Federated Hermes Inc. Has $4.49 Million Stock Holdings in Fulton Financial Corporation (NASDAQ:FULT)

Key Points

• Federated Hermes Inc. reduced its stake in Fulton Financial Corporation by 14.8%, selling 43,133 shares and maintaining ownership of 248,169 shares valued at approximately $4.49 million.
• In the fourth quarter, several institutional investors, including Norges Bank and Millennium Management LLC, significantly increased their holdings in Fulton Financial, with institutional ownership now at 72.02%.
• Fulton Financial reported earnings per share (EPS) of $0.55 for the most recent quarter, exceeding projections, and declared a quarterly dividend of $0.18 per share, yielding 4.1%.

Federated Hermes Inc. lowered its position in shares of Fulton Financial Corporation (NASDAQ:FULT - Free Report) by 14.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 248,169 shares of the bank's stock after selling 43,133 shares during the period. Federated Hermes Inc. owned 0.14% of Fulton Financial worth $4,489,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in the company. Summit Investment Advisors Inc. increased its stake in Fulton Financial by 3.3% during the 4th quarter. Summit Investment Advisors Inc. now owns 18,997 shares of the bank's stock worth $366,000 after acquiring an additional 602 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in Fulton Financial by 1.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 36,303 shares of the bank's stock worth $657,000 after acquiring an additional 684 shares during the period. Private Advisor Group LLC increased its stake in Fulton Financial by 2.0% during the 1st quarter. Private Advisor Group LLC now owns 35,552 shares of the bank's stock worth $643,000 after acquiring an additional 704 shares during the period. Xponance Inc. boosted its holdings in shares of Fulton Financial by 5.5% in the 1st quarter. Xponance Inc. now owns 13,775 shares of the bank's stock valued at $249,000 after purchasing an additional 717 shares in the last quarter. Finally, Blue Trust Inc. boosted its holdings in shares of 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 purchasing an additional 752 shares in the last quarter. Institutional investors own 72.02% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. DA Davidson raised their target price on Fulton Financial from $17.00 to $20.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Keefe, Bruyette & Woods raised their target price on Fulton Financial from $21.00 to $22.00 and gave the company a "market perform" rating in a report on Thursday, July 17th. Jefferies Financial Group reaffirmed a "hold" rating on shares of Fulton Financial in a report on Wednesday, July 9th. Finally, Piper Sandler reissued a "neutral" rating on shares of Fulton Financial in a report on Wednesday, July 9th. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, Fulton Financial currently has a consensus rating of "Hold" and a consensus price target of $21.13.

Fulton Financial Trading Up 1.0%

NASDAQ FULT traded up $0.18 on Friday, reaching $17.80. The company had a trading volume of 461,609 shares, compared to its average volume of 1,444,190. The firm has a market cap of $3.23 billion, a price-to-earnings ratio of 10.41 and a beta of 0.82. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.89 and a quick ratio of 0.88. Fulton Financial Corporation has a fifty-two week low of $14.32 and a fifty-two week high of $22.49. The business has a 50 day moving average of $18.19 and a two-hundred day moving average of $18.19.

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 for the quarter, beating the consensus estimate of $0.43 by $0.12. The company had revenue of $328.45 million during the quarter, compared to analysts' expectations of $320.47 million. Fulton Financial had a return on equity of 12.44% and a net margin of 17.00%. During the same quarter in the prior year, the firm posted $0.52 earnings per share. Analysts forecast that Fulton Financial Corporation will post 1.91 EPS for the current year.

Fulton Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend was Tuesday, July 1st. Fulton Financial's dividend payout ratio is currently 42.11%.

Insider Activity at Fulton Financial

In related news, Director E Philip Wenger sold 5,000 shares of Fulton Financial 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 completion of the transaction, the director owned 599,102 shares of the company's stock, valued at $11,029,467.82. This trade represents a 0.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.08% of the company's stock.

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.