8-KOther Events

FIFTH THIRD BANCORP 8-K Report, Corporate Update (Dec 16, 2019)

Filed December 16, 2019For Securities:FITBFITBOFITBPFITB-PIFITB-PMFITB-PAFITBIFITB-PK

Summary

Fifth Third Bancorp (FITB) announced the completion of a significant portion of its share repurchase program through an accelerated share repurchase (ASR) transaction with Wells Fargo. The company repurchased approximately $300 million worth of its common stock under an agreement initiated on October 23, 2019. This ASR is part of a broader 100 million share repurchase program announced earlier in 2019. Investors should note that the ASR has concluded with the repurchase of over 10 million shares at an average price of $29.96 per share. This action demonstrates the company's commitment to returning capital to shareholders and managing its share count. Following this transaction, Fifth Third Bancorp retains substantial remaining repurchase authority under its existing program, indicating flexibility for future capital allocation decisions.

Key Highlights

  • 1Fifth Third Bancorp (FITB) completed an accelerated share repurchase (ASR) transaction worth approximately $300 million.
  • 2The ASR involved the repurchase of 10,169,284 shares of common stock.
  • 3The average repurchase price per share was $29.9557.
  • 4The repurchases are part of a previously announced 100 million share repurchase program.
  • 5Following this transaction, approximately 76 million shares of repurchase authority remain under the June 2019 program.
  • 6The ASR demonstrates FITB's commitment to shareholder capital return.

Frequently Asked Questions

The accelerated share repurchase was part of Fifth Third Bancorp's broader 100 million share repurchase program, aimed at returning capital to shareholders and managing the company's outstanding share count.

In total, 10,169,284 shares of Fifth Third Bancorp's common stock were repurchased under the October 23, 2019 ASR transaction.

The average repurchase price per share for this transaction was $29.9557.

After the completion of this accelerated share repurchase, Fifth Third Bancorp has approximately 76 million shares of remaining repurchase authority under its previously announced June 2019 Repurchase Program.