Fifth Third Bancorp Files 8-K on Preferred Stock Series
Ticker: FITBM · Form: 8-K · Filed: Dec 19, 2024 · CIK: 35527
Sentiment: neutral
Topics: preferred-stock, disclosure, capital-structure
Related Tickers: FITB
TL;DR
Fifth Third Bancorp filed an 8-K on 12/17/24 regarding its preferred stock series.
AI Summary
On December 17, 2024, Fifth Third Bancorp filed an 8-K report detailing events related to its preferred stock. Specifically, the filing references depositary shares representing ownership interests in Series I, Series A, and Series K preferred stock, all with various fixed-to-floating or non-cumulative rates.
Why It Matters
This filing provides an update on Fifth Third Bancorp's preferred stock offerings, which are important for investors seeking income and for the company's capital structure.
Risk Assessment
Risk Level: low — The filing is a routine disclosure of preferred stock information and does not indicate any immediate financial distress or significant operational changes.
Key Numbers
- 6.625% — Series I Preferred Stock Rate (Interest rate on a series of preferred stock)
- 6.00% — Series A Preferred Stock Rate (Interest rate on another series of preferred stock)
- 4.95% — Series K Preferred Stock Rate (Interest rate on a third series of preferred stock)
Key Players & Entities
- Fifth Third Bancorp (company) — Filer of the 8-K report
- December 17, 2024 (date) — Date of the earliest event reported
- 6.625% (dollar_amount) — Fixed rate for Series I preferred stock
- 6.00% (dollar_amount) — Rate for Series A preferred stock
- 4.95% (dollar_amount) — Rate for Series K preferred stock
FAQ
What is the purpose of this 8-K filing for Fifth Third Bancorp?
The purpose of this 8-K filing is to report on events related to Fifth Third Bancorp's preferred stock, specifically depositary shares representing ownership interests in various series of preferred stock.
What are the specific series of preferred stock mentioned in the filing?
The filing mentions Series I (6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock), Series A (6.00% Non-Cumulative Perpetual Class B Preferred Stock), and Series K (4.95% Non-Cumulative Perpetual Preferred Stock).
What is the date of the earliest event reported in this filing?
The date of the earliest event reported in this filing is December 17, 2024.
What is the ticker symbol for Fifth Third Bancorp?
While not explicitly stated in the provided text, Fifth Third Bancorp's common stock trades under the ticker symbol FITB.
What is the nature of the preferred stock mentioned (e.g., cumulative, non-cumulative)?
The filing indicates that Series I is Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A is Non-Cumulative Perpetual Class B Preferred Stock, and Series K is Non-Cumulative Perpetual Preferred Stock.
Filing Stats: 657 words · 3 min read · ~2 pages · Grade level 13.9 · Accepted 2024-12-19 16:11:47
Key Financial Figures
- $300 million — ifth Third would purchase approximately $300 million of its outstanding common stock. Fifth
- $45.039 — 21 st agreement, at an average price of $45.039 per share. After completion of the Oc
Filing Documents
- fitb-20241217.htm (8-K) — 37KB
- fitb-20241217_g1.jpg (GRAPHIC) — 132KB
- 0000035527-24-000264.txt ( ) — 506KB
- fitb-20241217.xsd (EX-101.SCH) — 4KB
- fitb-20241217_def.xml (EX-101.DEF) — 17KB
- fitb-20241217_lab.xml (EX-101.LAB) — 34KB
- fitb-20241217_pre.xml (EX-101.PRE) — 18KB
- fitb-20241217_htm.xml (XML) — 6KB
01 Other Events
Item 8.01 Other Events. As previously announced, on October 21, 2024, Fifth Third Bancorp ("Fifth Third") entered into an accelerated share repurchase transaction with Morgan Stanley & Co. LLC ("Morgan Stanley") pursuant to which Fifth Third would purchase approximately $300 million of its outstanding common stock. Fifth Third is repurchasing the shares of its common stock as part of its 100 million share repurchase program previously announced in a press release on June 18, 2019 and a current report on Form 8-K filed on June 20, 2019. On December 17, 2024, Fifth Third was notified by Morgan Stanley that it had finished purchasing shares under the October 21 st agreement. A total of 5,879,640 shares were repurchased upon execution of the agreement and an additional 781,254 shares were repurchased upon final settlement on December 18, 2024. In total, 6,660,894 shares were repurchased under the October 21 st agreement, at an average price of $45.039 per share. After completion of the October 21 st agreement, Fifth Third has approximately 17.1 million shares of remaining repurchase authority under the aforementioned share repurchase program. Morgan Stanley and certain of its affiliates have performed, and in the future may perform, various financial advisory and other services for Fifth Third and Fifth Third's affiliates for which they have received, and may in the future receive, customary fees and expenses.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FIFTH THIRD BANCORP (Registrant) December 19, 2024 By: /s/ BRENNEN WILLINGHAM Brennen Willingham Senior Vice President and Treasurer