Pier Capital LLC Acquires New Holdings in Fulton Financial Corporation $FULT

Key Points

• Pier Capital LLC bought a new stake of 477,472 shares in Fulton Financial, valued at about $8.895 million, making the stock roughly 1.4% of Pier Capital’s portfolio and about 0.26% of Fulton’s outstanding shares.
• Fulton’s board authorized a $150 million share buyback (about 4.2% of shares) and raised the quarterly dividend to $0.19, implying a 3.9% yield.
• Fulton reported quarterly EPS of $0.55 vs. estimates of $0.52, while analysts maintain an overall "Hold" consensus with a $21.50 average price target.

Pier Capital LLC bought a new stake in Fulton Financial Corporation (NASDAQ:FULT - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 477,472 shares of the bank's stock, valued at approximately $8,895,000. Fulton Financial makes up about 1.4% of Pier Capital LLC's investment portfolio, making the stock its 19th largest position. Pier Capital LLC owned approximately 0.26% of Fulton Financial as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its position in shares of Fulton Financial by 373.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,662 shares of the bank's stock worth $30,000 after purchasing an additional 1,311 shares in the last quarter. State of Wyoming bought a new stake in shares of Fulton Financial in the 2nd quarter valued at $30,000. Parallel Advisors LLC raised its stake in Fulton Financial by 69.0% during the 3rd quarter. Parallel Advisors LLC now owns 1,903 shares of the bank's stock worth $35,000 after buying an additional 777 shares during the period. Jones Financial Companies Lllp raised its stake in Fulton Financial by 48.0% during the 3rd quarter. Jones Financial Companies Lllp now owns 1,995 shares of the bank's stock worth $38,000 after buying an additional 647 shares during the period. Finally, Hantz Financial Services Inc. lifted its holdings in Fulton Financial by 1,533.8% during the third quarter. Hantz Financial Services Inc. now owns 2,173 shares of the bank's stock worth $40,000 after acquiring an additional 2,040 shares in the last quarter. 72.02% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Fulton Financial

In related news, Director E Philip Wenger sold 5,000 shares of the stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $19.55, for a total transaction of $97,750.00. Following the completion of the transaction, the director directly owned 85,477 shares in the company, valued at approximately $1,671,075.35. This trade represents a 5.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.08% of the stock is owned by corporate insiders.

Fulton Financial Trading Down 1.1%

Shares of NASDAQ:FULT opened at $19.72 on Friday. The firm has a market cap of $3.55 billion, a price-to-earnings ratio of 9.48 and a beta of 0.85. Fulton Financial Corporation has a 12 month low of $14.32 and a 12 month high of $22.99. The company's fifty day simple moving average is $20.83 and its 200 day simple moving average is $19.43. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.08.

Fulton Financial (NASDAQ:FULT - Get Free Report) last announced its earnings results on Wednesday, January 21st. The bank reported $0.55 earnings per share for the quarter, topping analysts' consensus estimates of $0.52 by $0.03. The firm had revenue of $336.02 million during the quarter, compared to analyst estimates of $336.80 million. Fulton Financial had a net margin of 20.68% and a return on equity of 12.78%. During the same period in the prior year, the business earned $0.48 EPS. As a group, research analysts forecast that Fulton Financial Corporation will post 1.91 EPS for the current fiscal year.

Fulton Financial declared that its board has authorized a share repurchase program on Tuesday, December 16th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the bank to buy up to 4.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Fulton Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.9%. This is a positive change from Fulton Financial's previous quarterly dividend of $0.18. The ex-dividend date was Wednesday, December 31st. Fulton Financial's dividend payout ratio is presently 36.54%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on FULT shares. DA Davidson initiated coverage on Fulton Financial in a research note on Wednesday, February 25th. They issued a "neutral" rating and a $24.00 target price for the company. Keefe, Bruyette & Woods raised their price target on Fulton Financial from $20.00 to $21.00 and gave the stock a "market perform" rating in a research report on Wednesday, November 26th. Finally, Weiss Ratings upgraded Fulton Financial from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, February 27th. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $21.50.

Fulton Financial Profile

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.

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