JPMorgan Chase & Co. Grows Stake in Fulton Financial Corporation $FULT

Key Points

• JPMorgan Chase increased its stake in Fulton Financial by 46.6% in Q3, boosting ownership to 603,553 shares (about $11.24 million, ~0.33% of the company).
• Fulton’s Board approved a $150 million share buyback (up to 4.2% of outstanding shares) and declared a quarterly dividend of $0.19 per share, implying a ~3.9% yield.
• The bank beat Q earnings expectations (EPS $0.55 vs. $0.52 consensus), trades at a 9.46 P/E, and carries an average analyst rating of "Hold" with a consensus price target of $21.50.

JPMorgan Chase & Co. grew its stake in shares of Fulton Financial Corporation (NASDAQ:FULT - Free Report) by 46.6% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 603,553 shares of the bank's stock after acquiring an additional 191,764 shares during the period. JPMorgan Chase & Co. owned about 0.33% of Fulton Financial worth $11,244,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of FULT. EJF Capital LLC grew its holdings in Fulton Financial by 2.6% during the second quarter. EJF Capital LLC now owns 22,686 shares of the bank's stock valued at $409,000 after purchasing an additional 582 shares during the period. Arizona State Retirement System raised its stake in shares of Fulton Financial by 1.2% in the third quarter. Arizona State Retirement System now owns 53,768 shares of the bank's stock valued at $1,002,000 after buying an additional 623 shares during the period. Jones Financial Companies Lllp raised its stake in shares of Fulton Financial by 48.0% in the third quarter. Jones Financial Companies Lllp now owns 1,995 shares of the bank's stock valued at $38,000 after buying an additional 647 shares during the period. Amalgamated Bank lifted its position in shares of Fulton Financial by 1.3% during the 3rd quarter. Amalgamated Bank now owns 52,371 shares of the bank's stock valued at $976,000 after buying an additional 671 shares during the last quarter. Finally, Illinois Municipal Retirement Fund lifted its position in shares of Fulton Financial by 0.7% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 97,150 shares of the bank's stock valued at $1,810,000 after buying an additional 720 shares during the last quarter. Institutional investors own 72.02% of the company's stock.

Fulton Financial Trading Down 2.4%

NASDAQ:FULT opened at $19.68 on Friday. Fulton Financial Corporation has a 1 year low of $14.32 and a 1 year high of $22.99. The stock's fifty day moving average price is $20.83 and its two-hundred day moving average price is $19.44. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market cap of $3.54 billion, a P/E ratio of 9.46 and a beta of 0.85.

Fulton Financial (NASDAQ:FULT - Get Free Report) last announced its quarterly earnings results on Wednesday, January 21st. The bank reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.03. Fulton Financial had a return on equity of 12.78% and a net margin of 20.68%.The company had revenue of $336.02 million during the quarter, compared to analysts' expectations of $336.80 million. During the same period in the previous year, the business earned $0.48 earnings per share. As a group, analysts expect that Fulton Financial Corporation will post 1.91 EPS for the current year.

Fulton Financial declared that its Board of Directors has approved a stock buyback plan on Tuesday, December 16th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the bank to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its shares are undervalued.

Fulton Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Wednesday, April 1st will be issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend is Wednesday, April 1st. Fulton Financial's payout ratio is presently 36.54%.

Insider Activity at Fulton Financial

In other news, Director E Philip Wenger sold 5,000 shares of the firm's stock in a transaction that occurred on Monday, January 12th. The shares were sold at an average price of $19.55, for a total value of $97,750.00. Following the completion of the transaction, the director directly owned 85,477 shares in the company, valued at approximately $1,671,075.35. This trade represents a 5.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.08% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on FULT shares. DA Davidson started coverage on Fulton Financial in a research note on Wednesday, February 25th. They set a "neutral" rating and a $24.00 price target for the company. Weiss Ratings raised shares of Fulton Financial from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, February 27th. Two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $21.50.

Fulton Financial Profile

Fulton Financial Corporation, trading on the NASDAQ under the ticker FULT, is the financial holding company for Fulton Bank, headquartered in Lancaster, Pennsylvania. The company delivers a broad range of banking and financial services through its subsidiary, Fulton Bank, targeting both individual and corporate clients. Fulton Financial's offerings include deposit accounts, lending solutions, treasury management, and specialized banking services designed to support personal wealth goals and business growth initiatives.

Through Fulton Bank, the company provides retail banking services such as checking and savings accounts, consumer and residential mortgage loans, and home equity products.

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