Shares of Fifth Third Bancorp rallied 1.4% in morning trade Monday, as part of a broad rally in bank stocks, after the Cincinnati-based bank disclosed at deal to buy back $273 million worth of its shares from Morgan Stanley . Based on Friday’s stock closing price, the buyback represents about 9.1 million shares, or 1.3% of the shares outstanding. In a filing with the Securities and Exchange Commission on Monday, the buyback is part of its 100 million shares repurchase program, which was announced in March 2016. Fifth Third expects the repurchase from Morgan Stanley to settle on or before March 19, 2018. The bank’s stock has gained 12.9% year to date, while the SPDR Financial Select Sector ETF has run up 21% and the S&P 500 has climbed 20%.
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