Summary
Fifth Third Bancorp (FITB) announced the completion of an accelerated share repurchase transaction initiated on January 22, 2021, with Morgan Stanley & Co. LLC. This repurchase, amounting to approximately $180 million, involved the acquisition of 5,318,395 shares of Fifth Third's common stock at an average price of $34.6976 per share. This transaction was executed under the company's previously announced 100 million share repurchase program from June 2019. Following the completion of this accelerated repurchase, Fifth Third Bancorp has approximately 71 million shares remaining under its existing repurchase authority. This action demonstrates the company's commitment to returning capital to shareholders and managing its share count.
Key Highlights
- 1Completion of a $180 million accelerated share repurchase (ASR) program.
- 25,318,395 shares of common stock repurchased.
- 3Average repurchase price of $34.6976 per share.
- 4ASR was executed under the existing 100 million share repurchase program announced in June 2019.
- 5Approximately 71 million shares of repurchase authority remain outstanding.
- 6The transaction was conducted with Morgan Stanley & Co. LLC.
Frequently Asked Questions
The share repurchase was conducted as part of Fifth Third Bancorp's ongoing commitment to return capital to shareholders and is part of its previously announced 100 million share repurchase program initiated in June 2019.
A total of 5,318,395 shares of Fifth Third Bancorp's common stock were repurchased under this accelerated share repurchase transaction.
Following the completion of this accelerated repurchase, Fifth Third Bancorp has approximately 71 million shares remaining under its June 2019 repurchase program authorization.
The accelerated share repurchase transaction was executed with Morgan Stanley & Co. LLC (MSCO).