Fulton Financial Corp (NASDAQ:FULT) declared a special dividend on Tuesday, November 20th, Wall Street Journal reports. Shareholders of record on Monday, December 3rd will be given a dividend of 0.04 per share by the bank on Friday, December 14th. This represents a yield of 2.89%. The ex-dividend date of this dividend is Friday, November 30th. This is a boost from Fulton Financial’s previous special dividend of $0.03.
Fulton Financial has raised its dividend by an average of 10.4% per year over the last three years and has raised its dividend annually for the last 7 consecutive years. Fulton Financial has a payout ratio of 41.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Fulton Financial to earn $1.42 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 33.8%.
NASDAQ FULT opened at $16.81 on Friday. The company has a market capitalization of $2.96 billion, a price-to-earnings ratio of 14.88, a P/E/G ratio of 1.75 and a beta of 0.99. Fulton Financial has a fifty-two week low of $15.05 and a fifty-two week high of $19.55. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.97 and a quick ratio of 0.97.
In other Fulton Financial news, Director Ernest J. Waters bought 2,000 shares of Fulton Financial stock in a transaction dated Thursday, November 8th. The stock was bought at an average cost of $16.71 per share, for a total transaction of $33,420.00. Following the purchase, the director now owns 27,793 shares in the company, valued at approximately $464,421.03. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider David M. Campbell bought 6,002 shares of Fulton Financial stock in a transaction dated Thursday, November 8th. The shares were acquired at an average price of $16.67 per share, with a total value of $100,053.34. The disclosure for this purchase can be found here. Corporate insiders own 0.84% of the company’s stock.
A number of research firms have weighed in on FULT. ValuEngine upgraded Fulton Financial from a “sell” rating to a “hold” rating in a report on Friday, August 10th. BidaskClub upgraded Fulton Financial from a “sell” rating to a “hold” rating in a report on Tuesday, October 30th. Zacks Investment Research upgraded Fulton Financial from a “hold” rating to a “buy” rating and set a $19.00 price target for the company in a report on Wednesday, August 1st. Finally, Boenning Scattergood restated a “hold” rating on shares of Fulton Financial in a report on Wednesday, October 17th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $18.83.
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About Fulton Financial
Fulton Financial Corporation operates as a multi-bank financial holding company that provides banking and financial services to businesses and consumers. It accepts various checking accounts and savings deposit products, certificates of deposit, and individual retirement accounts. The company also offers consumer loans, including home equity loans and lines of credit, automobile loans, automobile and equipment leases, personal lines of credit, and checking account overdraft protection; construction and jumbo residential mortgage loans; and commercial lending products comprising commercial, financial, agricultural, and real estate loans.
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