Bank of New York Mellon Corp Sells 49,462 Shares of Fulton Financial Corporation (NASDAQ:FULT)

Bank of New York Mellon Corp reduced its stake in Fulton Financial Corporation (NASDAQ:FULT - Free Report) by 2.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,832,401 shares of the bank's stock after selling 49,462 shares during the quarter. Bank of New York Mellon Corp owned about 1.01% of Fulton Financial worth $33,148,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Norges Bank bought a new position in Fulton Financial in the 4th quarter valued at approximately $38,010,000. Millennium Management LLC lifted its holdings in shares of Fulton Financial by 149.9% during the 4th quarter. Millennium Management LLC now owns 1,478,735 shares of the bank's stock valued at $28,510,000 after buying an additional 886,991 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Fulton Financial by 137.3% during the 4th quarter. JPMorgan Chase & Co. now owns 1,322,616 shares of the bank's stock valued at $25,500,000 after buying an additional 765,313 shares during the period. Nuveen Asset Management LLC lifted its holdings in shares of Fulton Financial by 133.7% during the 4th quarter. Nuveen Asset Management LLC now owns 1,239,500 shares of the bank's stock valued at $23,898,000 after buying an additional 709,015 shares during the period. Finally, First Trust Advisors LP lifted its holdings in shares of Fulton Financial by 61.7% during the 4th quarter. First Trust Advisors LP now owns 1,770,377 shares of the bank's stock valued at $34,133,000 after buying an additional 675,819 shares during the period. 72.02% of the stock is owned by institutional investors.

Fulton Financial Price Performance

FULT stock traded down $0.12 during trading on Friday, reaching $19.62. The company's stock had a trading volume of 3,550,223 shares, compared to its average volume of 1,407,604. Fulton Financial Corporation has a 1 year low of $14.33 and a 1 year high of $22.49. The company has a quick ratio of 0.92, a current ratio of 0.89 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $3.57 billion, a P/E ratio of 11.47 and a beta of 0.77. The company's fifty day moving average is $18.02 and its 200-day moving average is $18.33.

Fulton Financial (NASDAQ:FULT - Get Free Report) last issued its quarterly earnings results on Tuesday, July 15th. The bank reported $0.55 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.43 by $0.12. Fulton Financial had a return on equity of 12.44% and a net margin of 17.00%. The business had revenue of $328.45 million during the quarter, compared to analyst estimates of $320.47 million. During the same quarter in the prior year, the business posted $0.52 EPS. On average, research analysts expect that Fulton Financial Corporation will post 1.91 earnings per share for the current fiscal year.

Fulton Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 3.67%. The ex-dividend date was Tuesday, July 1st. Fulton Financial's dividend payout ratio (DPR) is presently 42.11%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on FULT. Keefe, Bruyette & Woods increased their price target on Fulton Financial from $21.00 to $22.00 and gave the company a "market perform" rating in a report on Thursday. Piper Sandler restated a "neutral" rating on shares of Fulton Financial in a research note on Wednesday, July 9th. DA Davidson upped their price objective on Fulton Financial from $17.00 to $20.00 and gave the stock a "neutral" rating in a research note on Thursday. Finally, Jefferies Financial Group restated a "hold" rating on shares of Fulton Financial in a research note on Wednesday, July 9th. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, Fulton Financial has a consensus rating of "Hold" and an average price target of $21.13.

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.