Fulton Financial Corporation (NASDAQ:FULT) Position Cut by Brandywine Global Investment Management LLC

Key Points

• Brandywine Global Investment Management LLC reduced its stake in Fulton Financial Corporation by 3.7%, now holding 368,020 shares worth approximately $6.66 million.
• Analysts have mixed views on Fulton Financial, with a consensus rating of "Hold" and an average price target of $21.13, reflecting a range of upgrades to target prices from major firms.
• The company recently announced a quarterly dividend of $0.18, representing an annualized yield of 3.9%, with a payout ratio of 42.11%.

Brandywine Global Investment Management LLC trimmed its holdings in Fulton Financial Corporation (NASDAQ:FULT - Free Report) by 3.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 368,020 shares of the bank's stock after selling 14,310 shares during the quarter. Brandywine Global Investment Management LLC owned about 0.20% of Fulton Financial worth $6,657,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in FULT. GAMMA Investing LLC grew its holdings in Fulton Financial by 42.2% in the 1st quarter. GAMMA Investing LLC now owns 3,072 shares of the bank's stock worth $56,000 after buying an additional 911 shares in the last quarter. Byrne Asset Management LLC lifted its position 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 purchasing an additional 1,717 shares during the period. Blue Trust Inc. lifted its position 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 purchasing an additional 752 shares during the period. Sterling Capital Management LLC lifted its position 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 purchasing an additional 5,228 shares during the period. Finally, TD Private Client Wealth LLC lifted its position 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 purchasing an additional 1,483 shares during the period. 72.02% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on FULT shares. DA Davidson upped their target price on Fulton Financial from $17.00 to $20.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Keefe, Bruyette & Woods upped their target price on Fulton Financial from $21.00 to $22.00 and gave the stock a "market perform" rating in a research report on Thursday, July 17th. Jefferies Financial Group restated a "hold" rating on shares of Fulton Financial in a research report on Wednesday, July 9th. Finally, Piper Sandler restated a "neutral" rating on shares of Fulton Financial in a research report on Wednesday, July 9th. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat, Fulton Financial has an average rating of "Hold" and a consensus price target of $21.13.

Insider Activity

In other 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 completion of the sale, the director owned 599,102 shares in the company, valued at $11,029,467.82. This represents a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.08% of the stock is owned by insiders.

Fulton Financial Price Performance

Shares of NASDAQ:FULT opened at $18.51 on Friday. Fulton Financial Corporation has a one year low of $14.32 and a one year high of $22.49. The stock has a fifty day moving average of $18.33 and a 200-day moving average of $18.08. The company has a market capitalization of $3.37 billion, a PE ratio of 10.82 and a beta of 0.82. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.92.

Fulton Financial (NASDAQ:FULT - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The bank reported $0.55 EPS for the quarter, beating analysts' consensus estimates of $0.43 by $0.12. Fulton Financial had a return on equity of 12.64% and a net margin of 17.00%. The company had revenue of $328.45 million during the quarter, compared to the consensus estimate of $320.47 million. During the same quarter in the prior year, the firm earned $0.52 EPS. As a group, equities analysts anticipate that Fulton Financial Corporation will post 1.91 EPS for the current fiscal year.

Fulton Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st were issued a $0.18 dividend. The ex-dividend date was Tuesday, July 1st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.9%. Fulton Financial's dividend payout ratio is presently 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.

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