Fulton Financial Corporation (NASDAQ:FULT) is a financial holding company that has a total worth of $17.1 billion dollars has recently announced its plans of repurchase of around 4 million shares. The board of directors for the company has approved the repurchase of approximately 2.1% of the corporation’s existing shares, which it will purchase till March 31st 2014. At the end of the third quarter in 2013, Fulton Financial had approximately 192.3 million outstanding common stocks.
As per the existing laws and miscellaneous legal requirements subject to market conditions, purchases can be made from time to time in the open market at the currently existing prices. The clauses also allow for the repurchases to be abandoned at any point of time.
The previous repurchase programs for the corporation in 2013 which was announced in January 2013 and extended in June 2013 stated the board’s authorization of the repurchase of around 8 million shares. This figure amounts to around 4% of the corporation’s total shares.
Fulton Financial has more than 3800 employees operating out of around 270 offices from various parts in the US and its headquarters are based in Lancaster PA, in the US. The company has recently released earnings details for Q3 for 2013 where the company reported earnings of $0.21 per share which beats the analysts’ predictions by 0.01. Shares of the Fulton Financial Corporation are rated as BUY on the stock as most analysts have raised the expected price target of their shares from $10.00-12.00. currently however Fulton Finances stocks are rated hold which is a common consensus that exists in the markets.
Fulton Financial is a multi faceted bank holding company that offers a wide range of banking and financial services. It has six wholly owned subsidiaries through which it serves its customers.
