Fulton Financial Corporation Declares Special Cash Dividend, Extends Timeframe for Stock Repurchase Program

Rhea-AI Summary

Fulton Financial Corporation (FULT) has declared a special cash dividend of eight cents per share, payable on December 15, 2021, to shareholders of record as of December 1, 2021. The company maintained quarterly dividends of fourteen cents per share throughout 2021, reporting record earnings per share in the first and third quarters. Furthermore, Fulton extended its stock repurchase program from December 31, 2021, to March 31, 2022, with $75 million authorized for repurchase, of which $29.2 million has been utilized.

Positive

• Declared special cash dividend of eight cents per share.
• Maintained quarterly dividends of fourteen cents per share in 2021.
• Record earnings per share reported for Q1 and Q3 2021.
• Extended stock repurchase program, allowing for continued shareholder value enhancement.

Negative

• None.

LANCASTER, Pa.--(BUSINESS WIRE)-- Fulton Financial Corporation (“Fulton”) (Nasdaq:FULT) today announced that its Board of Directors (the “Board”) has declared a special cash dividend of eight cents per share on its common stock, payable on December 15, 2021, to shareholders of record as of December 1, 2021. Fulton declared quarterly cash dividends on its common stock of fourteen cents per share in each of the first, second and third quarters of 2021 and reported record earnings per share for both the first and third quarters of 2021. The Board is expected to consider the next quarterly cash dividend at its December 2021 meeting.

Fulton also announced that the Board has extended the timeframe for its stock repurchase program, announced in February 2021, from December 31, 2021 to March 31, 2022.

The stock repurchase program authorizes Fulton to repurchase up to an aggregate of $75 million of Fulton’s outstanding common stock. To date, approximately $29.2 million of Fulton’s common stock has been repurchased under the repurchase program, with a remaining authorization of up to $45.8 million of common stock that may be repurchased under the program through March 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 branches 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/20211119005628/en/

Media: Laura Wakeley (717) 291-2616

Investors: Matt Jozwiak (717) 327-2657

Source: Fulton Financial Corporation

FAQ

What is the special dividend amount declared by Fulton Financial Corporation?

Fulton Financial Corporation declared a special cash dividend of eight cents per share.

When will Fulton Financial's special dividend be paid?

The special dividend will be paid on December 15, 2021.

What is the purpose of the stock repurchase program for FULT?

The stock repurchase program aims to enhance shareholder value by reducing the number of shares outstanding.

How much of the stock repurchase program has been utilized by Fulton Financial?

Approximately $29.2 million of the $75 million stock repurchase program has been utilized.

What is the new deadline for Fulton Financial's stock repurchase program?

The stock repurchase program deadline has been extended to March 31, 2022.