CINCINNATI--(BUSINESS WIRE)--Fifth Third Bancorp today declared cash dividends on its common shares, Series J preferred shares, and Series I preferred shares.
Fifth Third Bancorp (Nasdaq: FITB) declared a cash dividend on its common shares of $0.16 for the first quarter of 2018. The dividend is payable on April 16, 2018 to shareholders of record as of March 30, 2018.
Fifth Third also declared a cash dividend on its 4.90% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series J, at the rate of $612.50 per preferred share, which equates to approximately $24.50 for each depositary share. Each depositary share represents a 1/25th ownership interest in a share of Series J Preferred Stock. The Series J dividend is payable on April 2, 2018 to shareholders of record as of March 30, 2018.
Fifth Third also declared a cash dividend on its 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series I (Nasdaq: FITBI), at the rate of $414.06 per preferred share, which equates to approximately $0.41406 for each depositary share. Each depositary share represents a 1/1000th ownership interest in a share of Series I Preferred Stock. The Series I dividend is payable on April 2, 2018 to shareholders of record as of March 30, 2018.
Fifth Third also announced that its Board of Directors approved a new share repurchase authorization of up to 100 million shares, which replaces the previous authorization from 2016 under which approximately 14.5 million shares remain.
Future capital distributions prior to June 30, 2018 are subject to the 2017 Comprehensive Capital Analysis & Review (“CCAR”) authorization for Fifth Third announced on June 28, 2017. Capital distributions beginning July 1, 2018 through June 30, 2019 will be subject to the 2018 CCAR authorization that is expected to be announced on or before June 30, 2018. Any future capital distributions are subject to evaluation and approval by the Board of Directors at any given time, Fifth Third’s performance, the state of the economic environment, market conditions, regulatory factors, and other risks and uncertainties.
The new repurchase authorization does not have an expiration date, does not include specific price targets, may be executed through open market purchases or one or more private negotiated transactions, including Rule 10b5-1 programs, and may be suspended at any time.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. As of December 31, 2017, the Company had $142 billion in assets and operates 1,154 full-service Banking Centers, and 2,469 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to more than 54,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2017, had $362 billion in assets under care, of which it managed $37 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.”