Bank of New York Mellon Corp Buys New Stake in Fulton Financial Corporation $FULT

Key Points

• Bank of New York Mellon acquired 1.9 million Fulton Financial shares worth approximately $46 million, giving it about a 1% stake. Institutional investors collectively own 72.02% of the bank.
• Fulton Financial exceeded quarterly expectations, reporting $0.60 in EPS versus the $0.53 consensus estimate and $367.87 million in revenue, up 12.2% year over year.
• The company maintains a quarterly dividend of $0.19, or $0.76 annually, yielding about 3.2%. Analysts’ consensus rating is Hold, with an average price target of $24.75.

Bank of New York Mellon Corp purchased a new stake in Fulton Financial Corporation (NASDAQ:FULT - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 1,901,953 shares of the bank's stock, valued at approximately $46,008,000. Bank of New York Mellon Corp owned about 1.00% of Fulton Financial at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of FULT. Root Financial Partners LLC boosted its position in shares of Fulton Financial by 89.9% in the 1st quarter. Root Financial Partners LLC now owns 1,282 shares of the bank's stock valued at $26,000 after purchasing an additional 607 shares during the period. Kestra Advisory Services LLC purchased a new position in Fulton Financial during the 4th quarter worth $25,000. Eurizon Capital SGR S.p.A. purchased a new position in Fulton Financial during the 4th quarter worth $27,000. Axiom Investment Management LLC acquired a new position in Fulton Financial in the first quarter valued at $28,000. Finally, Torren Management LLC acquired a new position in Fulton Financial in the fourth quarter valued at $28,000. Institutional investors and hedge funds own 72.02% of the company's stock.

Fulton Financial Stock Down 0.2%

FULT stock opened at $23.75 on Friday. The stock has a market capitalization of $4.53 billion, a PE ratio of 11.36 and a beta of 0.79. The company has a fifty day moving average of $24.20 and a 200-day moving average of $22.31. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.92 and a current ratio of 0.92. Fulton Financial Corporation has a one year low of $16.60 and a one year high of $25.23.

Fulton Financial (NASDAQ:FULT - Get Free Report) last posted its quarterly 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. Fulton Financial had a net margin of 20.63% and a return on equity of 12.68%. The firm had revenue of $367.87 million during the quarter, compared to analysts' expectations of $358.83 million. During the same period in the prior year, the company posted $0.55 earnings per share. The firm's revenue for the quarter was up 12.2% on a year-over-year basis. As a group, analysts expect that Fulton Financial Corporation will post 2.23 EPS for the current year.

Fulton Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st were issued a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Wednesday, July 1st. Fulton Financial's dividend payout ratio (DPR) is currently 36.36%.

Insider Buying and Selling

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

Analysts Set New Price Targets

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

About Fulton Financial

Fulton Financial Corporation, trading on the NASDAQ under the ticker FULT, is the financial holding company for Fulton Bank, headquartered in Lancaster, Pennsylvania. The company delivers a broad range of banking and financial services through its subsidiary, Fulton Bank, targeting both individual and corporate clients. Fulton Financial's offerings include deposit accounts, lending solutions, treasury management, and specialized banking services designed to support personal wealth goals and business growth initiatives.

Through Fulton Bank, the company provides retail banking services such as checking and savings accounts, consumer and residential mortgage loans, and home equity products.

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