Martingale Asset Management L P Has $578,000 Holdings 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 lifted its stake in Fulton Financial Corporation (NASDAQ:FULT - Free Report) by 168.4% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor 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 reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FULT. LPL Financial LLC acquired a new stake in Fulton Financial in the 4th quarter valued at approximately $289,000. Raymond James Financial Inc. acquired a new stake in Fulton Financial in the 4th quarter valued at approximately $1,676,000. MetLife Investment Management LLC grew its holdings in Fulton Financial by 6.8% in the 4th quarter. MetLife Investment Management LLC now owns 110,019 shares of the bank's stock valued at $2,121,000 after buying an additional 6,965 shares during the last quarter. Hsbc Holdings PLC grew its holdings in Fulton Financial by 43.1% in the 4th quarter. Hsbc Holdings PLC now owns 72,211 shares of the bank's stock valued at $1,397,000 after buying an additional 21,755 shares during the last quarter. Finally, Dark Forest Capital Management LP acquired a new stake in Fulton Financial in the 4th quarter valued at approximately $230,000. Institutional investors and hedge funds own 72.02% of the company's stock.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Fulton Financial

In other news, Director E Philip Wenger sold 5,000 shares of the business's stock in a transaction 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 owned 599,102 shares in the company, valued at $11,029,467.82. The trade was a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.08% of the stock is currently owned by insiders.

Fulton Financial Price Performance

Shares of Fulton Financial stock traded down $0.01 during midday trading on Friday, hitting $19.66. 1,170,248 shares of the company were exchanged, compared to its average volume of 1,448,477. The firm has a 50 day simple moving average of $18.66 and a 200-day simple moving average of $18.02. 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 Corporation has a 52 week low of $14.32 and a 52 week high of $22.49. The firm has a market cap of $3.58 billion, a P/E ratio of 11.50 and a beta of 0.82.

Fulton Financial (NASDAQ:FULT - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The bank reported $0.55 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $328.45 million during the quarter, compared to the consensus estimate of $320.47 million. During the same quarter in the previous year, the company posted $0.52 EPS. Research analysts forecast that Fulton Financial Corporation will post 1.91 earnings per share for the current year.

Fulton Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st were given 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 3.7%. Fulton Financial's payout ratio is presently 42.11%.

Fulton Financial Company 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.