8-KMaterial AgreementsFinancial Events

FIFTH THIRD BANCORP 8-K Report, Material Agreement (Jun 15, 2018)

Filed June 15, 2018For Securities:FITBFITBOFITBPFITB-PIFITB-PMFITB-PAFITBIFITB-PK

Summary

Fifth Third Bancorp (FITB) filed an 8-K on June 15, 2018, to report the completion of an accelerated share repurchase (ASR) transaction initiated on May 23, 2018, with Morgan Stanley & Co. LLC (MSCO). This ASR was part of the company's previously announced $100 million share repurchase program. The transaction involved the repurchase of a total of 7,574,366 shares of common stock at an average price of $31.1817 per share. This filing provides an update on the execution of the share repurchase program, informing investors about the number of shares repurchased and the remaining authority under the program. The completion of this ASR demonstrates Fifth Third Bancorp's commitment to returning capital to shareholders, a key consideration for investors evaluating the company's capital allocation strategy and shareholder value initiatives.

Key Highlights

  • 1Fifth Third Bancorp completed an accelerated share repurchase (ASR) transaction with Morgan Stanley & Co. LLC.
  • 2The ASR was executed under the company's previously announced $100 million share repurchase program from February 2018.
  • 3A total of 7,574,366 shares of Fifth Third Bancorp's common stock were repurchased.
  • 4The average repurchase price for these shares was $31.1817.
  • 5The repurchase effectively reduced the number of outstanding shares, reflecting a capital return strategy.
  • 6Following this transaction, approximately 92.4 million shares of repurchase authority remain under the February 2018 program.

Frequently Asked Questions

The main purpose of this 8-K filing was to report the completion of an accelerated share repurchase (ASR) transaction by Fifth Third Bancorp, which involved repurchasing a significant number of its outstanding common shares.

Fifth Third Bancorp repurchased a total of 7,574,366 shares of its common stock through the accelerated share repurchase agreement.

Yes, this share repurchase was part of Fifth Third Bancorp's previously announced $100 million share repurchase program, initiated in February 2018.

After the completion of this accelerated share repurchase transaction, Fifth Third Bancorp has approximately 92.4 million shares of remaining repurchase authority under its February 2018 program.