Fulton Financial Corporation (NASDAQ:FULT) Shares Sold by Headlands Technologies LLC

Key Points

• Headlands Technologies LLC has reduced its position in Fulton Financial Corporation (NASDAQ:FULT) by 43.2%, now holding 18,565 shares worth approximately $336,000.
• Fulton Financial's stock price increased by 1.0%, currently trading at $17.79, with a market cap of $3.23 billion and a price-to-earnings ratio of 10.40.
• The bank recently declared a quarterly dividend of $0.18 per share, reflecting an annualized dividend yield of 4.0% and a payout ratio of 42.11%.

Headlands Technologies LLC cut its holdings in shares of Fulton Financial Corporation (NASDAQ:FULT - Free Report) by 43.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,565 shares of the bank's stock after selling 14,137 shares during the period. Headlands Technologies LLC's holdings in Fulton Financial were worth $336,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Federated Hermes Inc. grew its position in Fulton Financial by 6.3% in the 4th quarter. Federated Hermes Inc. now owns 291,302 shares of the bank's stock valued at $5,616,000 after buying an additional 17,182 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Fulton Financial by 1.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 36,303 shares of the bank's stock valued at $657,000 after buying an additional 684 shares during the last quarter. Oppenheimer Asset Management Inc. purchased a new position in Fulton Financial in the 1st quarter valued at $287,000. Silver Oak Securities Incorporated purchased a new position in Fulton Financial in the 1st quarter valued at $333,000. Finally, New York State Teachers Retirement System grew its position in Fulton Financial by 1.3% in the 1st quarter. New York State Teachers Retirement System now owns 240,935 shares of the bank's stock valued at $4,359,000 after buying an additional 2,985 shares during the last quarter. 72.02% of the stock is currently owned by hedge funds and other institutional investors.

Fulton Financial Trading Down 0.6%

FULT traded down $0.11 during midday trading on Thursday, hitting $18.61. The company's stock had a trading volume of 341,980 shares, compared to its average volume of 1,443,982. The company has a current ratio of 0.92, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The firm has a market cap of $3.39 billion, a P/E ratio of 10.88 and a beta of 0.82. The firm has a 50-day moving average price of $18.27 and a two-hundred day moving average price of $18.12. 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 quarterly earnings results on Tuesday, July 15th. The bank reported $0.55 EPS for the quarter, beating the consensus estimate of $0.43 by $0.12. The company had revenue of $328.45 million during the quarter, compared to analysts' expectations of $320.47 million. Fulton Financial had a return on equity of 12.64% and a net margin of 17.00%. During the same quarter in the previous year, the business earned $0.52 EPS. On average, research analysts anticipate that Fulton Financial Corporation will post 1.91 earnings per share for the current year.

Fulton Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st were issued a dividend of $0.18 per share. 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 payout ratio is presently 42.11%.

Insider Activity

In other news, Director E Philip Wenger sold 5,000 shares of the business's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $18.41, for a total transaction of $92,050.00. Following the completion of the sale, the director owned 599,102 shares in the company, valued at approximately $11,029,467.82. The trade was a 0.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.08% of the company's stock.

Analyst Upgrades and Downgrades

FULT has been the topic of a number of analyst reports. Keefe, Bruyette & Woods raised their target price on Fulton Financial from $21.00 to $22.00 and gave the company a "market perform" rating in a report on Thursday, July 17th. DA Davidson raised their target price on Fulton Financial from $17.00 to $20.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Piper Sandler reissued a "neutral" rating on shares of Fulton Financial in a report on Wednesday, July 9th. Finally, Jefferies Financial Group reissued a "hold" rating on shares of Fulton Financial in a 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. According to data from MarketBeat, Fulton Financial currently has a consensus rating of "Hold" and an average target price of $21.13.

About Fulton Financial

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.