Fulton Financial Corporation $FULT Shares Sold by Invesco Ltd.

Key Points

• Invesco Ltd. has reduced its holdings in Fulton Financial Corporation by 10.6% in the first quarter, now owning around 1.19 million shares valued at approximately $21.45 million.
• Fulton Financial reported earnings of $0.55 per share, surpassing estimates of $0.43, indicating a positive financial performance with significant revenue of $328.45 million for the quarter.
• The company recently announced a $0.18 quarterly dividend, which represents an annual yield of 3.9% and a payout ratio of 42.11%.

Invesco Ltd. reduced its holdings in shares of Fulton Financial Corporation (NASDAQ:FULT - Free Report) by 10.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,185,903 shares of the bank's stock after selling 140,675 shares during the quarter. Invesco Ltd. owned 0.65% of Fulton Financial worth $21,453,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in FULT. Millennium Management LLC boosted its stake in shares of Fulton Financial by 149.9% during the 4th quarter. Millennium Management LLC now owns 1,478,735 shares of the bank's stock valued at $28,510,000 after buying an additional 886,991 shares during the last quarter. Nuveen Asset Management LLC boosted its stake in shares of Fulton Financial by 133.7% during the 4th quarter. Nuveen Asset Management LLC now owns 1,239,500 shares of the bank's stock valued at $23,898,000 after buying an additional 709,015 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of Fulton Financial by 61.7% during the 4th quarter. First Trust Advisors LP now owns 1,770,377 shares of the bank's stock valued at $34,133,000 after buying an additional 675,819 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Fulton Financial during the 4th quarter valued at approximately $4,773,000. Finally, Fuller & Thaler Asset Management Inc. boosted its stake in shares of Fulton Financial by 5.3% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 4,321,387 shares of the bank's stock valued at $83,316,000 after buying an additional 216,118 shares during the last quarter. 72.02% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Fulton Financial news, Director E Philip Wenger sold 5,000 shares of the stock in a transaction on Friday, July 25th. The stock was sold at an average price of $18.41, for a total value of $92,050.00. Following the sale, the director directly 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 this link. 1.08% of the stock is owned by corporate insiders.

Fulton Financial Stock Performance

Shares of FULT opened at $18.60 on Thursday. Fulton Financial Corporation has a 12-month low of $14.32 and a 12-month high of $22.49. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.92 and a quick ratio of 0.92. The business's fifty day moving average price is $18.38 and its 200 day moving average price is $18.06. The stock has a market capitalization of $3.39 billion, a PE ratio of 10.88 and a beta of 0.82.

Fulton Financial (NASDAQ:FULT - Get Free Report) last issued its earnings results on Tuesday, July 15th. The bank reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.12. Fulton Financial had a return on equity of 12.64% and a net margin of 17.00%.The firm had revenue of $328.45 million for the quarter, compared to analyst estimates of $320.47 million. During the same period last year, the company earned $0.52 earnings per share. Equities research analysts forecast 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 was paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st were given a $0.18 dividend. The ex-dividend date of this dividend was Tuesday, July 1st. This represents a $0.72 annualized dividend and a yield of 3.9%. Fulton Financial's dividend payout ratio (DPR) is currently 42.11%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on FULT. DA Davidson increased their target price on Fulton Financial from $17.00 to $20.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Keefe, Bruyette & Woods raised their price objective on Fulton Financial from $21.00 to $22.00 and gave the stock a "market perform" rating in a research note on Thursday, July 17th. Piper Sandler restated a "neutral" rating on shares of Fulton Financial in a research note on Wednesday, July 9th. Finally, Jefferies Financial Group restated a "hold" rating on shares of Fulton Financial in a research note on Wednesday, July 9th. One equities research analyst has rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $21.13.

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.

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