Summary
Fifth Third Bancorp (FITB) has completed an accelerated share repurchase (ASR) transaction initiated on January 20, 2023, with Morgan Stanley. This ASR involved the repurchase of approximately $200 million of FITB's outstanding common stock. The primary goal of this repurchase is to continue executing the company's previously announced 100 million share repurchase program, underscoring a commitment to returning capital to shareholders.
Key Highlights
- 1Fifth Third Bancorp completed an accelerated share repurchase (ASR) transaction for approximately $200 million.
- 2The ASR was executed with Morgan Stanley & Co. LLC.
- 3A total of 5,589,996 shares were repurchased at an average price of $35.78 per share.
- 4The repurchase is part of Fifth Third's ongoing 100 million share repurchase program announced in June 2019.
- 5Following this transaction, Fifth Third has approximately 32.1 million shares of remaining repurchase authority.
- 6The completion of this ASR signifies continued capital return initiatives by the company.
Frequently Asked Questions
The accelerated share repurchase transaction was for approximately $200 million.
A total of 5,589,996 shares were repurchased under the January 20, 2023 agreement.
This repurchase is a continuation of Fifth Third's commitment to its 100 million share repurchase program, indicating a strategy to return capital to shareholders and potentially enhance shareholder value by reducing the number of outstanding shares.
After the completion of this accelerated share repurchase, Fifth Third Bancorp has approximately 32.1 million shares of remaining repurchase authority under its existing program.