Fulton Bank N.A. Sells 333,969 Shares of Fulton Financial Corporation $FULT

Key Points

• Fulton Bank N.A. reduced its holdings in Fulton Financial Corporation by 16.4%, now owning approximately 1.1% of the company with a total value of $30.76 million.
• Analysts have given Fulton Financial a consensus rating of "Hold" with a target price average of $21.13, while DA Davidson raised its price target to $20.00.
• Fulton Financial's quarterly earnings surpassed estimates, reporting $0.55 per share compared to a consensus of $0.43, and the company will pay a quarterly dividend of $0.18 per share on October 15th.

Fulton Bank N.A. decreased its holdings in Fulton Financial Corporation (NASDAQ:FULT - Free Report) by 16.4% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,705,334 shares of the bank's stock after selling 333,969 shares during the period. Fulton Financial comprises approximately 1.1% of Fulton Bank N.A.'s investment portfolio, making the stock its 20th biggest holding. Fulton Bank N.A. owned approximately 0.94% of Fulton Financial worth $30,764,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC raised its stake in Fulton Financial by 3.6% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 37,594 shares of the bank's stock valued at $718,000 after buying an additional 1,291 shares during the period. Strs Ohio acquired a new stake in Fulton Financial during the first quarter worth approximately $152,000. Intech Investment Management LLC grew its position in Fulton Financial by 21.8% during the first quarter. Intech Investment Management LLC now owns 103,089 shares of the bank's stock worth $1,865,000 after buying an additional 18,471 shares in the last quarter. Jane Street Group LLC grew its position in Fulton Financial by 914.9% during the first quarter. Jane Street Group LLC now owns 308,243 shares of the bank's stock worth $5,576,000 after buying an additional 277,871 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Fulton Financial by 5.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 448,832 shares of the bank's stock worth $8,119,000 after buying an additional 21,596 shares in the last quarter. Institutional investors own 72.02% of the company's stock.

Fulton Financial Stock Performance

FULT stock traded down $0.29 during midday trading on Monday, reaching $19.09. 294,468 shares of the company's stock traded hands, compared to its average volume of 1,444,867. The company has a 50-day moving average price of $18.93 and a two-hundred day moving average price of $17.94. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.92 and a current ratio of 0.92. Fulton Financial Corporation has a 52 week low of $14.32 and a 52 week high of $22.49. The firm has a market capitalization of $3.48 billion, a PE ratio of 11.16 and a beta of 0.85.

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, beating analysts' consensus estimates of $0.43 by $0.12. Fulton Financial had a net margin of 17.00% and a return on equity of 12.64%. The business had revenue of $328.45 million for the quarter, compared to analysts' expectations of $320.47 million. During the same quarter in the previous year, the firm posted $0.52 EPS. As a group, equities analysts anticipate that Fulton Financial Corporation will post 1.91 EPS for the current year.

Fulton Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, October 1st will be given a $0.18 dividend. The ex-dividend date is Wednesday, October 1st. This represents a $0.72 annualized dividend and a yield of 3.8%. Fulton Financial's payout ratio is 42.11%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Zacks Research downgraded Fulton Financial from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 15th. Piper Sandler reissued a "neutral" rating on shares of Fulton Financial in a research report on Wednesday, July 9th. 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 research report on Wednesday, July 9th. Finally, DA Davidson lifted their price objective on Fulton Financial from $17.00 to $20.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. One investment analyst has rated the stock with a Buy rating and six have given 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 $21.13.

Insider Transactions at Fulton Financial

In related news, Director E Philip Wenger sold 5,000 shares of the company's stock in a transaction on Friday, September 12th. The shares were sold at an average price of $19.28, for a total value of $96,400.00. Following the completion of the transaction, the director directly owned 90,477 shares in the company, valued at approximately $1,744,396.56. The trade was a 5.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.07% of the company's stock.

Fulton Financial Company 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.