Fulton Financial Corporation $FULT Stock Holdings Lifted by Econ Financial Services Corp

Key Points

• Econ Financial Services Corp increased its Fulton Financial stake by 57.1% in the first quarter, buying 59,614 additional shares and bringing its holdings to 164,003 shares worth about $3.34 million.
• Analysts are mixed on FULT, with the consensus rating at Hold and an average price target of $23.00; recent actions included Raymond James reaffirming Outperform and Piper Sandler issuing a Neutral rating.
• Fulton Financial reported Q1 EPS of $0.55, beating estimates, and recently declared a quarterly dividend of $0.19 per share, implying a 3.1% annualized yield.

Econ Financial Services Corp increased its holdings in Fulton Financial Corporation (NASDAQ:FULT - Free Report) by 57.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 164,003 shares of the bank's stock after buying an additional 59,614 shares during the period. Fulton Financial comprises approximately 1.5% of Econ Financial Services Corp's holdings, making the stock its 24th biggest position. Econ Financial Services Corp owned 0.09% of Fulton Financial worth $3,336,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Nisa Investment Advisors LLC raised its stake in Fulton Financial by 2.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 23,924 shares of the bank's stock worth $467,000 after acquiring an additional 580 shares during the period. GAMMA Investing LLC boosted its stake in Fulton Financial by 16.8% in the fourth quarter. GAMMA Investing LLC now owns 4,262 shares of the bank's stock valued at $82,000 after acquiring an additional 613 shares during the period. State of Alaska Department of Revenue grew its holdings in shares of Fulton Financial by 0.7% during the fourth quarter. State of Alaska Department of Revenue now owns 99,907 shares of the bank's stock valued at $1,930,000 after purchasing an additional 678 shares during the last quarter. Raymond James Financial Inc. grew its holdings in shares of Fulton Financial by 0.8% during the second quarter. Raymond James Financial Inc. now owns 88,351 shares of the bank's stock valued at $1,594,000 after purchasing an additional 741 shares during the last quarter. Finally, Covestor Ltd grew its holdings in shares of Fulton Financial by 39.1% during the fourth quarter. Covestor Ltd now owns 2,700 shares of the bank's stock valued at $52,000 after purchasing an additional 759 shares during the last quarter. Institutional investors own 72.02% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on FULT shares. Raymond James Financial reissued an "outperform" rating and issued a $24.00 price target on shares of Fulton Financial in a report on Monday, April 27th. Weiss Ratings upgraded Fulton Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, May 1st. Piper Sandler set a $23.00 target price on Fulton Financial and gave the stock a "neutral" rating in a research report on Friday, June 12th. Finally, Wall Street Zen cut Fulton Financial from a "hold" rating to a "sell" rating in a research note on Sunday, May 3rd. Two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $23.00.

Fulton Financial Price Performance

Shares of NASDAQ:FULT opened at $24.21 on Friday. The firm's 50 day moving average is $21.99 and its two-hundred day moving average is $21.04. The firm has a market capitalization of $4.63 billion, a P/E ratio of 11.53 and a beta of 0.80. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.06. Fulton Financial Corporation has a 52 week low of $16.60 and a 52 week high of $24.44.

Fulton Financial (NASDAQ:FULT - Get Free Report) last issued its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.05. Fulton Financial had a return on equity of 12.69% and a net margin of 20.85%.The business had revenue of $331.86 million during the quarter, compared to the consensus estimate of $359.36 million. During the same period in the previous year, the firm posted $0.52 earnings per share. Analysts anticipate that Fulton Financial Corporation will post 2.18 earnings per share for the current year.

Fulton Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st will be given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Wednesday, July 1st. Fulton Financial's payout ratio is 36.19%.

Insider Activity

In other news, Director E Philip Wenger sold 5,000 shares of the firm's stock in a transaction on Monday, April 13th. The stock was sold at an average price of $21.42, for a total transaction of $107,100.00. Following the transaction, the director directly owned 80,477 shares of the company's stock, valued at approximately $1,723,817.34. This trade represents a 5.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.01% of the company's stock.

Fulton Financial Company Profile

Fulton Financial Corporation, trading on the NASDAQ under the ticker FULT, is the financial holding company for Fulton Bank, headquartered in Lancaster, Pennsylvania. The company delivers a broad range of banking and financial services through its subsidiary, Fulton Bank, targeting both individual and corporate clients. Fulton Financial's offerings include deposit accounts, lending solutions, treasury management, and specialized banking services designed to support personal wealth goals and business growth initiatives.

Through Fulton Bank, the company provides retail banking services such as checking and savings accounts, consumer and residential mortgage loans, and home equity products.

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