Fulton Bank N.A. Has $30.76 Million Position in 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. lessened its holdings in shares of Fulton Financial Corporation (NASDAQ:FULT - Free Report) by 16.4% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,705,334 shares of the bank's stock after selling 333,969 shares during the quarter. Fulton Financial makes up approximately 1.1% of Fulton Bank N.A.'s portfolio, making the stock its 20th largest holding. Fulton Bank N.A. owned 0.94% of Fulton Financial worth $30,764,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Nuveen Asset Management LLC raised its position in Fulton Financial by 133.7% during the fourth quarter. Nuveen Asset Management LLC now owns 1,239,500 shares of the bank's stock valued at $23,898,000 after acquiring an additional 709,015 shares in the last quarter. Principal Financial Group Inc. raised its position in Fulton Financial by 2.9% during the first quarter. Principal Financial Group Inc. now owns 1,082,623 shares of the bank's stock valued at $19,585,000 after acquiring an additional 30,800 shares in the last quarter. Nuveen LLC bought a new position in Fulton Financial during the first quarter valued at approximately $17,263,000. Public Sector Pension Investment Board raised its position in Fulton Financial by 27.3% during the first quarter. Public Sector Pension Investment Board now owns 577,492 shares of the bank's stock valued at $10,447,000 after acquiring an additional 124,019 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised 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 valued at $8,119,000 after acquiring an additional 21,596 shares in the last quarter. Institutional investors own 72.02% of the company's stock.

Insider Transactions at Fulton Financial

In related news, Director E Philip Wenger sold 5,000 shares of the business's stock in a transaction on Friday, September 12th. The shares were sold at an average price of $19.28, for a total transaction of $96,400.00. Following the transaction, the director owned 90,477 shares of the company's stock, 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 SEC, which is available through this hyperlink. Company insiders own 1.08% of the company's stock.

Analyst Ratings Changes

FULT has been the topic of several recent research reports. Piper Sandler reaffirmed a "neutral" rating on shares of Fulton Financial in a research report on Wednesday, July 9th. Zacks Research lowered shares of Fulton Financial from a "strong-buy" rating to a "hold" rating in a research report on Monday. DA Davidson lifted their price target on shares of Fulton Financial from $17.00 to $20.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Keefe, Bruyette & Woods lifted their price target on shares of Fulton Financial from $21.00 to $22.00 and gave the company a "market perform" rating in a research report on Thursday, July 17th. Finally, Jefferies Financial Group reissued a "hold" rating on shares of Fulton Financial in a research report on Wednesday, July 9th. One equities research analyst has rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $21.13.

Fulton Financial Stock Performance

FULT stock traded down $0.09 on Friday, reaching $19.38. 4,244,803 shares of the company were exchanged, compared to its average volume of 1,257,645. Fulton Financial Corporation has a 12 month low of $14.32 and a 12 month high of $22.49. The stock's fifty day moving average price is $18.93 and its 200 day moving average price is $17.95. The firm has a market capitalization of $3.53 billion, a PE ratio of 11.33 and a beta of 0.85. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.92 and a quick ratio of 0.92.

Fulton Financial (NASDAQ:FULT - Get Free Report) last announced its earnings results on Tuesday, July 15th. The bank reported $0.55 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $320.47 million. During the same quarter in the previous year, the firm posted $0.52 earnings per share. On average, research analysts anticipate that Fulton Financial Corporation will post 1.91 EPS for the current fiscal year.

Fulton Financial Announces Dividend

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 dividend of $0.18 per share. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $0.72 dividend on an annualized basis and a yield of 3.7%. Fulton Financial's payout ratio is 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.