second quarter. Schroder Investment Management Group now owns 4,166,562 shares of the financial services provider’s stock valued at $119,747,000 after acquiring an additional 2,146,656 shares during the period. Institutional investors and hedge funds own 84.15% of the company’s stock.

FITB stock opened at $26.33 on Friday. The stock has a market capitalization of $17.64 billion, a P/E ratio of 12.01, a P/E/G ratio of 1.47 and a beta of 1.27. Fifth Third Bancorp has a 12 month low of $26.11 and a 12 month high of $34.67. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.96.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Thursday, July 19th. The financial services provider reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.06. The business had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.61 billion. Fifth Third Bancorp had a net margin of 32.86% and a return on equity of 11.12%. During the same quarter last year, the firm posted $0.45 EPS. On average, equities research analysts expect that Fifth Third Bancorp will post 2.5 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Friday, September 28th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date of this dividend was Thursday, September 27th. Fifth Third Bancorp’s dividend payout ratio (DPR) is 26.87%.

FITB has been the topic of several recent analyst reports. BMO Capital Markets reduced their target price on shares of Fifth Third Bancorp from $34.00 to $32.00 and set a “$29.19” rating on the stock in a research note on Monday, July 23rd. Vining Sparks reissued a “buy” rating and issued a $36.00 target price on shares of Fifth Third Bancorp in a research note on Thursday, July 19th. Zacks Investment Research raised shares of Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a research note on Monday, July 16th. Wedbush set a $34.00 price target on shares of Fifth Third Bancorp and gave the stock a “buy” rating in a research note on Thursday, September 20th. Finally, Morgan Stanley reduced their price target on shares of Fifth Third Bancorp from $35.50 to $33.00 and set an “equal weight” rating on the stock in a research note on Tuesday, September 18th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $32.69.

Fifth Third Bancorp Profile

Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.

See Also: Asset Allocation

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Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

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