Fifth Third said it entered into a new share repurchase agreement with Morgan Stanley & Co. LLC on October 21, 2024 under which it will buy approximately $300 million of its common stock.

1. 01

   Fifth Third said it entered into a new share repurchase agreement with Morgan Stanley & Co. LLC on October 21, 2024 under which it will buy approximately $300 million of its common stock.

2. 02

   The company said the purchase is part of the 100 million share repurchase program announced in its press release dated June 18, 2019 and in its Form 8-K filed on June 20, 2019.

3. 03

   The company said it will pay Morgan Stanley an aggregate of $300 million on October 22, 2024 and expects to receive a substantial majority of the shares underlying the agreement by that date. The number of shares actually delivered will be based on a discount to the average of the daily volume-weighted average NASDAQ prices of its common stock over the term of the agreement.

4. 04

   The company expects the transaction to settle on or before December 27, 2024. It also said Morgan Stanley may terminate the agreement upon certain extraordinary events, in which case Fifth Third may receive fewer shares than expected.

Analysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.