Welcome to our dedicated page for Fulton Financial news (Ticker: FULT), a resource for investors and traders seeking the latest updates and insights on Fulton Financial stock.
Fulton Financial Corporation (symbol: FULT) is a substantial regional financial holding company with assets exceeding $17 billion. Headquartered in Lancaster, Pennsylvania, the company operates around 250 offices and ATMs across five states: Pennsylvania, Maryland, Delaware, New Jersey, and Virginia.
Founded in 1882, the flagship bank, Fulton Bank, has a long-standing presence in South Central Pennsylvania, Delaware, and Virginia. Fulton Financial Corporation's business model includes a suite of consumer and commercial banking products such as checking and savings accounts, loan products, and wealth management services. The company's revenue streams include non-interest income from its robust Wealth Management division.
Through its affiliates, Fulton Financial Advisors, N.A. and Fulton Mortgage Company, the corporation provides a broad array of services. Fulton Financial Advisors offers trust, brokerage, and investment management services, while Fulton Mortgage Company specializes in residential mortgage services.
With a community-oriented banking style, Fulton Financial Corporation prides itself on maintaining strong personal relationships and community support. Their customer-centric approach ensures that they can listen to and meet the needs of their clients effectively.
Recent projects and partnerships highlight Fulton Financial Corporation's commitment to growth and innovation, adapting to the ever-evolving financial landscape while maintaining its traditional values.
Fulton Financial Corporation (Nasdaq: FULT) has initiated a cash tender offer to buy back its 4.500% Subordinated Notes due 2024 and 3.60% Senior Notes due 2022, with a combined maximum principal amount of $135 million. The offer aims to reduce interest expenses and manage debt. Notes purchased will be retired. The offer will expire on April 13, 2021, and includes an early tender premium for those who respond by March 29, 2021. For more details, holders are encouraged to review the Offer to Purchase and related documents.
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.
Fulton Financial Corporation (NASDAQ:FULT) reported a net income of $49 million, or $0.30 per diluted share, for Q4 2020, and $176 million, or $1.08 per diluted share, for the full year. Key highlights include an increase in net interest income to $162 million, driven by Paycheck Protection Program (PPP) loan forgiveness and stable asset quality. However, annual net interest income dropped to $629 million, down $19 million from 2019, amid a declining net interest margin of 2.86%. Total average assets increased to $25.7 billion in Q4 2020, reflecting solid growth despite a challenging low-interest-rate environment.
Fulton Financial Corporation (Nasdaq: FULT) announced the release of its fourth quarter and year-end 2020 earnings on January 19 at 4:30 p.m. ET. A conference call with analysts will follow on January 20 at 10:00 a.m. ET, hosted by CEO E. Philip Wenger, alongside President Curtis J. Myers and CFO Mark R. McCollom. The earnings release and call will provide insights into the company’s financial performance, reflecting its $25.5 billion in assets and 3,300 employees across over 200 branches in five states.
The Board of Directors of Fulton Financial Corporation (Nasdaq: FULT) has declared a quarterly cash dividend of thirteen cents per share on its common stock, payable January 15, 2021, to shareholders of record as of December 31, 2020.
Additionally, a quarterly dividend of $10.82 per share on the Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, is also declared, with payment on January 15, 2021, for holders of record as of December 31, 2020.
Fulton Financial Corporation (Nasdaq: FULT) announced a special cash dividend of four cents per share on its common stock, payable on December 17, 2020, to shareholders of record as of December 7, 2020. This follows the quarterly cash dividends of thirteen cents per share paid in 2020. The Board will review the next quarterly dividend at its December meeting. Fulton is a $25.5 billion financial holding company with over 3,400 employees and operates more than 220 financial centers across five states.
Fulton Bank, a subsidiary of Fulton Financial Corporation (NASDAQ: FULT), has successfully acquired BenefitWorks, Inc., a registered investment advisor based in Lebanon, PA, as of November 20, 2020. BenefitWorks specializes in investment advisory and retirement services, managing approximately $177 million in assets as of September 30, 2020. The acquisition aims to enhance Fulton Bank's client reach in central Pennsylvania. BenefitWorks will continue to operate as a subsidiary, transitioning clients to Fulton Financial Advisors over time.
Fulton Financial Corporation (NASDAQ: FULT) has priced its public offering of 8,000,000 depositary shares, each representing a 1/40th interest in its 5.125% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A. This offering totals $200 million, with expected net proceeds of $193.7 million for general corporate purposes. The depositary shares will be listed on NASDAQ under symbol 'FULTP'. The offering is being managed by Keefe, Bruyette & Woods, BofA Securities, Morgan Stanley, Piper Sandler, and Wells Fargo.
Fulton Financial Corporation (NASDAQ: FULT) reported a net income of $62 million, or $0.38 per diluted share, for Q3 2020. The mortgage business achieved record growth, contributing to stronger-than-expected results. Net interest income remained at $154 million, although the net interest margin fell to 2.70%. Total average assets rose to $25.2 billion, driven by PPP loans. Non-interest income increased by 20% from the prior quarter to $63 million. A strategic review promises $25 million in annual expense savings but incurs a one-time charge of $17-$19 million.
Fulton Financial Corporation (Nasdaq: FULT) will release its third quarter earnings on October 20 at 4:30 p.m. Eastern Time. Following this, a conference call for analysts, hosted by CEO E. Philip Wenger, will occur on October 21 at 10:00 a.m. Eastern Time, with key executives also participating. The call will be available via webcast on the company's website and can be accessed by phone as well.
Fulton Financial, based in Lancaster, Pa., operates about 225 branches and employs around 3,400 staff, managing assets worth $24.6 billion.
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