Nuveen LLC Makes New $17.26 Million Investment in Fulton Financial Corporation $FULT

Key Points

• Nuveen LLC has invested approximately $17.26 million in Fulton Financial Corporation by acquiring 954,287 shares, representing about 0.52% of the company's total stock.
• Fulton Financial reported $0.55 EPS for the recent quarter, surpassing analysts' expectations of $0.43, while also announcing a quarterly dividend of $0.18, yielding 3.9% annually.
• Various institutional investors have significantly increased their holdings in Fulton Financial, with hedge funds collectively owning 72.02% of the company's stock.

Nuveen LLC acquired a new position in shares of Fulton Financial Corporation (NASDAQ:FULT - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 954,287 shares of the bank's stock, valued at approximately $17,263,000. Nuveen LLC owned about 0.52% of Fulton Financial at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. Bare Financial Services Inc raised its stake in Fulton Financial by 24.1% during the 1st quarter. Bare Financial Services Inc now owns 9,595 shares of the bank's stock worth $174,000 after acquiring an additional 1,864 shares in the last quarter. Measured Wealth Private Client Group LLC acquired a new stake in Fulton Financial during the 1st quarter worth $425,000. Hirtle Callaghan & Co LLC acquired a new stake in Fulton Financial during the 1st quarter worth $231,000. IFG Advisory LLC acquired a new stake in Fulton Financial during the 1st quarter worth $301,000. Finally, Strategic Family Wealth Counselors L.L.C. acquired a new stake in Fulton Financial during the 1st quarter worth $252,000. 72.02% of the stock is owned by hedge funds and other institutional investors.

Fulton Financial Stock Performance

Shares of NASDAQ:FULT traded down $0.01 during midday trading on Monday, hitting $19.63. The stock had a trading volume of 1,437,866 shares, compared to its average volume of 1,548,379. The company has a market capitalization of $3.57 billion, a PE ratio of 11.48 and a beta of 0.82. The stock has a 50 day moving average price of $18.50 and a two-hundred day moving average price of $18.00. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.37. 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 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 firm had revenue of $328.45 million for the quarter, compared to the consensus estimate of $320.47 million. Fulton Financial had a net margin of 17.00% and a return on equity of 12.64%. During the same quarter in the previous year, the firm earned $0.52 earnings per share. As a group, equities analysts predict that Fulton Financial Corporation will post 1.91 earnings per share for the current fiscal year.

Fulton Financial Dividend Announcement

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

Insider Activity

In other news, Director E Philip Wenger sold 5,000 shares of the 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 of the company's stock, valued at $11,029,467.82. This represents a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.07% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have commented on FULT. Jefferies Financial Group restated a "hold" rating on shares of Fulton Financial in a research note on Wednesday, July 9th. DA Davidson lifted 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. 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 research note on Thursday, July 17th. Finally, Piper Sandler restated a "neutral" rating on shares of Fulton Financial in a research note on Wednesday, July 9th. One investment analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $21.13.

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.