8-KOther Events

FIFTH THIRD BANCORP 8-K Report, Corporate Update (May 24, 2019)

Filed May 24, 2019For Securities:FITBFITBOFITBPFITB-PIFITB-PMFITB-PAFITBIFITB-PK

Summary

Fifth Third Bancorp (FITB) filed an 8-K on May 24, 2019, to report the completion of its accelerated share repurchase (ASR) transaction initiated on April 25, 2019. This ASR involved the repurchase of approximately $200 million of its outstanding common stock, executed through two separate $100 million confirmations with JPMorgan Chase Bank. The report details the number of shares repurchased under each confirmation and the average price paid, totaling 7,229,075 shares at an average price of approximately $27.87. This repurchase is part of a larger 100 million share repurchase program announced in February 2018. The completion of this $200 million ASR, alongside the initial delivery from a prior $913 million repurchase agreement entered into in March 2019, leaves Fifth Third Bancorp with approximately 22 million shares of remaining repurchase authority under its existing program. This action signifies the company's continued commitment to returning capital to shareholders and managing its share count.

Key Highlights

  • 1Fifth Third Bancorp (FITB) has completed a $200 million Accelerated Share Repurchase (ASR) transaction.
  • 2The ASR was executed in two $100 million tranches with JPMorgan Chase Bank.
  • 3A total of 7,229,075 shares were repurchased under the April 2019 ASR.
  • 4The average repurchase price for the ASR was approximately $27.87 per share.
  • 5These repurchases are part of a previously announced 100 million share repurchase program from February 2018.
  • 6Following the completion of this ASR and initial deliveries from a March 2019 repurchase agreement, the company has approximately 22 million shares remaining under its authorized repurchase program.
  • 7The filing demonstrates Fifth Third's ongoing capital return strategy to shareholders.

Frequently Asked Questions

This filing confirms the completion of a significant share repurchase program ($200 million) initiated in April 2019. It indicates that the company is actively returning capital to shareholders by reducing its outstanding share count, which can be viewed positively for earnings per share and shareholder value.

In total, 7,229,075 shares were repurchased under the April 2019 ASR. The average repurchase price was approximately $27.87 per share, with shares bought at an average of $27.8252 under the first confirmation and $27.9262 under the second.

No, the filing indicates that after accounting for the completed April 2019 ASR and initial share deliveries from a March 2019 repurchase agreement, Fifth Third Bancorp still has approximately 22 million shares of repurchase authority remaining under its existing program announced in February 2018.

The share repurchases were conducted with JPMorgan Chase Bank, National Association, London Branch (JPM).