Fulton Financial (FULT) Declares $0.15 Dividend

Fulton Financial said on March 21, 2023 that its board of directors declared a regular quarterly dividend of $0.15 per share ($0.60 annualized). Previously, the company paid $0.15 per share.

Shares must be purchased before the ex-div date of March 31, 2023 to qualify for the dividend. Shareholders of record as of April 3, 2023 will receive the payment on April 14, 2023.

At the current share price of $14.31 / share, the stock's dividend yield is 4.19%. Looking back five years and taking a sample every week, the average dividend yield has been 3.83%, the lowest has been 2.80%, and the highest has been 6.08%. The standard deviation of yields is 0.75 (n=237).

The current dividend yield is 0.48 standard deviations above the historical average.

Additionally, the company's dividend payout ratio is 0.38. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company's 3-Year dividend growth rate is 0.18%, demonstrating that it has increased its dividend over time.

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Analyst Price Forecast Suggests 26.27% Upside

As of March 22, 2023, the average one-year price target for Fulton Financial is $18.07. The forecasts range from a low of $17.17 to a high of $21.00. The average price target represents an increase of 26.27% from its latest reported closing price of $14.31.

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The projected annual revenue for Fulton Financial is $925MM, a decrease of 5.66%. The projected annual non-GAAP EPS is $2.00.

What is the Fund Sentiment?

There are 605 funds or institutions reporting positions in Fulton Financial. This is an increase of 1 owner(s) or 0.17% in the last quarter. Average portfolio weight of all funds dedicated to FULT is 0.13%, an increase of 8.90%. Total shares owned by institutions increased in the last three months by 0.11% to 128,044K shares. The put/call ratio of FULT is 1.95, indicating a bearish outlook.

What are Large Shareholders Doing?

IJH - iShares Core S&P Mid-Cap ETF holds 5,172K shares representing 3.10% ownership of the company. In it's prior filing, the firm reported owning 4,880K shares, representing an increase of 5.66%. The firm decreased its portfolio allocation in FULT by 1.45% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 5,137K shares representing 3.08% ownership of the company. In it's prior filing, the firm reported owning 5,086K shares, representing an increase of 0.99%. The firm decreased its portfolio allocation in FULT by 0.65% over the last quarter.

NAESX - Vanguard Small-Cap Index Fund Investor Shares holds 4,315K shares representing 2.58% ownership of the company. In it's prior filing, the firm reported owning 4,250K shares, representing an increase of 1.51%. The firm increased its portfolio allocation in FULT by 0.13% over the last quarter.

DFSVX - U.s. Small Cap Value Portfolio - Institutional Class holds 4,076K shares representing 2.44% ownership of the company. In it's prior filing, the firm reported owning 4,020K shares, representing an increase of 1.38%. The firm increased its portfolio allocation in FULT by 10.28% over the last quarter.

IWM - iShares Russell 2000 ETF holds 3,785K shares representing 2.27% ownership of the company. In it's prior filing, the firm reported owning 3,499K shares, representing an increase of 7.57%. The firm increased its portfolio allocation in FULT by 4.37% over the last quarter.

Fulton Financial Background Information
(This description is provided by the company.)

Fulton, a $25.5 billion, Lancaster, Pa.-based financial holding company, has approximately 3,400 employees and operates approximately 225 branches in Pennsylvania, Maryland, Delaware, New Jersey and Virginia through Fulton Bank, N.A.

This story originally appeared on Fintel.