MS - Fifth Third Gains on New Buyback Deal Offers Q2 Update | Benzinga
Shares of Fifth Third Bancorp (NASDAQ: FITB) gained 3% in the after-market trading as it announced a new share repurchase agreement with Morgan Stanley & Co. LLC (NYSE: MS). Under this, the company will buy back nearly $125 million of its outstanding common stock. The buyback is part of a 100 million share repurchase program that was announced in June 2019.
Fifth Third stated that it expects to receive a substantial majority of the shares underlying the repurchase agreement by Jun 12, 2024.
Second-Quarter Revenue Guidance Trimmed
Further, at Morgan Stanley US Financials, Payments and CRE conference, FITB came up with an updated outlook for the second quarter of 2024.
Management now expects total revenues to be stable on a sequential basis compared with the previous guidance of an almost 1% increase. This lower revenue guidance is mainly attributable to a change in the non-interest income outlook. The metric is now expected to be stable compared with the previous guidance of ...