Gamco Investors INC. ET AL Buys 144,566 Shares of Fifth Third Bancorp $FITB

Gamco Investors INC. ET AL increased its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 529.9% during the 1st quarter, HoldingsChannel.com reports. The firm owned 171,847 shares of the financial services provider’s stock after purchasing an additional 144,566 shares during the quarter. Gamco Investors INC. ET AL’s holdings in Fifth Third Bancorp were worth $7,984,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Morningstar Investment Management LLC increased its position in shares of Fifth Third Bancorp by 7.7% during the first quarter. Morningstar Investment Management LLC now owns 49,983 shares of the financial services provider’s stock worth $2,322,000 after acquiring an additional 3,562 shares during the period. Public Employees Retirement System of Ohio increased its stake in shares of Fifth Third Bancorp by 32.0% during the first quarter. Public Employees Retirement System of Ohio now owns 284,874 shares of the financial services provider’s stock valued at $13,235,000 after buying an additional 69,093 shares during the period. Compound Planning Inc. raised its holdings in shares of Fifth Third Bancorp by 108.2% in the first quarter. Compound Planning Inc. now owns 13,092 shares of the financial services provider’s stock valued at $608,000 after acquiring an additional 6,805 shares in the last quarter. Bank of Nova Scotia raised its holdings in shares of Fifth Third Bancorp by 30.9% in the first quarter. Bank of Nova Scotia now owns 135,461 shares of the financial services provider’s stock valued at $6,294,000 after acquiring an additional 31,976 shares in the last quarter. Finally, Sei Investments Co. raised its holdings in shares of Fifth Third Bancorp by 89.8% in the 1st quarter. Sei Investments Co. now owns 1,872,450 shares of the financial services provider’s stock valued at $86,994,000 after purchasing an additional 885,990 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Fifth Third Bancorp news, EVP Peter L. Sefzik sold 20,000 shares of the business’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the sale, the executive vice president owned 189,382 shares in the company, valued at approximately $9,556,215.72. The trade was a 9.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.51% of the company’s stock.

Fifth Third Bancorp Stock Performance

FITB opened at $57.41 on Monday. The company has a market cap of $52.03 billion, a P/E ratio of 19.27, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The firm’s 50-day moving average price is $53.97 and its 200-day moving average price is $50.98. Fifth Third Bancorp has a 52-week low of $40.04 and a 52-week high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results 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). Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The company had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. During the same quarter last year, the business earned $0.88 earnings per share. The firm’s revenue for the quarter was up 45.8% on a year-over-year basis. As a group, equities analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors 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 of this dividend was Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio is presently 54.61%.

Analyst Upgrades and Downgrades

FITB has been the topic of a number of recent research reports. Weiss Ratings upgraded shares of Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 1st. Robert W. Baird upped their target price on Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an “outperform” rating in a report on Monday, June 8th. Piper Sandler reaffirmed an “overweight” rating and set a $54.00 target price (down from $57.00) on shares of Fifth Third Bancorp in a research report on Monday, March 30th. Zacks Research downgraded Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, May 11th. Finally, Wells Fargo & Company upped their price objective on Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $60.49.

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.