Norges Bank Takes Position in Fulton Financial Corporation $FULT

Key Points

• Norges Bank disclosed a new stake in Fulton Financial, buying 2.29 million shares worth about $44.3 million and ending the quarter with roughly 1.27% of the bank.
• Fulton Financial reported better-than-expected quarterly earnings of $0.55 per share, beating estimates by $0.05, though revenue came in below forecasts.
• The bank also paid a quarterly dividend of $0.19 per share, representing a 3.4% annualized yield, while analysts currently rate the stock a consensus Hold with a $23 average price target.

Norges Bank acquired a new stake in Fulton Financial Corporation (NASDAQ:FULT - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 2,290,257 shares of the bank's stock, valued at approximately $44,271,000. Norges Bank owned approximately 1.27% of Fulton Financial at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Eurizon Capital SGR S.p.A. bought a new position in shares of Fulton Financial in the 4th quarter valued at about $27,000. Intech Investment Management LLC grew its holdings in shares of Fulton Financial by 25.3% in the 4th quarter. Intech Investment Management LLC now owns 104,775 shares of the bank's stock valued at $2,025,000 after acquiring an additional 21,154 shares in the last quarter. New Age Alpha Advisors LLC grew its holdings in shares of Fulton Financial by 17.9% in the 4th quarter. New Age Alpha Advisors LLC now owns 243,868 shares of the bank's stock valued at $4,714,000 after acquiring an additional 36,967 shares in the last quarter. Hantz Financial Services Inc. grew its holdings in shares of Fulton Financial by 171.6% in the 4th quarter. Hantz Financial Services Inc. now owns 5,902 shares of the bank's stock valued at $114,000 after acquiring an additional 3,729 shares in the last quarter. Finally, Jefferies Financial Group Inc. bought a new position in shares of Fulton Financial in the 4th quarter valued at about $4,580,000. Institutional investors own 72.02% of the company's stock.

Fulton Financial Trading Up 0.5%

Fulton Financial stock opened at $22.05 on Tuesday. Fulton Financial Corporation has a 52 week low of $16.60 and a 52 week high of $22.99. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market capitalization of $4.21 billion, a P/E ratio of 10.50 and a beta of 0.80. The stock has a 50-day simple moving average of $21.34 and a 200 day simple moving average of $20.57.

Fulton Financial (NASDAQ:FULT - Get Free Report) last posted its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.55 EPS for the quarter, topping analysts' consensus estimates of $0.50 by $0.05. Fulton Financial had a return on equity of 12.69% and a net margin of 20.85%.The business had revenue of $331.86 million during the quarter, compared to analysts' expectations of $359.36 million. During the same quarter last year, the company posted $0.52 earnings per share. Analysts expect that Fulton Financial Corporation will post 2.17 earnings per share for the current year.

Fulton Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Wednesday, April 1st were given a dividend of $0.19 per share. The ex-dividend date was Wednesday, April 1st. This represents a $0.76 annualized dividend and a yield of 3.4%. Fulton Financial's dividend payout ratio (DPR) is 36.19%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Raymond James Financial restated an "outperform" rating and issued a $24.00 price objective on shares of Fulton Financial in a report on Monday, April 27th. Wall Street Zen cut Fulton Financial from a "hold" rating to a "sell" rating in a report on Sunday, May 3rd. DA Davidson initiated coverage on Fulton Financial in a report on Wednesday, February 25th. They set a "neutral" rating and a $24.00 price target for the company. Finally, Weiss Ratings upgraded Fulton Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, May 1st. Two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Fulton Financial has an average rating of "Hold" and an average price target of $23.00.

Insider Transactions at Fulton Financial

In other Fulton Financial news, Director E Philip Wenger sold 5,000 shares of the firm's stock in a transaction that occurred on Monday, April 13th. The shares were sold at an average price of $21.42, for a total transaction of $107,100.00. Following the completion of the sale, the director directly owned 80,477 shares in the company, valued at $1,723,817.34. This trade represents a 5.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.01% of the stock is owned by company insiders.

About Fulton Financial

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.

Want to see what other hedge funds are holding FULT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fulton Financial Corporation (NASDAQ:FULT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.