Fulton Financial Corporation Announces Quarterly Dividends and $100 Million Stock Repurchase Program

Rhea-AI Summary

Fulton Financial Corporation (NASDAQ: FULT) announced a quarterly cash dividend of 15 cents per share, payable on January 13, 2023. This follows a dividend of $12.81 per share on its preferred stock, due on January 17, 2023. Additionally, Fulton approved a $100 million share repurchase program commencing January 1, 2023, set to expire on December 31, 2023. The program aims to enhance shareholder value as it is subject to market conditions.

Positive

• Approval of a $100 million share repurchase program.
• Quarterly cash dividend of 15 cents per share, indicating strong cash flow.

Negative

• None.

LANCASTER, Pa.--(BUSINESS WIRE)-- Fulton Financial Corporation (“Fulton”) (Nasdaq: FULT) today announced that its Board of Directors (the “Board”) declared a quarterly cash dividend of fifteen cents per share on its common stock, payable on January 13, 2023, to shareholders of record as of January 3, 2023.

In addition, Fulton announced that the Board declared a quarterly dividend of $12.81 per share (equivalent to $0.32025 per depositary share) on its Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, payable on January 17, 2023, to shareholders of record as of January 2, 2023, for the period from and including October 15, 2022, to but excluding, January 15, 2023.

Fulton also announced that the Board approved the repurchase of up to $100 million of shares of Fulton’s common stock commencing on January 1, 2023 (the “2023 Program”). The 2023 Program will expire on December 31, 2023.

As permitted by securities laws and other legal requirements and subject to market conditions and other factors, purchases may be made from time to time under the 2023 Program in open market or privately negotiated transactions, including without limitation, through accelerated share repurchase transactions. The 2023 Program may be discontinued at any time.

Fulton, a $26 billion Lancaster, Pennsylvania-based financial holding company, has more than 3,300 employees and operates more than 200 branches in Pennsylvania, Maryland, Delaware, New Jersey and Virginia through Fulton Bank, N.A.

Additional information on Fulton can be found at investor.fultonbank.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221220005670/en/

Media:

Laura Wakeley (717) 291-2616

Investors:

Matt Jozwiak (717) 327-2657

Source: Fulton Financial Corporation

FAQ

What is the dividend declared by Fulton Financial Corporation?

Fulton Financial Corporation declared a quarterly cash dividend of 15 cents per share.

When will the dividend be paid to shareholders?

The dividend will be payable on January 13, 2023, to shareholders of record as of January 3, 2023.

How much is the share repurchase program for Fulton Financial Corporation?

The share repurchase program is set at $100 million.

When does the share repurchase program begin and end?

The repurchase program commences on January 1, 2023, and expires on December 31, 2023.

What is the purpose of Fulton Financial's share repurchase program?

The purpose of the share repurchase program is to enhance shareholder value.