Citigroup Inc. Sells 52,993 Shares of Fulton Financial Corporation $FULT

Key Points

• Citigroup Inc. has reduced its stake in Fulton Financial Corporation by 12.5%, selling 52,993 shares and retaining 370,472 shares valued at approximately $6.7 million.
• Multiple hedge funds have increased their positions in Fulton Financial, with Millennium Management LLC raising its stake by nearly 150% during the fourth quarter.
• Fulton Financial recently announced a quarterly dividend of $0.18 per share, with an annualized yield of 3.9%.

Citigroup Inc. trimmed its stake in shares of Fulton Financial Corporation (NASDAQ:FULT - Free Report) by 12.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 370,472 shares of the bank's stock after selling 52,993 shares during the quarter. Citigroup Inc. owned approximately 0.20% of Fulton Financial worth $6,702,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC increased its position in Fulton Financial by 42.2% during the 1st quarter. GAMMA Investing LLC now owns 3,072 shares of the bank's stock worth $56,000 after purchasing an additional 911 shares in the last quarter. Byrne Asset Management LLC increased its position in Fulton Financial by 114.5% in the 1st quarter. Byrne Asset Management LLC now owns 3,217 shares of the bank's stock valued at $58,000 after acquiring an additional 1,717 shares during the period. Blue Trust Inc. increased its position in Fulton Financial by 15.1% in the 1st quarter. Blue Trust Inc. now owns 5,728 shares of the bank's stock valued at $104,000 after acquiring an additional 752 shares during the period. Sterling Capital Management LLC increased its position in Fulton Financial by 850.1% in the 4th quarter. Sterling Capital Management LLC now owns 5,843 shares of the bank's stock valued at $113,000 after acquiring an additional 5,228 shares during the period. Finally, TD Private Client Wealth LLC increased its position in Fulton Financial by 21.5% in the 1st quarter. TD Private Client Wealth LLC now owns 8,377 shares of the bank's stock valued at $152,000 after acquiring an additional 1,483 shares during the period. 72.02% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Fulton Financial

In related news, Director E Philip Wenger sold 5,000 shares of the stock in a transaction on Friday, July 25th. The shares were sold at an average price of $18.41, for a total transaction of $92,050.00. Following the transaction, the director directly owned 599,102 shares of the company's stock, valued at $11,029,467.82. This represents a 0.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.08% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Jefferies Financial Group restated a "hold" rating on shares of Fulton Financial in a research report on Wednesday, July 9th. Piper Sandler reaffirmed a "neutral" rating on shares of Fulton Financial in a research note on Wednesday, July 9th. DA Davidson upped their price objective on shares of Fulton Financial from $17.00 to $20.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Fulton Financial from $21.00 to $22.00 and gave the company a "market perform" rating in a research note on Thursday, July 17th. One research analyst has rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $21.13.

Fulton Financial Stock Up 5.2%

NASDAQ FULT traded up $0.9690 on Friday, hitting $19.4590. 234,248 shares of the company were exchanged, compared to its average volume of 1,441,201. The company has a market cap of $3.54 billion, a PE ratio of 11.38 and a beta of 0.82. Fulton Financial Corporation has a 12 month low of $14.32 and a 12 month high of $22.49. The stock has a fifty day moving average of $18.40 and a 200-day moving average of $18.05. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.37.

Fulton Financial (NASDAQ:FULT - Get Free Report) last issued its earnings results on Tuesday, July 15th. The bank reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.12. The business had revenue of $328.45 million for the quarter, compared to analyst estimates of $320.47 million. Fulton Financial had a net margin of 17.00% and a return on equity of 12.64%. During the same period in the prior year, the firm earned $0.52 earnings per share. As a group, analysts forecast that Fulton Financial Corporation will post 1.91 earnings per share for the current year.

Fulton Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Tuesday, July 1st. This represents a $0.72 annualized dividend and a yield of 3.7%. Fulton Financial's dividend payout ratio is currently 42.11%.

About Fulton Financial

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.