BlackRock Inc. Makes New Investment in Fulton Financial Corporation $FULT

Key Points

• BlackRock acquired 27.98 million shares of Fulton Financial in the second quarter, valued at approximately $676.7 million and representing a 14.64% stake. Institutional investors collectively own 72.02% of the company.
• Fulton Financial reported quarterly EPS of $0.60, beating estimates of $0.53, while revenue rose 12.2% year over year to $367.87 million. Analysts’ consensus rating remains “Hold,” with an average price target of $24.75.
• The company maintains a quarterly dividend of $0.19 per share, equivalent to an annualized $0.76 payout and a 3.2% yield. Two directors recently sold shares, while insider ownership remains minimal at 0.01%.

BlackRock Inc. purchased a new position in Fulton Financial Corporation (NASDAQ:FULT - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 27,975,686 shares of the bank's stock, valued at approximately $676,732,000. BlackRock Inc. owned 14.64% of Fulton Financial as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Kestra Advisory Services LLC bought a new stake in Fulton Financial during the fourth quarter valued at $25,000. Root Financial Partners LLC grew its holdings in 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 shares of Fulton Financial in the 4th quarter worth about $27,000. Torren Management LLC bought a new position in shares of Fulton Financial in the 4th quarter worth about $28,000. Finally, Caitong International Asset Management Co. Ltd acquired a new position in shares of Fulton Financial in the 4th quarter valued at about $28,000. 72.02% of the stock is owned by institutional investors.

Insider Activity at Fulton Financial

In related news, Director E Philip Wenger sold 5,000 shares of the stock in a transaction 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 transaction, the director directly owned 75,477 shares in the company, valued at $1,822,014.78. This trade represents a 6.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Lisa Crutchfield sold 4,100 shares of Fulton Financial stock in a transaction on 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 sale, the director directly owned 7,838 shares of the company's stock, valued at approximately $194,382.40. The trade was a 34.34% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.01% of the company's stock.

Analyst Ratings Changes

FULT has been the topic of several research analyst reports. DA Davidson upped their target price 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 upgraded Fulton Financial from a "sell" rating to a "hold" rating in a report on Saturday, July 25th. Raymond James Financial boosted their price target on Fulton Financial from $24.00 to $26.00 and gave the company an "outperform" rating in a research note on Wednesday, July 1st. Weiss Ratings restated a "buy (b)" rating on shares of Fulton Financial in a report on Wednesday, July 29th. Finally, Piper Sandler reaffirmed a "neutral" rating and set a $27.00 price objective (up from $23.00) on shares of Fulton Financial in a research report on Monday, August 3rd. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $24.75.

Fulton Financial Price Performance

Shares of NASDAQ FULT opened at $23.64 on Monday. The firm has a market capitalization of $4.51 billion, a P/E ratio of 11.31 and a beta of 0.79. The firm's 50-day moving average price is $24.14 and its 200-day moving average price is $22.27. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.15. Fulton Financial Corporation has a 1-year low of $16.60 and a 1-year high of $25.23.

Fulton Financial (NASDAQ:FULT - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The bank reported $0.60 EPS for the quarter, beating the consensus estimate of $0.53 by $0.07. Fulton Financial had a return on equity of 12.68% and a net margin of 20.63%.The company had revenue of $367.87 million during the quarter, compared to the consensus estimate of $358.83 million. During the same period last year, the business posted $0.55 EPS. The firm's revenue for the quarter was up 12.2% compared to the same quarter last year. Equities research analysts anticipate that Fulton Financial Corporation will post 2.23 earnings per share for the current fiscal year.

Fulton Financial Dividend Announcement

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

Fulton Financial Profile

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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