Summary
Fifth Third Bancorp (FITB) filed an 8-K on June 14, 2021, detailing the completion of an accelerated share repurchase (ASR) transaction initiated on April 21, 2021. This ASR, executed with Morgan Stanley & Co. LLC, involved the repurchase of approximately $347 million of the company's outstanding common stock. The transaction is part of Fifth Third's broader 100 million share repurchase program announced in June 2019. The ASR has concluded as of June 9, 2021, with a total of 8,570,102 shares repurchased at an average price of $41.2667 per share. Following this completion, Fifth Third Bancorp still retains approximately 62.5 million shares of repurchase authority under its existing June 2019 program, indicating continued commitment to returning capital to shareholders. The filing also notes the ongoing and potential future business relationships between Fifth Third and Morgan Stanley and its affiliates.
Key Highlights
- 1Fifth Third Bancorp completed an accelerated share repurchase (ASR) of its common stock valued at approximately $347 million.
- 2The ASR transaction was executed with Morgan Stanley & Co. LLC and concluded on June 9, 2021.
- 3A total of 8,570,102 shares were repurchased under the ASR at an average price of $41.2667 per share.
- 4This repurchase is part of a larger 100 million share repurchase program initiated in June 2019.
- 5Following the ASR completion, Fifth Third Bancorp has approximately 62.5 million shares remaining under its June 2019 repurchase authorization.
- 6The filing confirms the company's ongoing strategy of returning capital to shareholders through share buybacks.