Principal Financial Group Inc. Grows Position in Fulton Financial Corporation (NASDAQ:FULT)

Principal Financial Group Inc. increased its position in Fulton Financial Corporation (NASDAQ:FULT - Free Report) by 2.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,082,623 shares of the bank's stock after buying an additional 30,800 shares during the quarter. Principal Financial Group Inc. owned 0.59% of Fulton Financial worth $19,585,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its holdings in Fulton Financial by 0.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,377,428 shares of the bank's stock valued at $45,837,000 after acquiring an additional 19,329 shares during the last quarter. Federated Hermes Inc. boosted its holdings in shares of Fulton Financial by 6.3% during the 4th quarter. Federated Hermes Inc. now owns 291,302 shares of the bank's stock worth $5,616,000 after buying an additional 17,182 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings 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 buying an additional 684 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new position in shares of Fulton Financial during the 1st quarter worth approximately $287,000. Finally, New York State Teachers Retirement System boosted its holdings in shares of Fulton Financial by 1.3% during the 1st quarter. New York State Teachers Retirement System now owns 240,935 shares of the bank's stock worth $4,359,000 after buying an additional 2,985 shares in the last quarter. 72.02% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

FULT has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods restated a "market perform" rating on shares of Fulton Financial in a report on Wednesday. DA Davidson restated a "neutral" rating and set a $20.00 price target on shares of Fulton Financial in a report on Wednesday, April 16th. Jefferies Financial Group restated a "hold" rating on shares of Fulton Financial in a report on Wednesday. Finally, Piper Sandler restated a "neutral" rating on shares of Fulton Financial in a report on Wednesday. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $20.88.

Fulton Financial Stock Down 1.5%

Shares of NASDAQ:FULT traded down $0.30 during trading on Friday, reaching $19.11. 1,638,433 shares of the stock were exchanged, compared to its average volume of 1,403,591. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.92 and a quick ratio of 0.92. Fulton Financial Corporation has a 1-year low of $14.33 and a 1-year high of $22.49. The stock has a fifty day moving average of $17.81 and a two-hundred day moving average of $18.33. The firm has a market cap of $3.47 billion, a price-to-earnings ratio of 11.24 and a beta of 0.77.

Fulton Financial (NASDAQ:FULT - Get Free Report) last issued its earnings results on Tuesday, April 15th. The bank reported $0.52 earnings per share for the quarter, topping analysts' consensus estimates of $0.44 by $0.08. Fulton Financial had a return on equity of 12.19% and a net margin of 16.59%. The company had revenue of $322.64 million for the quarter, compared to analyst estimates of $315.07 million. During the same period in the prior year, the firm earned $0.40 earnings per share. Research analysts anticipate that Fulton Financial Corporation will post 1.91 earnings per share for the current fiscal year.

Fulton Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.77%. The ex-dividend date of this dividend is Tuesday, July 1st. Fulton Financial's payout ratio is 42.35%.

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.