Summary
Fifth Third Bancorp (FITB) has filed an 8-K report on November 3, 2016, detailing the completion of an accelerated share repurchase (ASR) transaction with Wells Fargo Bank. This ASR, initiated on August 2, 2016, involved the repurchase of approximately $240 million worth of FITB's common stock as part of its previously announced 100 million share repurchase program. The transaction has now concluded, with a total of 12,078,753 shares repurchased at an average price of $19.8696 per share.
Key Highlights
- 1Completion of a $240 million accelerated share repurchase (ASR) program with Wells Fargo.
- 2Total of 12,078,753 shares repurchased as part of the ASR.
- 3Average repurchase price of $19.8696 per share.
- 4The ASR is a component of Fifth Third's larger 100 million share repurchase program announced on March 16, 2016.
- 5Following the ASR completion, approximately 86.5 million shares of repurchase authority remain.
- 6The filing also includes standard forward-looking statements and risk factors common to financial institutions.
Frequently Asked Questions
The primary purpose of this 8-K filing was to report the completion of an accelerated share repurchase (ASR) transaction by Fifth Third Bancorp with Wells Fargo Bank.
Fifth Third Bancorp repurchased a total of 12,078,753 shares at an average price of $19.8696 per share, for a total value of approximately $240 million.
While this specific accelerated share repurchase transaction is complete, Fifth Third Bancorp still has approximately 86.5 million shares of repurchase authority remaining under its overall share repurchase program announced in March 2016.
The filing reiterates standard risks for financial institutions, including weakening economic or real estate conditions, deteriorating credit quality, changes in interest rates, capital requirements, competitive pressures, and regulatory or legislative changes. Investors should refer to Fifth Third's other SEC filings for a comprehensive list of risk factors.