8-KOther Events

FIFTH THIRD BANCORP 8-K Report, Corporate Update (Dec 19, 2022)

Filed December 19, 2022For Securities:FITBFITBOFITBPFITB-PIFITB-PMFITB-PAFITBIFITB-PK

Summary

Fifth Third Bancorp (FITB) filed an 8-K on December 19, 2022, to report the completion of an accelerated share repurchase (ASR) transaction with Morgan Stanley. This ASR, initiated on December 6, 2022, involved a total repurchase of approximately $100 million worth of Fifth Third's common stock. Under the agreement, a total of 3,079,462 shares were repurchased at an average price of $32.93 per share. This repurchase is part of Fifth Third's previously announced 100 million share repurchase program. Following this transaction, the company still has approximately 37.7 million shares of repurchase authority remaining under the existing program, indicating continued commitment to shareholder returns.

Key Highlights

  • 1Fifth Third Bancorp completed an accelerated share repurchase (ASR) transaction on December 15, 2022.
  • 2The ASR involved the repurchase of approximately $100 million of the company's outstanding common stock.
  • 3A total of 3,079,462 shares were repurchased under this agreement.
  • 4The average repurchase price per share was $32.93.
  • 5The share repurchases are part of Fifth Third's existing 100 million share repurchase program announced in June 2019.
  • 6Approximately 37.7 million shares of repurchase authority remain under the program after this transaction.
  • 7The counterparty for the ASR was Morgan Stanley & Co. LLC.

Frequently Asked Questions

The filing serves to formally announce the completion of an accelerated share repurchase (ASR) transaction with Morgan Stanley, detailing the number of shares repurchased and the total value.

Fifth Third Bancorp repurchased a total of 3,079,462 shares of its common stock under the accelerated share repurchase agreement.

The company repurchased approximately $100 million worth of its stock at an average price of $32.93 per share.

No, this repurchase is part of an existing program. Following this transaction, Fifth Third Bancorp still has approximately 37.7 million shares of repurchase authority remaining under its previously announced 100 million share repurchase program.