New Age Alpha Advisors LLC Sells 70,576 Shares of Fulton Financial Corporation (NASDAQ:FULT)

Key Points

• New Age Alpha Advisors LLC has reduced its stake in Fulton Financial Corporation by 24.0%, owning now approximately 223,905 shares worth $4,050,000 as stated in its recent SEC filing.
• Multiple institutional investors have increased their positions in Fulton Financial, with Fuller & Thaler Asset Management Inc. raising their stake by 5.3% and Millennium Management LLC boosting theirs by 149.9% in the fourth quarter.
• Fulton Financial reported a quarter earnings of $0.55 EPS, exceeding analysts' expectations, and also announced a quarterly dividend of $0.18 per share, reflecting a yield of 4.1%.

New Age Alpha Advisors LLC lowered its position in Fulton Financial Corporation (NASDAQ:FULT - Free Report) by 24.0% during the first quarter, according to its most recent filing with the SEC. The firm owned 223,905 shares of the bank's stock after selling 70,576 shares during the period. New Age Alpha Advisors LLC owned 0.12% of Fulton Financial worth $4,050,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. IFG Advisory LLC acquired a new position in shares of Fulton Financial in the 1st quarter worth approximately $301,000. Strategic Family Wealth Counselors L.L.C. acquired a new position in shares of Fulton Financial in the 1st quarter worth approximately $252,000. Readystate Asset Management LP acquired a new position in shares of Fulton Financial in the 1st quarter worth approximately $536,000. Y Intercept Hong Kong Ltd lifted its position in shares of Fulton Financial by 369.9% in the 1st quarter. Y Intercept Hong Kong Ltd now owns 52,080 shares of the bank's stock worth $942,000 after purchasing an additional 40,997 shares during the period. Finally, Private Advisor Group LLC lifted its position in shares of Fulton Financial by 2.0% in the 1st 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. Institutional investors and hedge funds own 72.02% of the company's stock.

Insider Activity

In other news, Director E Philip Wenger sold 5,000 shares of the company's stock in a transaction on Friday, July 25th. The shares were sold at an average price of $18.41, for a total value 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. This represents a 0.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.08% of the stock is currently owned by insiders.

Fulton Financial Stock Up 1.0%

FULT traded up $0.17 during trading on Friday, hitting $17.79. 903,172 shares of the company's stock were exchanged, compared to its average volume of 2,094,625. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.36. The business's 50 day moving average is $18.20 and its two-hundred day moving average is $18.15. Fulton Financial Corporation has a fifty-two week low of $14.32 and a fifty-two week high of $22.49. The stock has a market cap of $3.23 billion, a P/E ratio of 10.40 and a beta of 0.82.

Fulton Financial (NASDAQ:FULT - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The bank reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.12. Fulton Financial had a net margin of 17.00% and a return on equity of 12.44%. The firm had revenue of $328.45 million for the quarter, compared to the consensus estimate of $320.47 million. During the same quarter in the prior year, the company posted $0.52 earnings per share. As a group, equities analysts expect that Fulton Financial Corporation will post 1.91 earnings per share for the current fiscal year.

Fulton Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st were paid a $0.18 dividend. The ex-dividend date was Tuesday, July 1st. This represents a $0.72 annualized dividend and a dividend yield of 4.0%. Fulton Financial's dividend payout ratio is presently 42.11%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on FULT shares. Piper Sandler reiterated a "neutral" rating on shares of Fulton Financial in a research report on Wednesday, July 9th. DA Davidson boosted their target price on shares of Fulton Financial from $17.00 to $20.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Jefferies Financial Group reiterated a "hold" rating on shares of Fulton Financial in a research report on Wednesday, July 9th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Fulton Financial from $21.00 to $22.00 and gave the company a "market perform" rating in a research report on Thursday, July 17th. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $21.13.

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.