554,263 Shares in Fulton Financial Corporation $FULT Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 554,263 Fulton Financial shares worth approximately $13.4 million, giving it a 0.29% stake. Institutional investors collectively own 72.02% of the bank.
• Fulton Financial exceeded quarterly expectations, reporting $0.60 EPS versus the $0.53 consensus and revenue of $367.87 million, up 12.2% year over year.
• The company declared a quarterly dividend of $0.19 per share, equivalent to a 3.3% annualized yield. Analysts maintain a consensus “Hold” rating with an average price target of $24.75.

Bank of America Corp DE acquired a new position in Fulton Financial Corporation (NASDAQ:FULT - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 554,263 shares of the bank's stock, valued at approximately $13,408,000. Bank of America Corp DE owned 0.29% of Fulton Financial as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in FULT. Root Financial Partners LLC grew its holdings in shares of Fulton Financial by 89.9% during the 1st quarter. Root Financial Partners LLC now owns 1,282 shares of the bank's stock worth $26,000 after acquiring an additional 607 shares during the period. Eurizon Capital SGR S.p.A. bought a new position in Fulton Financial in the fourth quarter worth $27,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Fulton Financial in the 4th quarter worth approximately $28,000. Axiom Investment Management LLC purchased a new stake in Fulton Financial during the 1st quarter valued at about $28,000. Finally, Cassaday & Co Wealth Management LLC purchased a new stake in shares of Fulton Financial during the first quarter valued at $53,000. 72.02% of the stock is currently owned by institutional investors.

Fulton Financial Price Performance

NASDAQ:FULT opened at $23.23 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $4.43 billion, a P/E ratio of 11.11 and a beta of 0.78. The stock's fifty day moving average is $23.94 and its two-hundred day moving average is $22.59. Fulton Financial Corporation has a 52 week low of $16.60 and a 52 week high of $25.23.

Fulton Financial (NASDAQ:FULT - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The bank reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.07. The firm had revenue of $367.87 million for the quarter, compared to analyst estimates of $358.83 million. Fulton Financial had a return on equity of 12.68% and a net margin of 20.63%.Fulton Financial's revenue was up 12.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.55 EPS. Equities analysts expect that Fulton Financial Corporation will post 2.22 EPS for the current year.

Fulton Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, October 1st will be issued a dividend of $0.19 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $0.76 annualized dividend and a dividend yield of 3.3%. Fulton Financial's dividend payout ratio (DPR) is presently 36.36%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Weiss Ratings reiterated a "buy (b)" rating on shares of Fulton Financial in a research note on Wednesday, July 29th. Piper Sandler reaffirmed a "neutral" rating and set a $27.00 price objective (up from $23.00) on shares of Fulton Financial in a report on Monday, August 3rd. Wall Street Zen raised Fulton Financial from a "sell" rating to a "hold" rating in a research report on Saturday, July 25th. Raymond James Financial raised their price target on Fulton Financial from $24.00 to $26.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 1st. Finally, DA Davidson lifted their price target on Fulton Financial from $24.00 to $25.00 and gave the company a "neutral" rating in a report on Friday, July 24th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $24.75.

Insiders Place Their Bets

In related news, Director Lisa Crutchfield sold 4,100 shares of the stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $24.80, for a total transaction of $101,680.00. Following the completion of the transaction, the director directly owned 7,838 shares of the company's stock, valued at $194,382.40. This represents a 34.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director E. Wenger sold 5,000 shares of the firm's stock in a transaction dated Monday, July 13th. The shares were sold at an average price of $24.14, for a total transaction of $120,700.00. Following the completion of the sale, the director owned 75,477 shares of the company's stock, valued at approximately $1,822,014.78. The trade was a 6.21% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.01% of the stock is owned by corporate insiders.

Fulton Financial Company Profile

Fulton Financial Corporation NASDAQ: FULT is a bank holding company headquartered in Lancaster, Pennsylvania. Its primary subsidiary, Fulton Bank, provides banking and financial services to consumers, businesses and institutions.

The company offers deposit accounts, residential and commercial lending, mortgages, treasury management, cash management and other commercial banking services. Through its broader financial services platform, Fulton also provides wealth management, investment services and insurance solutions.

Fulton serves customers through branches and digital channels across Pennsylvania, Delaware, Maryland, New Jersey and Virginia.

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