Fifth Third boosts buyback to 100M shares

|About: Fifth Third Bancorp (FITB)|By:, SA News Editor

Along with declaring its $0.12 per share quarterly dividend, Fifth Third Bank (FITB +0.7%) replaces its buyback authorization (38M shares remaining) with a new one for up to 100M shares. The current float is 855M shares.

Like the other CCAR banks, Fifth Third awaits a the results of the Fed stress test and the approval/disapproval of future capital distributions - both of which should be coming this month.