Fulton Financial Corporation has announced several key financial updates, including an increased common stock dividend, a preferred stock dividend, and the approval of a $125 million repurchase program.
The Board of Directors 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 represents a one cent per share increase from the previous quarter's dividend, demonstrating a nearly 6 percent increase.
Furthermore, the Board declared a quarterly dividend of $12.81 per share on its Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, 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.
Additionally, 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.
Fulton Financial Corporation, a financial holding company with more than $30 billion in assets, operates more than 200 financial centers in Pennsylvania, New Jersey, Maryland, Delaware, and Virginia through Fulton Bank, N.A. As a result of these announcements, the company's shares have moved 1.9% on the market, and are now trading at a price of $20.89. If you want to know more, read the company's complete 8-K report here.
