Econ Financial Services Corp Takes $2.02 Million Position in Fulton Financial Corporation $FULT

Key Points

• Econ Financial Services Corp opened a new position in Fulton Financial, buying 104,389 shares worth about $2.02 million, representing roughly 0.06% of the company at quarter-end.
• Fulton declared a quarterly dividend of $0.19 (annualized $0.76, ~3.7% yield) with an ex-dividend date of April 1 and payment on April 15, and its board also authorized a $150 million share buyback program (up to ~4.2% of shares).
• In its most recent quarter Fulton reported $0.55 EPS (vs. $0.52 consensus) with revenue roughly in line at $336.02 million; the stock trades at a ~9.8x PE with an average analyst rating of "Hold" and a $21.50 average price target.

Econ Financial Services Corp purchased a new position in Fulton Financial Corporation (NASDAQ:FULT - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 104,389 shares of the bank's stock, valued at approximately $2,018,000. Econ Financial Services Corp owned approximately 0.06% of Fulton Financial at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. EverSource Wealth Advisors LLC lifted its stake in Fulton Financial by 373.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,662 shares of the bank's stock worth $30,000 after purchasing an additional 1,311 shares in the last quarter. State of Wyoming bought a new position in Fulton Financial in the 2nd quarter valued at $30,000. Parallel Advisors LLC grew its position in shares of Fulton Financial by 69.0% during the 3rd quarter. Parallel Advisors LLC now owns 1,903 shares of the bank's stock valued at $35,000 after purchasing an additional 777 shares in the last quarter. Jones Financial Companies Lllp grew its position in shares of Fulton Financial by 48.0% during the 3rd quarter. Jones Financial Companies Lllp now owns 1,995 shares of the bank's stock valued at $38,000 after purchasing an additional 647 shares in the last quarter. Finally, Quarry LP bought a new position in shares of Fulton Financial in the third quarter worth $38,000. 72.02% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FULT. Weiss Ratings upgraded Fulton Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, February 27th. DA Davidson initiated coverage on Fulton Financial in a research note on Wednesday, February 25th. They issued a "neutral" rating and a $24.00 target price on the stock. Two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $21.50.

Fulton Financial Trading Up 3.5%

Shares of Fulton Financial stock opened at $20.34 on Wednesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.90 and a quick ratio of 0.90. Fulton Financial Corporation has a 1 year low of $14.32 and a 1 year high of $22.99. The firm has a market cap of $3.66 billion, a PE ratio of 9.78 and a beta of 0.85. The company has a 50 day simple moving average of $20.83 and a two-hundred day simple moving average of $19.45.

Fulton Financial (NASDAQ:FULT - Get Free Report) last issued its quarterly earnings results on Wednesday, January 21st. The bank reported $0.55 EPS for the quarter, topping analysts' consensus estimates of $0.52 by $0.03. The firm had revenue of $336.02 million for the quarter, compared to analyst estimates of $336.80 million. Fulton Financial had a net margin of 20.68% and a return on equity of 12.78%. During the same quarter in the prior year, the firm earned $0.48 EPS. Analysts expect that Fulton Financial Corporation will post 1.91 earnings per share for the current fiscal year.

Fulton Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Wednesday, April 1st will be paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend is Wednesday, April 1st. Fulton Financial's dividend payout ratio is currently 36.54%.

Fulton Financial declared that its Board of Directors has authorized a share buyback plan on Tuesday, December 16th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the bank to repurchase up to 4.2% of its shares through open market purchases. Shares buyback plans are often an indication that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In other Fulton Financial news, Director E Philip Wenger sold 5,000 shares of the firm's stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $19.55, for a total transaction of $97,750.00. Following the sale, the director owned 85,477 shares in the company, valued at $1,671,075.35. This trade represents a 5.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.07% of the stock is owned by insiders.

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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