Intech Investment Management LLC Purchases 18,471 Shares of Fulton Financial Corporation $FULT

Key Points

• Intech Investment Management LLC increased its holdings in Fulton Financial Corporation by 21.8%, acquiring an additional 18,471 shares, bringing its total to 103,089 shares valued at approximately $1.87 million.
• Fulton Financial recently announced a quarterly dividend of $0.18 per share, with the ex-dividend date set for October 1st, which represents an annualized dividend yield of 3.8%.
• The stock price of Fulton Financial has experienced a 1.4% decline recently, trading at $18.81, with a market capitalization of $3.43 billion.

Intech Investment Management LLC lifted its position in Fulton Financial Corporation (NASDAQ:FULT - Free Report) by 21.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 103,089 shares of the bank's stock after buying an additional 18,471 shares during the quarter. Intech Investment Management LLC owned about 0.06% of Fulton Financial worth $1,865,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC boosted its position in Fulton Financial by 1.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 36,303 shares of the bank's stock worth $657,000 after purchasing an additional 684 shares during the period. Private Advisor Group LLC lifted its position in Fulton Financial by 2.0% during the first quarter. Private Advisor Group LLC now owns 35,552 shares of the bank's stock worth $643,000 after purchasing an additional 704 shares during the period. Xponance Inc. raised its stake in Fulton Financial by 5.5% during the first quarter. Xponance Inc. now owns 13,775 shares of the bank's stock worth $249,000 after acquiring an additional 717 shares in the last quarter. Blue Trust Inc. raised its stake in Fulton Financial by 15.1% during the first quarter. Blue Trust Inc. now owns 5,728 shares of the bank's stock worth $104,000 after acquiring an additional 752 shares in the last quarter. Finally, Versor Investments LP raised its stake in Fulton Financial by 1.3% during the first quarter. Versor Investments LP now owns 60,900 shares of the bank's stock worth $1,102,000 after acquiring an additional 800 shares in the last quarter. 72.02% of the stock is owned by institutional investors.

Fulton Financial Stock Down 0.5%

FULT traded down $0.09 during trading on Friday, reaching $19.38. The stock had a trading volume of 4,244,803 shares, compared to its average volume of 1,257,645. Fulton Financial Corporation has a one year low of $14.32 and a one year high of $22.49. The company has a market capitalization of $3.53 billion, a price-to-earnings ratio of 11.33 and a beta of 0.85. The stock's 50 day moving average is $18.93 and its two-hundred day moving average is $17.95. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.37.

Fulton Financial (NASDAQ:FULT - Get Free Report) last released its earnings results on Tuesday, July 15th. The bank reported $0.55 EPS for the quarter, topping 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 firm had revenue of $328.45 million for the quarter, compared to analysts' expectations of $320.47 million. During the same period in the prior year, the firm posted $0.52 earnings per share. As a group, analysts expect that Fulton Financial Corporation will post 1.91 earnings per share for the current year.

Fulton Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, October 1st will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend is Wednesday, October 1st. Fulton Financial's dividend payout ratio is currently 42.11%.

Insider Activity at Fulton Financial

In other news, Director E Philip Wenger sold 5,000 shares of the stock in a transaction on Friday, September 12th. The stock was sold at an average price of $19.28, for a total value of $96,400.00. Following the sale, the director directly owned 90,477 shares of the company's stock, valued at approximately $1,744,396.56. This represents a 5.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.08% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FULT. Jefferies Financial Group reaffirmed a "hold" rating on shares of Fulton Financial in a research note on Wednesday, July 9th. Zacks Research cut Fulton Financial from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 15th. DA Davidson raised their target price on Fulton Financial from $17.00 to $20.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. 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 research report on Thursday, July 17th. Finally, Piper Sandler reissued a "neutral" rating on shares of Fulton Financial in a report on Wednesday, July 9th. One research analyst has rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target 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.