Gateway Investment Advisers LLC Sells 53,883 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Gateway Investment Advisers LLC decreased its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 27.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 140,966 shares of the financial services provider's stock after selling 53,883 shares during the period. Gateway Investment Advisers LLC's holdings in Fifth Third Bancorp were worth $5,960,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its stake in Fifth Third Bancorp by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 20,774,462 shares of the financial services provider's stock valued at $889,978,000 after acquiring an additional 732,651 shares during the last quarter. Zurich Insurance Group Ltd FI acquired a new position in shares of Fifth Third Bancorp during the 3rd quarter valued at about $28,490,000. Millennium Management LLC raised its stake in shares of Fifth Third Bancorp by 896.7% in the 2nd quarter. Millennium Management LLC now owns 648,886 shares of the financial services provider's stock valued at $23,678,000 after acquiring an additional 583,781 shares in the last quarter. Teachers Retirement System of The State of Kentucky lifted its holdings in Fifth Third Bancorp by 76.2% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 1,330,649 shares of the financial services provider's stock worth $57,005,000 after purchasing an additional 575,449 shares during the last quarter. Finally, Franklin Resources Inc. boosted its position in Fifth Third Bancorp by 8.1% during the third quarter. Franklin Resources Inc. now owns 5,476,374 shares of the financial services provider's stock worth $242,713,000 after purchasing an additional 409,292 shares during the period. 83.79% of the stock is owned by hedge funds and other institutional investors.

Fifth Third Bancorp Price Performance

Shares of FITB traded up $1.07 during mid-day trading on Friday, hitting $44.34. 9,304,861 shares of the company traded hands, compared to its average volume of 5,447,624. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.92. The stock has a market capitalization of $29.73 billion, a price-to-earnings ratio of 14.73, a PEG ratio of 1.79 and a beta of 1.24. The business has a 50-day moving average of $45.06 and a 200 day moving average of $42.76. Fifth Third Bancorp has a one year low of $32.29 and a one year high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.05). The firm had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The company's revenue was up 1.2% compared to the same quarter last year. During the same period last year, the company earned $0.92 EPS. As a group, equities analysts expect that Fifth Third Bancorp will post 3.31 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a $0.37 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $1.48 annualized dividend and a yield of 3.34%. Fifth Third Bancorp's dividend payout ratio is currently 49.17%.

Insiders Place Their Bets

In other news, EVP Kristine R. Garrett sold 7,500 shares of Fifth Third Bancorp stock in a transaction on Monday, October 28th. The shares were sold at an average price of $43.67, for a total transaction of $327,525.00. Following the transaction, the executive vice president now directly owns 55,913 shares of the company's stock, valued at $2,441,720.71. This trade represents a 11.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.50% of the company's stock.

Analyst Ratings Changes

FITB has been the topic of a number of research analyst reports. StockNews.com lowered shares of Fifth Third Bancorp from a "hold" rating to a "sell" rating in a research note on Wednesday, November 6th. Morgan Stanley raised their target price on Fifth Third Bancorp from $47.00 to $51.00 and gave the company an "equal weight" rating in a report on Monday, September 30th. Wells Fargo & Company raised their price objective on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an "overweight" rating in a research note on Friday, November 15th. Evercore ISI raised their price target on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an "in-line" rating in a research report on Wednesday, October 2nd. Finally, Truist Financial initiated coverage on Fifth Third Bancorp in a research report on Tuesday, January 7th. They set a "buy" rating and a $51.00 target price on the stock. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $45.92.

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.