Fulton Financial Corporation Approves $75 Million Stock Repurchase Program

Rhea-AI Summary

Fulton Financial Corporation (Nasdaq: FULT) has announced a share repurchase program for up to $75 million, representing about 3.2% of its outstanding shares, based on the February 5, 2021 closing price. The buyback authorization will remain valid until December 31, 2021. Purchases may occur in the open market or through negotiated transactions, depending on market conditions. With approximately $26 billion in assets and over 200 financial centers operating across five states, Fulton aims to enhance shareholder value through this strategic move.

Positive

• Authorization of a $75 million share repurchase program, aimed at enhancing shareholder value.
• Repurchase covers approximately 3.2% of outstanding shares, indicating confidence in the company's financial health.

Negative

• None.

Fulton Financial Corporation (Nasdaq: FULT) today announced that its Board of Directors has approved the repurchase of up to $75 million of shares of Fulton’s common stock, or approximately 3.2 percent of Fulton’s outstanding shares, based on the closing price of Fulton’s common stock and the number of shares outstanding on February 5, 2021. This approval expires on December 31, 2021.

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 in open market or privately negotiated transactions, including without limitation, through accelerated share repurchase transactions. The repurchase program may be discontinued at any time.

Fulton Financial Corporation is a $26 billion financial holding company that has approximately 3,300 employees and operates more than 200 financial centers in Pennsylvania, Maryland, Delaware, New Jersey and Virginia through Fulton Bank, N.A.

Additional information on Fulton Financial Corporation can be found at www.fult.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210209006097/en/

FAQ

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

Fulton Financial has approved a share repurchase program of up to $75 million.

How many shares does the share repurchase program represent?

The program represents approximately 3.2% of Fulton Financial's outstanding shares.

Until when is the share repurchase program valid?

The share repurchase program is valid until December 31, 2021.

What factors will affect the share repurchases?

Share repurchases will depend on market conditions and other legal requirements.

How does the share repurchase impact Fulton Financial's stock?

The buyback program is intended to enhance shareholder value and may positively influence the stock price.