Fulton Financial Corp - FULT STOCK NEWS

Fulton Financial Corporation (Nasdaq: FULT) announced a quarterly cash dividend of 15 cents per share on common stock, payable on April 14, 2023, with a record date of April 3, 2023. Additionally, the Board declared a quarterly dividend of $12.81 per share for its Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, payable on April 17, 2023, to shareholders of record as of April 2, 2023. Fulton, a $26 billion financial holding company based in Lancaster, Pennsylvania, operates over 200 financial centers across multiple states.

Fulton Bank, a subsidiary of Fulton Financial Corporation (NASDAQ: FULT), has announced a strategic investment of $1 million in Innovate Capital Growth Fund, L.P. This fund is dedicated to supporting the growth of minority- and women-owned businesses in the Mid-Atlantic region. The investment aligns with Fulton Bank's Commercial Affinity Banking initiative aimed at enhancing access to financial services for diverse enterprises. Innovate Capital Growth Fund targets firms with revenues between $2 million and $10 million across various industries, providing crucial equity capital to stimulate economic growth.

Fulton Bank, a subsidiary of Fulton Financial Corporation (NASDAQ: FULT), has been recognized by Operation HOPE for providing nearly $1 billion in loans to low- and moderate-income homebuyers since 2016. The funds have particularly supported over 5,700 borrowers through the Closing Cost Assistance Program, aiding them with upfront costs related to home purchases. Additionally, Fulton has contributed more than $8 million in grants to enhance affordability. This partnership emphasizes Fulton Bank's commitment to social mobility and financial inclusion, as highlighted during the recent HOPE Global Forum in December 2022.

Fulton Financial Corporation (NASDAQ:FULT) reported a net income of $79.3 million for Q4 2022, a 16% increase from Q3 2022. The annual net income reached $276.7 million, up 4.3% from 2021, driven by the acquisition of Prudential Bancorp on July 1, 2022. Net interest income for Q4 2022 was $225.9 million, a 36.4% increase year-over-year, influenced by rising interest rates. However, non-interest income fell by 8.3% quarter-over-quarter to $54.3 million, primarily due to declines in mortgage banking and commercial customer fees. Total non-interest expenses rose by 2.5% compared to Q3 2022, partially due to increased salaries and other operational costs.

Fulton Financial Corporation (NASDAQ: FULT) will release its fourth quarter 2022 earnings on January 17 at 4:30 p.m. ET. A conference call for analysts will be hosted by Chairman and CEO Curtis J. Myers on January 18 at 10:00 a.m. ET. The company, based in Lancaster, PA, has approximately 3,300 employees and operates over 200 branches across Pennsylvania, Maryland, Delaware, New Jersey, and Virginia.

Fulton Bank, a subsidiary of Fulton Financial Corporation (NASDAQ: FULT), has appointed Dara C. Bachman as the new President of Fulton Private Bank. In this role, she will lead a team to provide customized wealth management for high-net-worth clients. Bachman has a strong background, including her previous role as Director of Family Wealth and a legal career focused on estate planning. CEO David Hanson expressed confidence in her leadership to enhance client services. Fulton Bank operates across multiple Mid-Atlantic states and holds $26 billion in assets.

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.

Fulton Financial Corporation (NASDAQ: FULT) announced the merger of Prudential Bank with Fulton Bank, effective November 5, 2022. Former Prudential Bank customers can now access a full suite of Fulton Bank’s products and services. This merger enhances Fulton Bank's presence in the Philadelphia area, allowing them to serve a broader customer base.

Additionally, Fulton previously contributed $2 million to the Fulton Forward Foundation aimed at supporting economic empowerment in underserved communities. The merger is expected to strengthen the bank's community relationships.

Fulton Financial Corporation (NASDAQ:FULT) reported a third quarter net income of $68.3 million, or $0.40 per diluted share, marking a 1.3% increase from the previous quarter. For the nine months ending September 30, 2022, net income was $197.5 million, a 4.1% decrease compared to the same period in 2021. The strong quarterly performance was attributed to rising interest rates boosting net interest income to $215.6 million, a 25.9% increase year-over-year, aided by the July acquisition of Prudential Bancorp.