Shares of Fulton Financial (FULT) - Get Fulton Financial Corporation Report were higher in after-hours trade on Tuesday after the bank-holding company said the board approved a new $100 million share buyback and that the company completed an earlier repurchase program.
In the third quarter the Lancaster, Pa., company bought $48 million of its shares, completing a $100 million buyback plan it announced in March.
The new $100 million authorization would purchase about 3.9% of the shares outstanding as of Oct. 11, based on that day's closing price of $15.83, Fulton Financial said in a statement.
The stock was up 2.3% after hours Tuesday after finishing the regular session up 1% at $15.88.
Fulton Financial stock is currently trading at about 11.5 times trailing-12-months earnings, and the dividend yields almost 3.3%.
At the end of June, Fulton Financial reported $21.31 billion of assets.
The company is set to report third-quarter earnings after the market close on Oct. 22.