Fifth Third Bancorp (FITB, Financial) has successfully completed an accelerated share repurchase transaction with Morgan Stanley & Co. LLC, acquiring approximately $300 million worth of its outstanding common stock. This move is part of Fifth Third's ongoing 100 million share repurchase program, initially announced in June 2019.
The transaction, which commenced on October 21, 2024, concluded with the repurchase of a total of 6,660,894 shares at an average price of $45.039 per share. The initial execution saw 5,879,640 shares repurchased, followed by an additional 781,254 shares upon final settlement on December 18, 2024.
Following the completion of this agreement, Fifth Third Bancorp retains approximately 17.1 million shares of remaining repurchase authority under its current program. This strategic financial maneuver underscores the company's commitment to enhancing shareholder value.
Morgan Stanley and its affiliates have provided, and may continue to provide, various financial advisory and other services to Fifth Third Bancorp, for which they have received customary fees and expenses.
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