DBA Digest for December 22, 2023

Fulton Financial Corporation Announces Increased Common Stock Dividend, Preferred Stock Dividend and $125 Million Repurchase Program

Fulton Financial Corporation announced that its Board of Directors declared a quarterly cash dividend of seventeen cents per share on its common stock, payable on January 12, 2024, to shareholders of record as of January 2, 2024. This is a one cent per share increase from the quarterly cash dividend that the Board declared on September 19, 2023.

In addition, Fulton announced that the Board declared a quarterly dividend of $12.81 per share (equivalent to $0.32025 per depositary share) on its Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A (the “Preferred Stock”), payable on January 16, 2024, to shareholders of record as of January 1, 2024, for the period from and including October 15, 2023, to but excluding, January 15, 2024.

Fulton also announced that the Board approved the repurchase of shares of Fulton’s common stock and other securities in an aggregate principal amount not to exceed $125 million (the “2024 Program”) commencing on January 1, 2024 and expiring on December 31, 2024. Under the 2024 Program, up to $25 million may be used to repurchase shares of Fulton’s Preferred Stock and outstanding subordinated notes.

Bank of America Private Bank Market Minute

2023 has made one thing clear: U.S. Equities are the gift that keeps on giving. Major indexes hit record highs intraday last week, with the S&P 500, Dow Jones Industrial Average (Dow), and Nasdaq Composite capping weekly gains of 2.49%, 2.92%, and 2.85%, respectively—marking a seventh straight week of gains. The Dow reached an all-time high last Friday, after clearing 37,000 for the first time in history mid-week. Notably, the past month has revealed some market broadening; in the one month leading up to last Friday’s close, the “Magnificent 7” was up 2.0% while the Russell 2000 rose 10.2%. Investors looked favorably on the Federal Reserve’s (Fed) dovish stance at the final policy meeting of the year last Wednesday, pushing the yield on the 10-year U.S. Treasury below 4% for the first time since July. As expected, the committee voted to hold rates unchanged at a range of 5.25% to 5.50%. Importantly, the updated quarterly dot plot, which indicates policymakers’ rate expectations, now suggests three rate cuts in 2024—up from two in September’s median estimates.

Santora CPA Group Announces

Two Additions to its Team

Santora CPA Group, a Newark-based Certified Public Accounting and Consulting firm, is pleased to announce that:

Ebtihal Alkumaim has joined SCG as a Staff Accountant. She graduated magna cum laude from Goldey-Beacom College in 2023 with a Bachelor of Science Degree in Accounting. She works on a variety of tax and audit engagements, and she is currently studying for the CPA Exam. Ebtihal is a member of the American Institute and the Delaware Society of Certified Public Accountants.

Jonathan Hartbarger has joined SCG as a Senior Accountant in the Tax Department. He graduated from Old Dominion University in 2019 with a Bachelor of Science Degree in Financial Management, and he is currently sitting for the CPA Exam. Jonathan is a member of the American Institute and the Delaware Society of Certified Public Accountants.