Fulton Financial Corporation $FULT Stock Sold by Vest Financial LLC

Key Points

• Vest Financial reduced its Fulton Financial stake by 30.5% in the third quarter, selling 82,740 shares and retaining 188,417 shares valued at approximately $4.25 million. Institutional investors collectively own 72.02% of FULT.
• Analysts maintain a generally cautious outlook, with one Buy and four Hold ratings. The consensus rating is Hold, with an average price target of $24.75.
• Fulton Financial reported quarterly EPS of $0.62, exceeding the $0.55 consensus estimate, while revenue reached $367.26 million. The bank also pays a quarterly dividend of $0.19 per share, representing a 3.2% annualized yield.

Vest Financial LLC lowered its position in shares of Fulton Financial Corporation (NASDAQ:FULT - Free Report) by 30.5% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 188,417 shares of the bank's stock after selling 82,740 shares during the quarter. Vest Financial LLC owned approximately 0.10% of Fulton Financial worth $4,251,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of FULT. Waverly Advisors LLC acquired a new position in shares of Fulton Financial in the 2nd quarter valued at $733,000. First Trust Advisors LP lifted its holdings in Fulton Financial by 31.2% during the first quarter. First Trust Advisors LP now owns 8,050,923 shares of the bank's stock worth $163,756,000 after acquiring an additional 1,912,709 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Fulton Financial by 132.4% in the first quarter. Bank of America Corp DE now owns 1,576,996 shares of the bank's stock worth $32,076,000 after acquiring an additional 898,435 shares in the last quarter. Deutsche Bank AG acquired a new stake in shares of Fulton Financial during the second quarter worth about $4,899,000. Finally, Econ Financial Services Corp raised its position in shares of Fulton Financial by 57.1% during the first quarter. Econ Financial Services Corp now owns 164,003 shares of the bank's stock worth $3,336,000 after purchasing an additional 59,614 shares during the period. Institutional investors own 72.02% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on FULT. Piper Sandler reissued a "neutral" rating and set a $27.00 price objective (up from $23.00) on shares of Fulton Financial in a research report on Monday, August 3rd. Wall Street Zen raised shares of Fulton Financial from a "sell" rating to a "hold" rating in a research report on Saturday, July 25th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Fulton Financial in a research report on Wednesday, July 29th. DA Davidson increased their price objective on Fulton Financial from $24.00 to $25.00 and gave the company a "neutral" rating in a report on Friday, July 24th. Finally, Raymond James Financial cut shares of Fulton Financial from an "outperform" rating to a "market perform" rating in a report on Tuesday, October 6th. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $24.75.

Insider Transactions at Fulton Financial

In other Fulton Financial news, Director Lisa Crutchfield sold 4,100 shares of the firm's stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $24.80, for a total value of $101,680.00. Following the sale, the director owned 7,838 shares in the company, valued at $194,382.40. This trade represents a 34.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.01% of the stock is currently owned by corporate insiders.

Fulton Financial Stock Performance

FULT opened at $23.67 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.90 and a quick ratio of 0.92. The business has a fifty day simple moving average of $23.16 and a 200 day simple moving average of $22.96. Fulton Financial Corporation has a 1 year low of $16.91 and a 1 year high of $25.23. The company has a market capitalization of $4.52 billion, a PE ratio of 11.01 and a beta of 0.79.

Fulton Financial (NASDAQ:FULT - Get Free Report) last announced its earnings results on Wednesday, October 21st. The bank reported $0.62 EPS for the quarter, topping the consensus estimate 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 analysts' expectations of $366.71 million. During the same period last year, the firm earned $0.55 earnings per share. Research analysts expect that Fulton Financial Corporation will post 2.22 EPS for the current year.

Fulton Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Thursday, October 1st were issued a dividend of $0.19 per share. The ex-dividend date of this dividend was Thursday, October 1st. This represents a $0.76 annualized dividend and a dividend yield of 3.2%. Fulton Financial's payout ratio is 35.35%.

Fulton Financial Profile

Fulton Financial Corporation is a regional bank holding company headquartered in Lancaster, Pennsylvania. Through its principal subsidiary, Fulton Bank, N.A., the company provides banking and financial services to individuals, businesses, and institutions.

Fulton Bank offers deposit accounts, consumer and commercial lending, residential mortgages, and cash-management and treasury services. Its other offerings include wealth management, trust and investment services, financial planning, and insurance solutions.

Founded in 1882, Fulton Financial serves customers through banking offices and digital channels in Pennsylvania, Delaware, Maryland, New Jersey, and Virginia.

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