Intech Investment Management LLC Boosts Stock Position in 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 boosted its position in shares of Fulton Financial Corporation (NASDAQ:FULT - Free Report) by 21.8% in the 1st quarter, according to the company in 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 acquiring an additional 18,471 shares during the period. Intech Investment Management LLC owned 0.06% of Fulton Financial worth $1,865,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of FULT. Nuveen LLC purchased a new position in Fulton Financial during the first quarter valued at approximately $17,263,000. Millennium Management LLC grew its stake in Fulton Financial by 149.9% in the 4th quarter. Millennium Management LLC now owns 1,478,735 shares of the bank's stock worth $28,510,000 after buying an additional 886,991 shares in the last quarter. Nuveen Asset Management LLC lifted its holdings in shares of Fulton Financial by 133.7% in the 4th quarter. Nuveen Asset Management LLC now owns 1,239,500 shares of the bank's stock worth $23,898,000 after acquiring an additional 709,015 shares during the last quarter. Jane Street Group LLC lifted its holdings in shares of Fulton Financial by 914.9% in the 1st quarter. Jane Street Group LLC now owns 308,243 shares of the bank's stock worth $5,576,000 after acquiring an additional 277,871 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Fulton Financial in the 4th quarter worth approximately $4,773,000. Hedge funds and other institutional investors own 72.02% of the company's stock.

Fulton Financial Stock Down 1.2%

FULT stock traded down $0.24 during trading on Friday, hitting $19.24. 739,363 shares of the stock traded hands, compared to its average volume of 1,431,658. Fulton Financial Corporation has a 1 year low of $14.32 and a 1 year high of $22.49. The firm's 50 day moving average is $18.92 and its two-hundred day moving average is $17.94. The stock has a market cap of $3.50 billion, a price-to-earnings ratio of 11.23 and a beta of 0.85. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.92 and a quick 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 the consensus estimate of $0.43 by $0.12. Fulton Financial had a net margin of 17.00% and a return on equity of 12.64%. The company had revenue of $328.45 million for the quarter, compared to the consensus estimate of $320.47 million. During the same period in the prior year, the firm posted $0.52 EPS. On average, sell-side analysts anticipate that Fulton Financial Corporation will post 1.91 EPS for the current year.

Fulton Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, October 1st will be issued a dividend of $0.18 per share. 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 (DPR) is presently 42.11%.

Insider Activity

In other news, Director E Philip Wenger sold 5,000 shares of the stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $19.28, for a total value of $96,400.00. Following the transaction, the director owned 90,477 shares in the company, valued at $1,744,396.56. This represents a 5.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.08% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Zacks Research downgraded shares of Fulton Financial from a "strong-buy" rating to a "hold" rating in a research note on Monday. DA Davidson upped their price objective on shares of Fulton Financial from $17.00 to $20.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Keefe, Bruyette & Woods upped their price objective on shares of Fulton Financial from $21.00 to $22.00 and gave the stock a "market perform" rating in a report on Thursday, July 17th. Jefferies Financial Group restated a "hold" rating on shares of Fulton Financial in a report on Wednesday, July 9th. Finally, Piper Sandler restated a "neutral" rating on shares of Fulton Financial in a report on Wednesday, July 9th. One analyst has rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Fulton Financial has an average rating of "Hold" and an average target price of $21.13.

Fulton Financial 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.