Public Sector Pension Investment Board Buys 124,019 Shares of Fulton Financial Corporation (NASDAQ:FULT)

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 lifted its holdings in Fulton Financial Corporation (NASDAQ:FULT - Free Report) by 27.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 577,492 shares of the bank's stock after purchasing an additional 124,019 shares during the period. Public Sector Pension Investment Board owned about 0.32% of Fulton Financial worth $10,447,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC grew its stake in shares of Fulton Financial by 42.2% in the 1st 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 grew its stake in shares of Fulton Financial by 114.5% in the 1st 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. grew its stake in shares of Fulton Financial by 15.1% in the 1st 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 grew its stake in shares of Fulton Financial by 850.1% in the 4th 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 grew its stake in shares of Fulton Financial by 21.5% in the 1st 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. Institutional investors and hedge funds own 72.02% of the company's stock.

Wall Street Analysts Forecast Growth

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

Fulton Financial Stock Performance

FULT traded down $0.27 during trading on Friday, reaching $18.51. 3,164,350 shares of the company's stock were exchanged, compared to its average volume of 1,659,516. Fulton Financial Corporation has a fifty-two week low of $14.32 and a fifty-two week high of $22.49. The company has a quick ratio of 0.88, a current ratio of 0.92 and a debt-to-equity ratio of 0.37. The business has a 50 day moving average price of $18.33 and a 200 day moving average price of $18.08. The company has a market capitalization of $3.37 billion, a P/E ratio of 10.82 and a beta of 0.82.

Fulton Financial (NASDAQ:FULT - Get Free Report) last issued its earnings results 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 company had revenue of $328.45 million for the quarter, compared to the consensus estimate of $320.47 million. During the same quarter in the previous year, the company earned $0.52 EPS. As a group, analysts predict that Fulton Financial Corporation will post 1.91 earnings per share for the current fiscal year.

Fulton Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st were given a dividend of $0.18 per share. The ex-dividend date was Tuesday, July 1st. This represents a $0.72 annualized dividend and a yield of 3.9%. Fulton Financial's dividend payout ratio is 42.11%.

Insider Transactions at Fulton Financial

In related news, Director E Philip Wenger sold 5,000 shares of the company's stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $18.41, for a total transaction of $92,050.00. Following the transaction, the director owned 599,102 shares in the company, valued at $11,029,467.82. This represents a 0.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.08% of the stock is currently owned by company insiders.

Fulton Financial Company 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.