Fifth Third Bancorp Buyback
OLI recorded this information on 6/28/2017
Company:
Fifth Third Bancorp
Buyback:
FITB buyback
$Amount Authorized:
$1,161,000,000
Buyback Details:
Fifth Third Bancorp (NASDAQ:FITB) announced today that the Board of Governors of the Federal Reserve System ("the Federal Reserve") did not object to Fifth Third's proposal for potential capital actions from July 1, 2017 through June 30, 2018 included in its capital plan submitted in April under the Comprehensive Capital Analysis and Review ("CCAR") process. "We are pleased to receive the Federal Reserve's non-objection to our plan to return excess capital through multiple dividend increases and additional share repurchases," said Greg Carmichael, president and CEO of Fifth Third Bancorp. "Our plan includes a 29% increase in our quarterly common dividend and a 76% increase in the amount invested in share repurchases over our previous capital plan. This reflects our ability to maintain prudent capital levels while returning a significant amount of capital to our shareholders." Fifth Third's capital plan included the following capital actions related to common dividends and share repurchases for the period beginning July 1, 2017 and ending June 30, 2018: The increase in the quarterly common stock dividend to $0.16 from $0.14 beginning 3Q 2017 and to $0.18 beginning 2Q 2018, a 29 percent increase over the current dividend rate, The repurchase of common shares in an amount up to $1.161 billion, or a 76 percent increase over the 2016 capital plan. These repurchases include: $88 million in repurchases related to share issuances under employee benefit plans, $48 million in repurchases related to previously-recognized Vantiv tax receivable agreement ("TRA") transaction after-tax gains, The additional ability to repurchase common shares in the amount of any after-tax capital generated from the sale of Vantiv, Inc. ("Vantiv") common stock, The additional ability to repurchase common shares in the amount of any after-tax cash income generated from the termination and settlement of gross cash flows from existing TRAs with Vantiv or potential future TRAs that may be generated from additional sales of Vantiv.
Fifth Third Bancorp is a bank holding company. Through its subsidiaries, Co. provides a range of financial products and services to the commercial, financial, retail, governmental, educational, energy and healthcare sectors. This includes a range of checking, savings and money market accounts, wealth management solutions, payments and commerce solutions, insurance services and credit products such as commercial loans and leases, mortgage loans, credit cards, installment loans and auto loans. These products and services are delivered through a variety of channels including Co.'s banking centers, other offices, telephone sales, the internet and mobile applications.
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Preferreds: FTB.PRB, FITBI, FITBP, FITBO
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Buy (3.17 out of 4) 38th percentile
(ranked lower than approx. 62% of all stocks covered)
Analysts' Target Price: FITB Stock Forecast Based on Zacks ABR data; powered by Xignite |