Invesco Ltd. Sells 140,675 Shares of Fulton Financial Corporation $FULT

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

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FULT. GAMMA Investing LLC lifted its stake in Fulton Financial by 42.2% in the first quarter. GAMMA Investing LLC now owns 3,072 shares of the bank's stock worth $56,000 after acquiring an additional 911 shares during the period. Byrne Asset Management LLC lifted its stake in Fulton Financial by 114.5% in the first quarter. Byrne Asset Management LLC now owns 3,217 shares of the bank's stock worth $58,000 after acquiring an additional 1,717 shares during the period. Blue Trust Inc. lifted its stake in Fulton Financial by 15.1% in the first quarter. Blue Trust Inc. now owns 5,728 shares of the bank's stock worth $104,000 after acquiring an additional 752 shares during the period. Sterling Capital Management LLC lifted its stake in Fulton Financial by 850.1% in the fourth quarter. Sterling Capital Management LLC now owns 5,843 shares of the bank's stock worth $113,000 after acquiring an additional 5,228 shares during the period. Finally, TD Private Client Wealth LLC lifted its stake in Fulton Financial by 21.5% in the first quarter. TD Private Client Wealth LLC now owns 8,377 shares of the bank's stock worth $152,000 after acquiring an additional 1,483 shares during the period. Hedge funds and other institutional investors own 72.02% of the company's stock.

Analysts Set New Price Targets

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

Insider Transactions at Fulton Financial

In other Fulton Financial news, Director E Philip Wenger sold 5,000 shares of the stock in a transaction that occurred 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 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 position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 1.07% of the company's stock.

Fulton Financial Stock Performance

FULT traded up $0.13 during midday trading on Tuesday, hitting $19.76. 1,542,701 shares of the company traded hands, compared to its average volume of 1,563,164. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $3.60 billion, a PE ratio of 11.56 and a beta of 0.82. The company's 50-day moving average is $18.56 and its 200 day moving average is $18.02. Fulton Financial Corporation has a 52 week low of $14.32 and a 52 week high of $22.49.

Fulton Financial (NASDAQ:FULT - Get Free Report) last posted its earnings results on Tuesday, July 15th. The bank reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate 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 prior year, the business earned $0.52 EPS. On average, research analysts expect that Fulton Financial Corporation will post 1.91 EPS for the current year.

Fulton Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Tuesday, July 1st. Fulton Financial's dividend payout ratio is currently 42.11%.

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.