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Fulton (FULT) Stock Up 4% on Announcement of Special Dividend
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Shares of Fulton Financial Corporation (FULT - Free Report) rallied 4% in after-hours trading in response to the announcement of a special dividend. This will go a long way in enhancing shareholder value.
Fulton Financial has announced a special dividend of 6 cents per share. The dividend will be paid out on Dec 15 to shareholders on record as of Dec 1. FULT has been providing special dividends annually since 2014.
Also, Fulton Financial pays a regular quarterly cash dividend. The company last hiked its dividend by 7.1% to 15 cents per share this April. Based on last day’s closing price of $18.28, the company’s dividend yield currently stands at 3.28%. The yield is impressive compared with the industry average of 2.31%. This yield is not only attractive for income investors but also represents a steady income stream.
Further, FULT has raised its quarterly dividend nine times in the last five years. Also, it has a five-year annualized dividend growth of 5.5%. Currently, the company's payout ratio is 36% of earnings.
Further, in March 2022, Fulton Financial announced a share buyback program authorizing the repurchase of $75 million worth of shares. The plan was set to expire in December 2022. As of Sep 30, 2022, the whole authorization remained available.
Fulton Financial has a solid balance sheet and liquidity position. As of Sep 30, 2022, total borrowings were $1.42 billion, while cash and cash equivalents were $528 million. Also, the company maintains an investment-grade credit rating of Baa1 and a stable outlook from Moody’s Investor Service. Earnings strength also indicates that Fulton Financial’s capital deployments are sustainable.
The stock has rallied 6.1% over the past year against the industry’s 17.6% decline.
Other Banks Undertaking Enhanced Capital Deployment Actions
KeyCorp’s (KEY - Free Report) board of directors approved of a hike in the quarterly cash dividend. The new dividend of 20.5 cents per share represents an increase of 5.1% from the prior payout. The dividend will be paid out on Dec 15 to shareholders on record as of Nov 29.
KEY has a record of continuously raising dividends. Prior to this hike, the company announced a dividend hike in November 2021. The dividend was increased from 18.5 cents per share to 19.5 cents.
WesBanco, Inc.’s (WSBC - Free Report) board of directors has approved a hike in the quarterly cash dividend. The new dividend of 35 cents per share represents an increase of 2.9% from the previous dividend of 34 cents. The dividend will be paid out on Jan 3, 2023, to shareholders of record as of Dec 9, 2022.
WSBC has a record of continuously raising dividends. The latest dividend hike is the 16th time the company has increased its quarterly dividend since 2010.
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Fulton (FULT) Stock Up 4% on Announcement of Special Dividend
Shares of Fulton Financial Corporation (FULT - Free Report) rallied 4% in after-hours trading in response to the announcement of a special dividend. This will go a long way in enhancing shareholder value.
Fulton Financial has announced a special dividend of 6 cents per share. The dividend will be paid out on Dec 15 to shareholders on record as of Dec 1. FULT has been providing special dividends annually since 2014.
Also, Fulton Financial pays a regular quarterly cash dividend. The company last hiked its dividend by 7.1% to 15 cents per share this April. Based on last day’s closing price of $18.28, the company’s dividend yield currently stands at 3.28%. The yield is impressive compared with the industry average of 2.31%. This yield is not only attractive for income investors but also represents a steady income stream.
Fulton Financial Corporation Dividend Yield (TTM)
Fulton Financial Corporation dividend-yield-ttm | Fulton Financial Corporation Quote
Further, FULT has raised its quarterly dividend nine times in the last five years. Also, it has a five-year annualized dividend growth of 5.5%. Currently, the company's payout ratio is 36% of earnings.
Further, in March 2022, Fulton Financial announced a share buyback program authorizing the repurchase of $75 million worth of shares. The plan was set to expire in December 2022. As of Sep 30, 2022, the whole authorization remained available.
Fulton Financial has a solid balance sheet and liquidity position. As of Sep 30, 2022, total borrowings were $1.42 billion, while cash and cash equivalents were $528 million. Also, the company maintains an investment-grade credit rating of Baa1 and a stable outlook from Moody’s Investor Service. Earnings strength also indicates that Fulton Financial’s capital deployments are sustainable.
The stock has rallied 6.1% over the past year against the industry’s 17.6% decline.
Image Source: Zacks Investment Research
Currently, Fulton Financial carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Banks Undertaking Enhanced Capital Deployment Actions
KeyCorp’s (KEY - Free Report) board of directors approved of a hike in the quarterly cash dividend. The new dividend of 20.5 cents per share represents an increase of 5.1% from the prior payout. The dividend will be paid out on Dec 15 to shareholders on record as of Nov 29.
KEY has a record of continuously raising dividends. Prior to this hike, the company announced a dividend hike in November 2021. The dividend was increased from 18.5 cents per share to 19.5 cents.
WesBanco, Inc.’s (WSBC - Free Report) board of directors has approved a hike in the quarterly cash dividend. The new dividend of 35 cents per share represents an increase of 2.9% from the previous dividend of 34 cents. The dividend will be paid out on Jan 3, 2023, to shareholders of record as of Dec 9, 2022.
WSBC has a record of continuously raising dividends. The latest dividend hike is the 16th time the company has increased its quarterly dividend since 2010.