Pier Capital LLC Has $10.50 Million Position in Fulton Financial Corporation $FULT

Key Points

• Pier Capital LLC increased its stake in Fulton Financial by 13.8% in the fourth quarter to 543,387 shares worth $10.50 million, making FULT Pier Capital’s fifth-largest holding and contributing to about 72% institutional ownership.
• Fulton reported EPS of $0.55 (beating by $0.05) while revenue missed estimates; the company pays a $0.19 quarterly dividend (annualized $0.76, ~3.5% yield) and holds a consensus analyst rating of "Hold" with a $23 target.

Pier Capital LLC boosted its position in shares of Fulton Financial Corporation (NASDAQ:FULT - Free Report) by 13.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 543,387 shares of the bank's stock after purchasing an additional 65,915 shares during the quarter. Fulton Financial comprises 1.7% of Pier Capital LLC's holdings, making the stock its 5th biggest position. Pier Capital LLC owned 0.30% of Fulton Financial worth $10,504,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FULT. Royal Bank of Canada raised its holdings in Fulton Financial by 4.9% during the 1st quarter. Royal Bank of Canada now owns 220,706 shares of the bank's stock worth $3,992,000 after purchasing an additional 10,242 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Fulton Financial by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,096 shares of the bank's stock worth $1,955,000 after purchasing an additional 4,727 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Fulton Financial by 5.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 448,832 shares of the bank's stock worth $8,119,000 after purchasing an additional 21,596 shares during the last quarter. Jane Street Group LLC raised its holdings in Fulton Financial by 914.9% during the 1st quarter. Jane Street Group LLC now owns 308,243 shares of the bank's stock worth $5,576,000 after purchasing an additional 277,871 shares during the last quarter. Finally, Strs Ohio bought a new stake in Fulton Financial during the 1st quarter worth about $152,000. 72.02% of the stock is owned by institutional investors.

Insider Activity

In related news, Director E Philip Wenger sold 5,000 shares of the business's stock in a transaction that occurred on Monday, April 13th. The stock was sold at an average price of $21.42, for a total value of $107,100.00. Following the completion of the transaction, the director directly owned 80,477 shares in the company, valued at approximately $1,723,817.34. The trade was a 5.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.01% of the company's stock.

Fulton Financial Price Performance

Fulton Financial stock opened at $21.45 on Friday. The firm has a market capitalization of $3.86 billion, a P/E ratio of 10.21 and a beta of 0.81. Fulton Financial Corporation has a 1 year low of $16.60 and a 1 year high of $22.99. The business has a 50-day moving average of $20.81 and a 200-day moving average of $19.98. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.08.

Fulton Financial (NASDAQ:FULT - Get Free Report) last posted its earnings results on Wednesday, April 22nd. The bank reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.05. The company had revenue of $331.86 million during the quarter, compared to analyst estimates of $359.36 million. Fulton Financial had a return on equity of 12.50% and a net margin of 20.85%.During the same period in the previous year, the company earned $0.52 EPS. On average, equities analysts anticipate that Fulton Financial Corporation will post 2.17 EPS for the current year.

Fulton Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Wednesday, April 1st were given a $0.19 dividend. The ex-dividend date was Wednesday, April 1st. This represents a $0.76 annualized dividend and a dividend yield of 3.5%. Fulton Financial's payout ratio is currently 36.19%.

Wall Street Analysts Forecast Growth

FULT has been the subject of several recent research reports. 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 research report on Wednesday, February 25th. They set a "neutral" rating and a $24.00 target price for the company. Weiss Ratings upgraded Fulton Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, May 1st. Finally, Raymond James Financial restated an "outperform" rating and set a $24.00 target price on shares of Fulton Financial in a research report on Monday, April 27th. Two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Fulton Financial currently has a consensus rating of "Hold" and a consensus target price of $23.00.

Fulton Financial Company 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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