Summary
Fifth Third Bancorp (FITB) filed an 8-K on August 28, 2019, to report the completion of an accelerated share repurchase (ASR) transaction initiated on August 7, 2019. This ASR, conducted with Citibank, involved the repurchase of approximately $200 million worth of Fifth Third's common stock. The transaction was executed in two tranches, each for $100 million, resulting in the repurchase of a total of 7,880,913 shares. The average repurchase price across both tranches was approximately $25.82 per share. This share repurchase is part of Fifth Third's broader 100 million share repurchase program announced in June 2019. Following the completion of this $200 million ASR, the company retains approximately $86.6 million in remaining repurchase authority under its existing program. This action signals management's confidence in the company's valuation and a commitment to returning capital to shareholders.
Key Highlights
- 1Fifth Third Bancorp completed a $200 million accelerated share repurchase (ASR) transaction as of August 27, 2019.
- 2A total of 7,880,913 shares of common stock were repurchased under the ASR.
- 3The ASR was executed in two $100 million tranches with Citibank.
- 4The average repurchase price for the shares was approximately $25.82.
- 5This repurchase is part of a larger 100 million share repurchase program announced in June 2019.
- 6Following this transaction, Fifth Third Bancorp has approximately $86.6 million of remaining repurchase authority under the June 2019 program.