Gateway Wealth Partners LLC Makes New Investment in Fifth Third Bancorp $FITB

Gateway Wealth Partners LLC bought a new position in Fifth Third Bancorp (NASDAQ:FITB) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 12,956 shares of the financial services provider’s stock, valued at approximately $602,000.

Other large investors have also made changes to their positions in the company. Blue Chip Partners LLC purchased a new position in Fifth Third Bancorp in the 1st quarter worth approximately $1,187,000. Weiss Asset Management LP purchased a new position in shares of Fifth Third Bancorp in the 1st quarter worth $841,000. OMERS ADMINISTRATION Corp grew its position in Fifth Third Bancorp by 166.5% in the first quarter. OMERS ADMINISTRATION Corp now owns 75,731 shares of the financial services provider’s stock worth $3,518,000 after acquiring an additional 47,309 shares in the last quarter. Lombard Odier Asset Management Switzerland SA boosted its holdings in shares of Fifth Third Bancorp by 173.0% in the 1st quarter. Lombard Odier Asset Management Switzerland SA now owns 29,208 shares of the financial services provider’s stock worth $1,357,000 after purchasing an additional 18,508 shares during the period. Finally, Matrix Private Capital Group LLC purchased a new position in Fifth Third Bancorp during the first quarter worth $363,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FITB has been the subject of several recent analyst reports. JPMorgan Chase & Co. boosted their target price on Fifth Third Bancorp from $61.00 to $62.00 and gave the company an “overweight” rating in a research report on Wednesday. Stephens started coverage on Fifth Third Bancorp in a report on Monday, June 15th. They issued an “equal weight” rating and a $58.00 price target on the stock. Jefferies Financial Group lifted their price objective on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, April 8th. Royal Bank Of Canada upped their target price on Fifth Third Bancorp from $57.00 to $62.00 and gave the company an “outperform” rating in a research report on Monday, July 20th. Finally, Wells Fargo & Company raised their price target on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of “Moderate Buy” and an average price target of $60.54.

Fifth Third Bancorp Stock Up 0.1%

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

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

Fifth Third Bancorp Announces Dividend

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

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.