8-KOther Events

FIFTH THIRD BANCORP 8-K Report, Corporate Update (Jun 28, 2024)

Filed June 28, 2024For Securities:FITBFITBOFITBPFITB-PIFITB-PMFITB-PAFITBIFITB-PK

Summary

Fifth Third Bancorp (FITB) announced the completion of an accelerated share repurchase (ASR) transaction initiated on June 11, 2024, with Morgan Stanley & Co. LLC. This ASR involved the repurchase of approximately $125 million of the company's common stock. The transaction concluded on June 27, 2024, with a total of 3,508,388 shares repurchased at an average price of $35.63 per share. This repurchase activity is part of Fifth Third's broader 100 million share repurchase program, originally announced in June 2019. Following the completion of this ASR, the company still retains significant repurchase authority, with approximately 28.6 million shares remaining under the existing program. Investors should view this as a strategic capital allocation decision, signaling management's confidence in the company's valuation and commitment to returning capital to shareholders.

Key Highlights

  • 1Fifth Third Bancorp completed an accelerated share repurchase (ASR) transaction of approximately $125 million.
  • 2The ASR was executed with Morgan Stanley & Co. LLC.
  • 3A total of 3,508,388 shares of common stock were repurchased.
  • 4The average repurchase price per share was $35.63.
  • 5The repurchases are part of Fifth Third's existing 100 million share repurchase program announced in 2019.
  • 6Approximately 28.6 million shares of repurchase authority remain under the program.
  • 7The transaction demonstrates a commitment to shareholder capital return.

Frequently Asked Questions

Fifth Third Bancorp repurchased approximately $125 million worth of its common stock through the accelerated share repurchase transaction.

A total of 3,508,388 shares of Fifth Third Bancorp's common stock were repurchased.

Following the completion of this transaction, Fifth Third Bancorp has approximately 28.6 million shares of remaining repurchase authority under its previously announced program.

This repurchase is part of an ongoing share repurchase program and can be viewed as a continuation of Fifth Third's commitment to returning capital to shareholders. It also may signal management's belief that the stock is undervalued at current prices.