Fulton Financial Corporation Announces Increased Common Stock Dividend, Preferred Stock Dividend and $125 Million Repurchase Program

Rhea-AI Summary

Fulton Financial (FULT) has announced three key financial decisions: First, a quarterly cash dividend increase of one cent to $0.18 per common share, payable January 15, 2025, representing a nearly 6% increase. Second, a quarterly dividend of $12.81 per share on its Preferred Stock Series A. Third, approval of a new $125 million share repurchase program for 2025, including up to $25 million for preferred stock repurchases.

The program will run from January 1 to December 31, 2025, with purchases to be made through open market transactions or private negotiations. The Lancaster-based financial holding company, with over $30 billion in assets, operates more than 200 financial centers across five states through Fulton Bank.

Positive

• Quarterly common stock dividend increased by 6% to $0.18 per share
• $125 million share repurchase program approved for 2025
• Company demonstrates strong financial position with over $30 billion in assets

Negative

• Share repurchase program may be discontinued at any time
• Repurchase execution depends on various market conditions and company discretion

LANCASTER, Pa., Dec. 17, 2024 /PRNewswire/ -- Fulton Financial Corporation ("Fulton") (Nasdaq: FULT) today announced that its Board of Directors (the "Board") declared a quarterly cash dividend of eighteen cents per share on its common stock, payable on January 15, 2025, to shareholders of record as of December 31, 2024. This is a one cent per share increase from the quarterly cash dividend that the Board declared on September 17, 2024.

"The Board's decision to increase our common dividend nearly 6 percent demonstrates our continued strength, momentum and commitment to returning value to our shareholders," said Chairman and CEO Curt Myers.  

In addition, Fulton announced that the Board declared a quarterly dividend of $12.81 per share (equivalent to $0.32025 per depositary share) on its Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A ("Preferred Stock"), payable on January 15, 2025, to shareholders of record as of December 31, 2024, for the period from and including October 15, 2024, to but excluding, January 15, 2025.

Fulton also announced that the Board approved the repurchase of shares of Fulton's common stock and other securities in an aggregate principal amount not to exceed $125 million (the "2025 Program") commencing on January 1, 2025, and expiring on December 31, 2025. Under the 2025 Program, up to $25 million may be used to repurchase shares of Fulton's Preferred Stock. Purchases may be made from time to time under the 2025 Program in open market transactions at prevailing market prices, in privately negotiated transactions or by other means in accordance with federal securities laws. The 2025 Program may be discontinued at any time at the discretion of the Board and does not commit Fulton to repurchase any of its securities. Purchases, if any, will be determined by management in its discretion and will depend upon a number of factors, including Fulton's capital position, liquidity, financial performance and alternate uses of capital, the market price of Fulton's securities, general market and economic conditions, and applicable legal and regulatory requirements.

Fulton, a more than $30 billion Lancaster, Pennsylvania-based financial holding company, has more than 3,400 employees and operates more than 200 financial centers in Pennsylvania, New Jersey, Maryland, Delaware and Virginia through Fulton Bank, N.A.

Additional information on Fulton can be found at investor.fultonbank.com.

Media:
Rachel Sharkey (717) 291-2831
Investors:
Matt Jozwiak (717) 327-2657

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SOURCE Fulton Financial Corporation

FAQ

What is the new quarterly dividend amount for Fulton Financial (FULT) common stock?

Fulton Financial's new quarterly dividend is $0.18 per share, representing a one-cent increase from the previous quarter.

When will FULT's increased dividend be paid?

The dividend will be paid on January 15, 2025, to shareholders of record as of December 31, 2024.

How much is Fulton's (FULT) new share repurchase program worth?

Fulton approved a $125 million share repurchase program for 2025, including up to $25 million for preferred stock repurchases.

What is the dividend amount for FULT's Preferred Stock Series A?

The quarterly dividend for Preferred Stock Series A is $12.81 per share (equivalent to $0.32025 per depositary share).

When does Fulton's (FULT) 2025 share repurchase program begin and end?

The repurchase program runs from January 1, 2025, through December 31, 2025.