Martingale Asset Management L P Increases Position in Fulton Financial Corporation $FULT

Key Points

• Martingale Asset Management L P increased its holdings in Fulton Financial Corporation by 168.4% during the first quarter, acquiring an additional 20,036 shares worth approximately $578,000.
• Fulton Financial recently declared a quarterly dividend of $0.18 per share, resulting in an annualized yield of 3.7% and a dividend payout ratio of 42.11%.
• Wall Street analysts have a consensus rating of "Hold" for Fulton Financial, with a target price ranging from $17.00 to $22.00, reflecting varying perspectives on the stock's potential growth.

Martingale Asset Management L P raised its holdings in shares of Fulton Financial Corporation (NASDAQ:FULT - Free Report) by 168.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 31,936 shares of the bank's stock after acquiring an additional 20,036 shares during the period. Martingale Asset Management L P's holdings in Fulton Financial were worth $578,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Nuveen LLC purchased a new position in shares of Fulton Financial during the first quarter worth $17,263,000. Millennium Management LLC raised its stake in shares of Fulton Financial by 149.9% during the 4th quarter. Millennium Management LLC now owns 1,478,735 shares of the bank's stock valued at $28,510,000 after buying an additional 886,991 shares during the last quarter. Nuveen Asset Management LLC raised its stake in shares of Fulton Financial by 133.7% during the 4th quarter. Nuveen Asset Management LLC now owns 1,239,500 shares of the bank's stock valued at $23,898,000 after buying an additional 709,015 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Fulton Financial during the 4th quarter valued at about $4,773,000. Finally, Voloridge Investment Management LLC raised its position in Fulton Financial by 85.9% during the fourth quarter. Voloridge Investment Management LLC now owns 438,043 shares of the bank's stock valued at $8,445,000 after acquiring an additional 202,347 shares in the last quarter. 72.02% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Fulton Financial

In related news, Director E Philip Wenger sold 5,000 shares of the business's stock in a transaction that occurred on 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 directly owned 599,102 shares in the company, valued at approximately $11,029,467.82. The trade was a 0.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.07% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on FULT. Jefferies Financial Group reaffirmed a "hold" rating on shares of Fulton Financial in a report on Wednesday, July 9th. Piper Sandler reaffirmed a "neutral" rating on shares of Fulton Financial in a report on Wednesday, July 9th. Keefe, Bruyette & Woods lifted their price objective on shares of Fulton Financial from $21.00 to $22.00 and gave the company a "market perform" rating in a report on Thursday, July 17th. Finally, DA Davidson lifted their price target on Fulton Financial from $17.00 to $20.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. One research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $21.13.

Fulton Financial Price Performance

Shares of FULT stock traded down $0.01 on Friday, reaching $19.66. 1,170,248 shares of the company were exchanged, compared to its average volume of 1,534,024. The company has a market cap of $3.58 billion, a price-to-earnings ratio of 11.50 and a beta of 0.85. The business has a 50-day moving average price of $18.71 and a 200 day moving average price of $17.98. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.92 and a current ratio of 0.92. Fulton Financial Corporation has a 1 year low of $14.32 and a 1 year high of $22.49.

Fulton Financial (NASDAQ:FULT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The bank reported $0.55 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $320.47 million. During the same period in the previous year, the business earned $0.52 EPS. Equities research analysts forecast that Fulton Financial Corporation will post 1.91 earnings per share for the current fiscal year.

Fulton Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 3.7%. The ex-dividend date was Tuesday, July 1st. Fulton Financial's payout ratio is presently 42.11%.

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.