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FIFTH THIRD BANCORP 8-K Report, Corporate Update (Dec 19, 2024)

Reports
Other Events
Filing Date
Filed December 19, 2024
Period End
December 17, 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 December 19, 2024. Cited figures are marked; the original filing is the authoritative source.

Fifth Third Bancorp (FITB) has announced the completion of an accelerated share repurchase (ASR) transaction with Morgan Stanley & Co. LLC, as detailed in their December 19, 2024, 8-K filing.

This ASR, initially valued at approximately $300 milliona and announced on October 21, 2024, successfully repurchased a total of 6,660,894 shares of common stock at an average price of $45.039 per share. This repurchase is part of Fifth Third's broader 100 million share repurchase program initiated in June 2019. Investors should note that the completion of this ASR signifies a return of capital to shareholders and a reduction in the company's outstanding share count.

This action aligns with Fifth Third's stated capital allocation strategies. Following this transaction, the bank has approximately 17.1 million shares remaining under its existing repurchase authorization, indicating continued capacity for future share buybacks.

02—Key points

Key Highlights

  1. Fifth Third Bancorp completed an accelerated share repurchase (ASR) transaction initiated on October 21, 2024.
  2. The ASR involved repurchasing approximately $300 million of Fifth Third's common stock.
  3. A total of 6,660,894 shares were repurchased at an average price of $45.039 per share.
  4. The repurchases were executed in two tranches: upon agreement execution and upon final settlement.
  5. This ASR is part of Fifth Third's ongoing 100 million share repurchase program authorized in June 2019.
  6. Approximately 17.1 million shares of repurchase authority remain under the existing program.
  7. Morgan Stanley acted as the counterparty for the share repurchase transaction.

03—Questions

Frequently Asked Questions

  1. What was the total amount spent on the share repurchase?

    Fifth Third Bancorp repurchased approximately $300 million of its outstanding common stock through this accelerated share repurchase transaction.

  2. How many shares were repurchased in total?

    A total of 6,660,894 shares of Fifth Third Bancorp's common stock were repurchased.

  3. What is the remaining share repurchase authority for Fifth Third Bancorp?

    Following the completion of this accelerated share repurchase, Fifth Third Bancorp has approximately 17.1 million shares of remaining repurchase authority under its existing program.

  4. Was this share repurchase a new program or part of an existing one?

    This share repurchase was part of Fifth Third Bancorp's previously announced 100 million share repurchase program, which was initially authorized in June 2019.

04—Continue

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