Summary
Fifth Third Bancorp (FITB) filed this Form 8-K on October 24, 2012, to report the completion of an accelerated share repurchase (ASR) transaction initiated on August 23, 2012. This transaction involved the repurchase of approximately $350 million of Fifth Third's common stock through an agreement with Goldman Sachs & Co. The ASR effectively concluded on October 19, 2012, with a total of 22,975,147 shares repurchased at an average price of $15.2339 per share. This repurchase is part of Fifth Third's previously announced 100 million share repurchase program. Following the completion of this ASR, the company retains authorization to repurchase an additional approximately 77 million shares. This action indicates the company's management's confidence in its stock valuation and its commitment to returning capital to shareholders.
Key Highlights
- 1Fifth Third Bancorp completed an accelerated share repurchase (ASR) transaction with Goldman Sachs & Co.
- 2The ASR involved the repurchase of approximately $350 million of Fifth Third's common stock.
- 3A total of 22,975,147 shares were repurchased.
- 4The average repurchase price per share was $15.2339.
- 5The transaction effectively concluded on October 19, 2012, with settlement expected on October 24, 2012.
- 6This repurchase is part of a larger 100 million share repurchase program.
- 7Approximately 77 million shares remain authorized for repurchase under the program.