Fulton Financial Corporation $FULT Stock Sold by ProShare Advisors LLC

Key Points

• ProShare Advisors cut its Fulton Financial stake by 91.6% in the third quarter, selling 290,877 shares and retaining 26,815 shares valued at about $605,000. Institutional investors collectively own 72.02% of the stock.
• Fulton reported quarterly EPS of $0.62, beating the $0.55 consensus, while revenue of $367.26 million was slightly above estimates. The company’s quarterly dividend was $0.19 per share, equivalent to a 3.2% annualized yield.
• Analysts’ consensus rating is Hold, with an average price target of $24.80. Recent rating actions were mixed, including a downgrade to market perform and increases to some price targets.

ProShare Advisors LLC trimmed its holdings in Fulton Financial Corporation (NASDAQ:FULT - Free Report) by 91.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 26,815 shares of the bank's stock after selling 290,877 shares during the quarter. ProShare Advisors LLC's holdings in Fulton Financial were worth $605,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Axiom Investment Management LLC purchased a new position in shares of Fulton Financial in the first quarter worth $28,000. Cassaday & Co Wealth Management LLC bought a new position in shares of Fulton Financial during the first quarter worth $53,000. Compass Financial Management LLC purchased a new position in Fulton Financial during the second quarter valued at $66,000. Public Employees Retirement System of Ohio purchased a new position in Fulton Financial during the second quarter valued at $66,000. Finally, Root Financial Partners LLC bought a new stake in Fulton Financial in the 3rd quarter valued at $90,000. 72.02% of the stock is owned by hedge funds and other institutional investors.

Fulton Financial Stock Performance

FULT stock opened at $23.76 on Monday. The firm has a fifty day moving average price of $23.14 and a 200 day moving average price of $22.44. Fulton Financial Corporation has a fifty-two week low of $16.91 and a fifty-two week high of $25.23. The firm has a market cap of $4.54 billion, a PE ratio of 11.05 and a beta of 0.78. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.90 and a current ratio of 0.90.

Fulton Financial (NASDAQ:FULT - Get Free Report) last released its quarterly earnings results on Wednesday, October 21st. The bank reported $0.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.55 by $0.07. Fulton Financial had a net margin of 21.07% and a return on equity of 12.79%. The company had revenue of $367.26 million for the quarter, compared to the consensus estimate of $366.71 million. During the same quarter in the prior year, the firm earned $0.55 earnings per share. Sell-side analysts anticipate that Fulton Financial Corporation will post 2.26 earnings per share for the current fiscal year.

Fulton Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Thursday, October 1st were issued a $0.19 dividend. The ex-dividend date was Thursday, October 1st. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.2%. Fulton Financial's payout ratio is 35.35%.

Analyst Ratings Changes

Several analysts have commented on FULT shares. Piper Sandler reiterated a "neutral" rating and issued a $27.00 price target (up from $23.00) on shares of Fulton Financial in a research note on Monday, August 3rd. Raymond James Financial lowered Fulton Financial from an "outperform" rating to a "market perform" rating in a research report on Tuesday, October 6th. DA Davidson lifted their target price on Fulton Financial from $24.00 to $25.00 and gave the stock a "neutral" rating in a report on Friday, July 24th. Weiss Ratings reiterated a "buy (b)" rating on shares of Fulton Financial in a research report on Tuesday, October 27th. Finally, Wall Street Zen upgraded Fulton Financial from a "sell" rating to a "hold" rating in a research report on Saturday, July 25th. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $24.80.

Fulton Financial Company Profile

Fulton Financial Corporation is a bank holding company headquartered in Lancaster, Pennsylvania. Its principal subsidiary, Fulton Bank, provides banking and financial services to individuals, businesses and nonprofit organizations.

The company offers consumer and commercial deposit accounts, loans and other credit products, as well as mortgage, wealth management and related financial services. Its roots in banking date to the founding of Fulton National Bank in Lancaster in 1882.

Fulton serves communities across the Mid-Atlantic, including Pennsylvania, Delaware, Maryland, New Jersey and Virginia.

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