Fulton Financial Corporation Approves $75 Million Stock Repurchase Program

Rhea-AI Summary

Fulton Financial Corporation (Nasdaq: FULT) has announced a new share repurchase program, allowing for the buyback of up to $75 million of its common stock, representing about 2.7% of outstanding shares. This program is set to begin on April 1, 2022, following the conclusion of a previous repurchase initiative on March 31, 2022, and will remain active until December 31, 2022. The repurchases may occur through various avenues including open market transactions, subject to market conditions.

Positive

• Approval of a $75 million share repurchase program enhances shareholder value.
• Repurchase represents 2.7% of outstanding shares, potentially supporting stock price.
• Initiative reflects confidence in the company’s financial stability.

Negative

• None.

LANCASTER, Pa.--(BUSINESS WIRE)-- Fulton Financial Corporation (“Fulton”) (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 2.7 percent of Fulton’s outstanding shares, based on the closing price of Fulton’s common stock and the number of shares outstanding on March 17, 2022 (the “2022 Program”). Shares may be repurchased under the 2022 Program commencing on April 1, 2022, following the March 31, 2022 expiration of the repurchase program announced on February 9, 2021. The 2022 Program will expire on December 31, 2022.

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

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20220321005153/en/

Media: Laura Wakeley (717) 291-2616

Investor: Matt Jozwiak (717) 327-2657

Source: Fulton Financial Corporation

FAQ

What is the share repurchase amount announced by Fulton Financial Corporation?

Fulton Financial Corporation announced a share repurchase program of up to $75 million.

When does Fulton Financial's repurchase program start?

The repurchase program will commence on April 1, 2022.

How long will the share buyback program last?

The share buyback program is set to expire on December 31, 2022.

What percentage of outstanding shares will be repurchased?

The repurchase program aims to buy back approximately 2.7% of Fulton’s outstanding shares.

What factors will influence the share repurchase decisions?

Share repurchase decisions will depend on market conditions and other legal requirements.