LANCASTER, PA — Fulton Financial Corporation (Nasdaq: FULT), a Lancaster, Pennsylvania-based financial holding company, recently disclosed some significant financial decisions that could be of interest to investors. The Board of Directors has declared an increased quarterly cash dividend for its common stock and approved a share repurchase program amounting to $125 million.
The company’s common stockholders can look forward to a quarterly cash dividend of seventeen cents per share, payable on January 12, 2024, to shareholders of record as of January 2, 2024. This represents a one cent per share increase from the previous quarterly cash dividend declared in September 2023.
In addition to the common stock dividend, Fulton’s Board also declared a quarterly dividend on its Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A. This dividend amounts to $12.81 per share (equivalent to $0.32025 per depositary share) and will be payable on January 16, 2024, to shareholders of record as of January 1, 2024. The dividend covers the period from October 15, 2023, to January 15, 2024.
Perhaps most noteworthy is Fulton’s announcement of a sizeable share repurchase program. The Board has approved the repurchase of Fulton’s common stock and other securities up to an aggregate principal amount of $125 million. Commencing on January 1, 2024, and set to expire on December 31, 2024, the program permits up to $25 million to be used to repurchase shares of Fulton’s Preferred Stock and outstanding subordinated notes.
The share repurchases may be executed through various means, including open market transactions at prevailing market prices, privately negotiated transactions, or other methods in compliance with federal securities laws. However, the program’s implementation is not guaranteed and depends on several factors, such as Fulton’s capital position, liquidity, financial performance, the market price of Fulton’s securities, and the general market and economic conditions.
With over $27 billion in assets, more than 3,300 employees, and over 200 financial centers across Pennsylvania, Maryland, Delaware, New Jersey, and Virginia, Fulton Financial Corporation continues to solidify its position within the financial sector. As it navigates the marketplace and responds to changing economic conditions, these strategic financial decisions reflect the company’s commitment to providing value to its shareholders.
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