Bank of America Corp DE Reduces Holdings in Fulton Financial Co. (NASDAQ:FULT)

Bank of America Corp DE decreased its position in shares of Fulton Financial Co. (NASDAQ:FULT - Free Report) by 26.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 595,308 shares of the bank's stock after selling 213,279 shares during the period. Bank of America Corp DE owned about 0.33% of Fulton Financial worth $11,478,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its stake in Fulton Financial by 0.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,377,428 shares of the bank's stock worth $45,837,000 after buying an additional 19,329 shares during the period. Federated Hermes Inc. increased its stake in Fulton Financial by 6.3% during the 4th quarter. Federated Hermes Inc. now owns 291,302 shares of the bank's stock worth $5,616,000 after buying an additional 17,182 shares during the period. EMC Capital Management increased its stake in Fulton Financial by 151.2% during the 4th quarter. EMC Capital Management now owns 22,607 shares of the bank's stock worth $436,000 after buying an additional 13,607 shares during the period. Allworth Financial LP increased its stake in Fulton Financial by 1,255.1% during the 4th quarter. Allworth Financial LP now owns 20,381 shares of the bank's stock worth $420,000 after buying an additional 18,877 shares during the period. Finally, Apollon Wealth Management LLC purchased a new stake in Fulton Financial during the 4th quarter worth $329,000. Hedge funds and other institutional investors own 72.02% of the company's stock.

Fulton Financial Price Performance

FULT opened at $17.27 on Friday. The company has a 50-day moving average of $17.04 and a 200-day moving average of $19.09. The company has a market capitalization of $3.14 billion, a P/E ratio of 11.00 and a beta of 0.76. Fulton Financial Co. has a 1-year low of $14.33 and a 1-year high of $22.49. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.90 and a current ratio of 0.90.

Fulton Financial (NASDAQ:FULT - Get Free Report) last posted its quarterly earnings results on Tuesday, April 15th. The bank reported $0.52 EPS for the quarter, beating the consensus estimate of $0.44 by $0.08. Fulton Financial had a net margin of 15.87% and a return on equity of 11.41%. The business had revenue of $322.64 million during the quarter, compared to analyst estimates of $315.07 million. During the same period in the previous year, the business posted $0.40 EPS. Equities analysts expect that Fulton Financial Co. will post 1.91 EPS for the current fiscal year.

Fulton Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 4.17%. The ex-dividend date of this dividend was Tuesday, April 1st. Fulton Financial's dividend payout ratio (DPR) is presently 42.35%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on FULT. DA Davidson reaffirmed a "neutral" rating and set a $20.00 price target on shares of Fulton Financial in a research note on Wednesday, April 16th. Wall Street Zen raised shares of Fulton Financial from a "sell" rating to a "hold" rating in a research report on Thursday, January 23rd. Piper Sandler dropped their target price on shares of Fulton Financial from $22.00 to $20.00 and set a "neutral" rating for the company in a research report on Thursday, April 17th. Hovde Group boosted their target price on shares of Fulton Financial from $22.00 to $22.50 and gave the stock a "market perform" rating in a research report on Monday, January 27th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of Fulton Financial from $24.00 to $21.00 and set a "market perform" rating for the company in a research report on Thursday, April 17th. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $20.30.

Fulton Financial Profile

Fulton Financial Corporation operates as a financial holding company that provides consumer and commercial banking products and services in Pennsylvania, Delaware, Maryland, New Jersey, and Virginia. It accepts various checking accounts and savings deposit products, certificates of deposit, and individual retirement accounts.

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