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

Reports
Other Events
Filing Date
Filed June 28, 2024
Period End
June 26, 2024
In the record · 2016–202610-K1210-Q348-K328

FITB filed 12 annual reports (10-K), 34 quarterly reports (10-Q) and 328 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Aug ’17Aug ’17
  2. Material agreement8-K · Oct ’19Oct ’19
  3. Leadership change8-K · Jun ’22Jun ’22
  4. Leadership change8-K · Apr ’26Apr ’26

01—Abstract

Summary

Summary of the 8-K filed June 28, 2024. Cited figures are marked; the original filing is the authoritative source.

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 milliona 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.

02—Key points

Key Highlights

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

03—Questions

Frequently Asked Questions

  1. What was the total value of the share repurchase completed?

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

  2. How many shares did Fifth Third Bancorp repurchase?

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

  3. What is the remaining share repurchase authorization?

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

  4. Does this repurchase indicate a change in Fifth Third's capital return strategy?

    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.

04—Continue

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