Northern Trust Corp Cuts Stake in Fulton Financial Corporation $FULT

Key Points

• Northern Trust Corp reduced its stake in Fulton Financial Corporation by 1.6%, selling 31,932 shares, and now holds 1.10% of the company valued at $36.2 million.
• Fulton Financial recently reported $0.55 EPS for the quarter, exceeding analyst estimates, with revenues of $328.45 million, while announcing a quarterly dividend of $0.18 per share.
• Research analysts have raised their target prices for Fulton Financial, with Keefe, Bruyette & Woods setting a new target at $22.00, indicating a positive outlook from the investment community.

Northern Trust Corp lowered its holdings in shares of Fulton Financial Corporation (NASDAQ:FULT - Free Report) by 1.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,003,697 shares of the bank's stock after selling 31,932 shares during the period. Northern Trust Corp owned about 1.10% of Fulton Financial worth $36,247,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Wealth Enhancement Advisory Services LLC raised its position in shares of Fulton Financial by 1.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 36,303 shares of the bank's stock worth $657,000 after purchasing an additional 684 shares during the last quarter. Private Advisor Group LLC raised its holdings in shares of Fulton Financial by 2.0% in the first quarter. Private Advisor Group LLC now owns 35,552 shares of the bank's stock worth $643,000 after acquiring an additional 704 shares during the last quarter. Xponance Inc. raised its holdings in shares of Fulton Financial by 5.5% in the first quarter. Xponance Inc. now owns 13,775 shares of the bank's stock worth $249,000 after acquiring an additional 717 shares during the last quarter. Blue Trust Inc. lifted its position in shares of Fulton Financial by 15.1% in the first quarter. Blue Trust Inc. now owns 5,728 shares of the bank's stock valued at $104,000 after acquiring an additional 752 shares in the last quarter. Finally, Versor Investments LP boosted its stake in shares of Fulton Financial by 1.3% during the first quarter. Versor Investments LP now owns 60,900 shares of the bank's stock valued at $1,102,000 after acquiring an additional 800 shares during the last quarter. 72.02% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Fulton Financial Trading Up 0.5%

Fulton Financial stock traded up $0.10 during trading on Thursday, reaching $19.55. The company had a trading volume of 134,922 shares, compared to its average volume of 1,434,946. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.92 and a current ratio of 0.92. The firm has a market capitalization of $3.56 billion, a price-to-earnings ratio of 11.44 and a beta of 0.85. Fulton Financial Corporation has a 12-month low of $14.32 and a 12-month high of $22.49. The stock's 50 day moving average price is $18.82 and its two-hundred day moving average price is $17.99.

Fulton Financial (NASDAQ:FULT - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The bank reported $0.55 EPS for the quarter, topping analysts' consensus estimates of $0.43 by $0.12. The business had revenue of $328.45 million during the quarter, compared to the consensus estimate of $320.47 million. Fulton Financial had a return on equity of 12.64% and a net margin of 17.00%.During the same period in the prior year, the firm posted $0.52 EPS. 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 disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date was Tuesday, July 1st. Fulton Financial's dividend payout ratio (DPR) is 42.11%.

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 dated 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 approximately $11,029,467.82. The trade was a 0.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.07% of the stock is owned by corporate insiders.

About Fulton Financial

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.