Fulton Financial Corporation (NASDAQ:FULT) Declares Quarterly Dividend of $0.19

Key Points

• Fulton Financial declared a quarterly dividend of $0.19 per share, payable October 15 to shareholders of record October 1. The payment implies an annualized dividend of $0.76 and a yield of approximately 3.2%.
• The dividend appears well covered, with a current payout ratio of 37.8% and an expected future payout ratio of 32.5%. Fulton has increased its dividend for four consecutive years.
• Fulton’s latest quarterly results exceeded expectations, with earnings of $0.60 per share versus a $0.53 consensus estimate and revenue of $367.87 million, up 12.2% year over year.

Fulton Financial Corporation (NASDAQ:FULT - Get Free Report) declared a quarterly dividend on Tuesday, September 15th. Stockholders of record on Thursday, October 1st will be given a dividend of 0.19 per share by the bank on Thursday, October 15th. This represents a c) dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Thursday, October 1st.

Fulton Financial has raised its dividend payment by an average of 0.1%annually over the last three years and has increased its dividend annually for the last 4 consecutive years. Fulton Financial has a payout ratio of 37.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Fulton Financial to earn $2.34 per share next year, which means the company should continue to be able to cover its $0.76 annual dividend with an expected future payout ratio of 32.5%.

Fulton Financial Price Performance

Shares of NASDAQ:FULT opened at $23.75 on Wednesday. The firm has a fifty day moving average price of $24.13 and a two-hundred day moving average price of $22.47. The company has a market cap of $4.53 billion, a price-to-earnings ratio of 11.36 and a beta of 0.78. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.92 and a quick ratio of 0.92. Fulton Financial has a one year low of $16.60 and a one year high of $25.23.

Fulton Financial (NASDAQ:FULT - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.07. The firm had revenue of $367.87 million for the quarter, compared to analysts' expectations of $358.83 million. Fulton Financial had a net margin of 20.63% and a return on equity of 12.68%. The business's quarterly revenue was up 12.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.55 earnings per share. Analysts anticipate that Fulton Financial will post 2.23 EPS for the current fiscal year.

Insider Activity

In other Fulton Financial news, Director E. Wenger sold 5,000 shares of the stock in a transaction that occurred on Monday, July 13th. The shares were sold at an average price of $24.14, for a total transaction of $120,700.00. Following the transaction, the director directly owned 75,477 shares in the company, valued at $1,822,014.78. This trade represents a 6.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lisa Crutchfield sold 4,100 shares of Fulton Financial stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $24.80, for a total transaction of $101,680.00. Following the transaction, the director directly owned 7,838 shares in the company, valued at $194,382.40. This trade represents a 34.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.01% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Fulton Financial

A number of large investors have recently added to or reduced their stakes in the business. Keybank National Association OH boosted its holdings in Fulton Financial by 1.5% during the 1st quarter. Keybank National Association OH now owns 32,887 shares of the bank's stock valued at $669,000 after acquiring an additional 485 shares during the period. Cetera Investment Advisers grew its position in Fulton Financial by 2.6% during the 1st quarter. Cetera Investment Advisers now owns 21,829 shares of the bank's stock worth $444,000 after acquiring an additional 557 shares during the last quarter. State of Wyoming increased its stake in Fulton Financial by 13.4% in the 1st quarter. State of Wyoming now owns 4,829 shares of the bank's stock worth $98,000 after purchasing an additional 570 shares during the period. iSAM Funds UK Ltd increased its stake in Fulton Financial by 1.8% in the 2nd quarter. iSAM Funds UK Ltd now owns 33,600 shares of the bank's stock worth $813,000 after purchasing an additional 593 shares during the period. Finally, Root Financial Partners LLC increased its stake in Fulton Financial by 89.9% in the 1st quarter. Root Financial Partners LLC now owns 1,282 shares of the bank's stock worth $26,000 after purchasing an additional 607 shares during the period. Hedge funds and other institutional investors own 72.02% of the company's stock.

About Fulton Financial

Fulton Financial Corporation NASDAQ: FULT is a bank holding company headquartered in Lancaster, Pennsylvania. Its primary subsidiary, Fulton Bank, provides banking and financial services to consumers, businesses and institutions.

The company offers deposit accounts, residential and commercial lending, mortgages, treasury management, cash management and other commercial banking services. Through its broader financial services platform, Fulton also provides wealth management, investment services and insurance solutions.

Fulton serves customers through branches and digital channels across Pennsylvania, Delaware, Maryland, New Jersey and Virginia.

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