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Fulton Financial (FULT) Rewards Investors With Dividend Hike
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Fulton Financial Corporation (FULT - Free Report) declared a quarterly cash dividend of 15 cents per share on its common stock, representing a 7.1% hike from the prior payout. The dividend will be paid out on Apr 18 to shareholders of record as on Apr 1.
Based on last day’s closing price of $17.56, the company’s dividend yield currently stands at 3.42%, which is favorable compared with the industry’s yield of 2.05%. This yield is not only attractive for income investors but also represents a steady income stream.
Prior to this, Fulton Financial had hiked its dividend by 7.7% and 8.3% in 2021 and 2019, respectively. The company also pays special dividends from time to time. In December 2021, it had paid 8 cents per share as special dividend, a hike of 100% from its prior payout in December 2020.
Dividend aside, the company also has a share buyback plan in place, which is valid up to Mar 31, 2022. The buyback was initially announced in February 2021 for an aggregate repurchase of $75 million of Fulton Financial’s outstanding common stock. The company extended the plan by up to $31.1 million in November 2021. As of Dec 31, 2021, the company had repurchased 2.8 million shares for $43.9 million.
The company is further strengthening its presence in Philadelphia through a definitive agreement to acquire Prudential Bancorp, Inc., announced earlier in March. These efforts, along with capital deployment activities, reflect Fulton Financial’s commitment to boost shareholder value.
Over the past six months, shares of FULT have gained 18.8%, outperforming 14.9% growth of the industry it belongs to.
Over the past few months, several finance companies have rewarded their shareholders with dividend hikes. Some of these are Northrim BanCorp (NRIM - Free Report) , Farmers National Banc Corp. (FMNB - Free Report) and Cohen & Steers (CNS - Free Report) .
Northrim approved a regular quarterly cash dividend of 41 cents per share, up 7.9% from its prior payout.
The dividend will be paid out on Mar 18, to its shareholders of record as of Mar 10, 2022. Prior to this, NRIM had hiked its dividend in August 2021 by 2.7% to 38 cents.
Farmers National announced a dividend of 16 cents per share, representing a 14.3% sequential rise. The dividend will be paid out on Mar 31 to its shareholders of record as of Mar 11, 2022.
The recent dividend hike marks the 7th consecutive quarter of an increase by Farmers National. Before this, FMNB had hiked the dividend by 27% to 14 cents per share.
Cohen & Steers announced a hike in its quarterly dividend. CNS’ board of directors declared a first-quarter 2022 cash dividend of 55 cents per share, marking an increase of 22.2% from the prior payout. The dividend will be paid out on Mar 17 to its shareholders of record as of Mar 7.
CNS has been increasing its dividends annually since 2011. Prior to this hike, the company had announced a 15.4% increase in its quarterly dividend, bringing the total to 45 cents per share, in February 2021.
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Fulton Financial (FULT) Rewards Investors With Dividend Hike
Fulton Financial Corporation (FULT - Free Report) declared a quarterly cash dividend of 15 cents per share on its common stock, representing a 7.1% hike from the prior payout. The dividend will be paid out on Apr 18 to shareholders of record as on Apr 1.
Based on last day’s closing price of $17.56, the company’s dividend yield currently stands at 3.42%, which is favorable compared with the industry’s yield of 2.05%. This yield is not only attractive for income investors but also represents a steady income stream.
Prior to this, Fulton Financial had hiked its dividend by 7.7% and 8.3% in 2021 and 2019, respectively. The company also pays special dividends from time to time. In December 2021, it had paid 8 cents per share as special dividend, a hike of 100% from its prior payout in December 2020.
Dividend aside, the company also has a share buyback plan in place, which is valid up to Mar 31, 2022. The buyback was initially announced in February 2021 for an aggregate repurchase of $75 million of Fulton Financial’s outstanding common stock. The company extended the plan by up to $31.1 million in November 2021. As of Dec 31, 2021, the company had repurchased 2.8 million shares for $43.9 million.
The company is further strengthening its presence in Philadelphia through a definitive agreement to acquire Prudential Bancorp, Inc., announced earlier in March. These efforts, along with capital deployment activities, reflect Fulton Financial’s commitment to boost shareholder value.
Over the past six months, shares of FULT have gained 18.8%, outperforming 14.9% growth of the industry it belongs to.
Image Source: Zacks Investment Research
Currently, the company carries a Zacks Rank #2 (Buy). You can see see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Other Finance Stocks That Took Similar Steps
Over the past few months, several finance companies have rewarded their shareholders with dividend hikes. Some of these are Northrim BanCorp (NRIM - Free Report) , Farmers National Banc Corp. (FMNB - Free Report) and Cohen & Steers (CNS - Free Report) .
Northrim approved a regular quarterly cash dividend of 41 cents per share, up 7.9% from its prior payout.
The dividend will be paid out on Mar 18, to its shareholders of record as of Mar 10, 2022. Prior to this, NRIM had hiked its dividend in August 2021 by 2.7% to 38 cents.
Farmers National announced a dividend of 16 cents per share, representing a 14.3% sequential rise. The dividend will be paid out on Mar 31 to its shareholders of record as of Mar 11, 2022.
The recent dividend hike marks the 7th consecutive quarter of an increase by Farmers National. Before this, FMNB had hiked the dividend by 27% to 14 cents per share.
Cohen & Steers announced a hike in its quarterly dividend. CNS’ board of directors declared a first-quarter 2022 cash dividend of 55 cents per share, marking an increase of 22.2% from the prior payout. The dividend will be paid out on Mar 17 to its shareholders of record as of Mar 7.
CNS has been increasing its dividends annually since 2011. Prior to this hike, the company had announced a 15.4% increase in its quarterly dividend, bringing the total to 45 cents per share, in February 2021.