Fulton Financial Corporation Enhances Shareholder Value with Dividend Increase and Share Repurchase Program
Fulton Financial Corporation, a prominent financial holding company based in Lancaster, Pennsylvania, has made a significant announcement that reflects its strong financial position and dedication to returning value to its shareholders. On December 17, 2024, the company’s Board of Directors declared an increase in the quarterly cash dividend for its common stock. Shareholders will receive $0.18 per share, which is a notable $0.01 increase from the previously declared dividend of $0.17 per share, effective on January 15, 2025, for those shareholders recorded by December 31, 2024.
This decision, articulated by Chairman and CEO Curt Myers, exemplifies Fulton’s momentum and reinforces its ongoing commitment to provide substantial returns to its investors. The revised common stock dividend represents an approximate 6% rise, demonstrating Fulton’s robust financial health and outlook.
In tandem with this dividend increase, Fulton has also declared a quarterly preferred stock dividend of $12.81 per share (or $0.32025 per depositary share) on its Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A. This payment is scheduled for January 15, 2025, as well, benefiting shareholders who are on record as of December 31, 2024, covering the period from October 15, 2024, to January 15, 2025.
Beyond the dividends, Fulton Financial Corporation is initiating a substantial share repurchase program. The Board has authorized the repurchase of its common stock and other securities up to an aggregate principal amount of $125 million, effective from January 1, 2025, until December 31, 2025. This strategic move aims to enhance shareholder value while allowing the company flexibility to manage its capital effectively. Notably, the repurchase plan permits up to $25 million of the budget to be allocated towards purchasing shares of the Preferred Stock.
The acquisition of shares will take place through various means, including open market transactions at current market prices, private negotiations, or through other acceptable avenues according to federal securities regulations. It is important to note that this program will be discretionary and may cease at any time as deemed fit by the Board, without obligating Fulton to buy back any shares. The conditions for repurchases will be contingent upon various factors, including financial performance, market conditions, and the liquidity needs of the company.
Fulton Financial Corporation stands as a significant player in the financial services industry, managing over $30 billion in assets and serving its customers through more than 200 financial centers located primarily in Pennsylvania, New Jersey, Maryland, Delaware, and Virginia via Fulton Bank, N.A. With over 3,400 employees, Fulton is positioned well to navigate and capitalize on market opportunities while prioritizing the interests of its shareholders.
For more information regarding Fulton Financial Corporation and its financial offerings, stakeholders can visit the company's investor relations page at investor.fultonbank.com. The recent announcements signify a bright trajectory for the company as it continues to exhibit strength in its business strategy and commitment to its investor base.
This decision, articulated by Chairman and CEO Curt Myers, exemplifies Fulton’s momentum and reinforces its ongoing commitment to provide substantial returns to its investors. The revised common stock dividend represents an approximate 6% rise, demonstrating Fulton’s robust financial health and outlook.
In tandem with this dividend increase, Fulton has also declared a quarterly preferred stock dividend of $12.81 per share (or $0.32025 per depositary share) on its Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A. This payment is scheduled for January 15, 2025, as well, benefiting shareholders who are on record as of December 31, 2024, covering the period from October 15, 2024, to January 15, 2025.
Beyond the dividends, Fulton Financial Corporation is initiating a substantial share repurchase program. The Board has authorized the repurchase of its common stock and other securities up to an aggregate principal amount of $125 million, effective from January 1, 2025, until December 31, 2025. This strategic move aims to enhance shareholder value while allowing the company flexibility to manage its capital effectively. Notably, the repurchase plan permits up to $25 million of the budget to be allocated towards purchasing shares of the Preferred Stock.
The acquisition of shares will take place through various means, including open market transactions at current market prices, private negotiations, or through other acceptable avenues according to federal securities regulations. It is important to note that this program will be discretionary and may cease at any time as deemed fit by the Board, without obligating Fulton to buy back any shares. The conditions for repurchases will be contingent upon various factors, including financial performance, market conditions, and the liquidity needs of the company.
Fulton Financial Corporation stands as a significant player in the financial services industry, managing over $30 billion in assets and serving its customers through more than 200 financial centers located primarily in Pennsylvania, New Jersey, Maryland, Delaware, and Virginia via Fulton Bank, N.A. With over 3,400 employees, Fulton is positioned well to navigate and capitalize on market opportunities while prioritizing the interests of its shareholders.
For more information regarding Fulton Financial Corporation and its financial offerings, stakeholders can visit the company's investor relations page at investor.fultonbank.com. The recent announcements signify a bright trajectory for the company as it continues to exhibit strength in its business strategy and commitment to its investor base.
Topics Financial Services & Investing）
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