Fulton Financial Corporation $FULT Shares Purchased by Public Sector Pension Investment Board

Key Points

• Public Sector Pension Investment Board increased its stake in Fulton Financial Corporation by 27.3% in Q1, holding 577,492 shares valued at approximately $10.4 million.
• Fulton Financial reported strong Q2 earnings of $0.55 EPS, exceeding estimates, with a net margin of 17.00% and revenue of $328.45 million.
• The company announced a quarterly dividend of $0.18 per share, yielding 3.8%, with a payout ratio of 42.11%.

Public Sector Pension Investment Board raised its holdings in shares of Fulton Financial Corporation (NASDAQ:FULT - Free Report) by 27.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 577,492 shares of the bank's stock after buying an additional 124,019 shares during the quarter. Public Sector Pension Investment Board owned about 0.32% of Fulton Financial worth $10,447,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of FULT. GAMMA Investing LLC increased its position in Fulton Financial by 42.2% during the first quarter. GAMMA Investing LLC now owns 3,072 shares of the bank's stock worth $56,000 after purchasing an additional 911 shares during the last quarter. Byrne Asset Management LLC increased its position in Fulton Financial by 114.5% during the first quarter. Byrne Asset Management LLC now owns 3,217 shares of the bank's stock worth $58,000 after purchasing an additional 1,717 shares during the last quarter. Blue Trust Inc. increased its position in Fulton Financial by 15.1% during the first quarter. Blue Trust Inc. now owns 5,728 shares of the bank's stock worth $104,000 after purchasing an additional 752 shares during the last quarter. Sterling Capital Management LLC increased its position in Fulton Financial by 850.1% during the fourth quarter. Sterling Capital Management LLC now owns 5,843 shares of the bank's stock worth $113,000 after purchasing an additional 5,228 shares during the last quarter. Finally, TD Private Client Wealth LLC increased its position in Fulton Financial by 21.5% during the first quarter. TD Private Client Wealth LLC now owns 8,377 shares of the bank's stock worth $152,000 after purchasing an additional 1,483 shares during the last quarter. Hedge funds and other institutional investors own 72.02% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. DA Davidson raised their price objective on shares of Fulton Financial from $17.00 to $20.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Piper Sandler restated a "neutral" rating on shares of Fulton Financial in a research report on Wednesday, July 9th. Jefferies Financial Group restated a "hold" rating on shares of Fulton Financial in a research report on Wednesday, July 9th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Fulton Financial from $21.00 to $22.00 and gave the stock a "market perform" rating in a research report on Thursday, July 17th. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $21.13.

Insiders Place Their Bets

In related news, Director E Philip Wenger sold 5,000 shares of the firm's stock in a transaction that occurred 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 sale, the director owned 599,102 shares of the company's stock, valued at $11,029,467.82. This trade represents a 0.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.07% of the stock is currently owned by company insiders.

Fulton Financial Stock Down 0.0%

Shares of NASDAQ FULT traded down $0.01 during midday trading on Monday, hitting $18.51. The company's stock had a trading volume of 274,547 shares, compared to its average volume of 1,452,471. The business's fifty day simple moving average is $18.33 and its two-hundred day simple moving average is $18.07. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.92 and a quick ratio of 0.92. Fulton Financial Corporation has a 1 year low of $14.32 and a 1 year high of $22.49. The firm has a market capitalization of $3.37 billion, a price-to-earnings ratio of 10.83 and a beta of 0.82.

Fulton Financial (NASDAQ:FULT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The bank reported $0.55 EPS for the quarter, beating the consensus estimate of $0.43 by $0.12. Fulton Financial had a net margin of 17.00% and a return on equity of 12.64%. The business had revenue of $328.45 million during the quarter, compared to analyst estimates of $320.47 million. During the same quarter last year, the firm posted $0.52 earnings per share. On average, equities analysts predict that Fulton Financial Corporation will post 1.91 EPS for the current year.

Fulton Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st were issued a $0.18 dividend. The ex-dividend date of this dividend was Tuesday, July 1st. This represents a $0.72 annualized dividend and a yield of 3.9%. Fulton Financial's dividend payout ratio (DPR) is 42.11%.

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.