Summary
Fifth Third Bancorp (FITB) filed an 8-K on March 27, 2018, to report the completion of an accelerated share repurchase (ASR) transaction initiated on February 8, 2018, with Morgan Stanley & Co. LLC (MSCO). This transaction involved the repurchase of approximately $318 million worth of Fifth Third's common stock as part of its previously announced 100 million share repurchase program from March 2016. The filing details the number of shares repurchased and the average price paid, providing an update on the company's capital allocation strategy.
Key Highlights
- 1Fifth Third Bancorp completed an accelerated share repurchase (ASR) transaction valued at approximately $318 million.
- 2The ASR was executed with Morgan Stanley & Co. LLC (MSCO) on February 8, 2018.
- 3A total of 9,707,049 shares of common stock were repurchased at an average price of $33.3040 per share.
- 4This repurchase is part of Fifth Third Bancorp's ongoing 100 million share repurchase program announced in March 2016.
- 5Upon completion of this ASR, the company has approximately 12.6 million shares remaining under its share repurchase authorization.
- 6The filing provides an update on capital return to shareholders through stock buybacks.
Frequently Asked Questions
The primary purpose of this 8-K filing was to report the completion of an accelerated share repurchase (ASR) transaction for Fifth Third Bancorp's common stock.
Fifth Third Bancorp repurchased a total of 9,707,049 shares of its common stock through this accelerated share repurchase program.
The accelerated share repurchase transaction was valued at approximately $318 million, with the shares being repurchased at an average price of $33.3040 per share.
Yes, upon completion of this ASR, Fifth Third Bancorp has approximately 12.6 million shares of remaining repurchase authority under its previously announced 100 million share repurchase program from March 2016.