Rafferty Asset Management LLC Decreases Position in Fulton Financial Corporation $FULT

Key Points

• Rafferty Asset Management LLC decreased its holdings in Fulton Financial Corporation by 33.0% during the first quarter, now owning 185,164 shares valued at approximately $3.35 million.
• Fulton Financial's stock received a consensus rating of "Hold" from analysts, with a consensus target price of $21.13, following several updates from analysts including Jefferies Financial Group and Piper Sandler.
• The company recently reported earnings of $0.55 per share for the last quarter, exceeding analysts' estimates and showing a growth in revenue to $328.45 million.

Rafferty Asset Management LLC cut its holdings in shares of Fulton Financial Corporation (NASDAQ:FULT - Free Report) by 33.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 185,164 shares of the bank's stock after selling 91,025 shares during the period. Rafferty Asset Management LLC owned about 0.10% of Fulton Financial worth $3,350,000 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. Raymond James Financial Inc. bought a new stake in Fulton Financial during the fourth quarter worth $1,676,000. Hsbc Holdings PLC increased its holdings in shares of Fulton Financial by 43.1% during the fourth quarter. Hsbc Holdings PLC now owns 72,211 shares of the bank's stock worth $1,397,000 after buying an additional 21,755 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Fulton Financial by 8.2% during the fourth quarter. AQR Capital Management LLC now owns 223,499 shares of the bank's stock worth $4,309,000 after buying an additional 16,944 shares in the last quarter. Schonfeld Strategic Advisors LLC acquired a new position in shares of Fulton Financial during the fourth quarter worth $205,000. Finally, Bayesian Capital Management LP increased its holdings in shares of Fulton Financial by 139.8% during the fourth quarter. Bayesian Capital Management LP now owns 27,098 shares of the bank's stock worth $522,000 after buying an additional 15,800 shares in the last quarter. 72.02% of the stock is currently owned by institutional investors.

Fulton Financial Stock Up 1.4%

Shares of FULT stock traded up $0.27 on Thursday, reaching $19.72. 951,732 shares of the company were exchanged, compared to its average volume of 1,317,463. Fulton Financial Corporation has a one year low of $14.32 and a one year high of $22.49. The company has a market cap of $3.59 billion, a price-to-earnings ratio of 11.53 and a beta of 0.85. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.92 and a quick ratio of 0.92. The company has a 50-day moving average of $18.85 and a 200-day moving average of $17.99.

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

Fulton Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st were paid a $0.18 dividend. The ex-dividend date was Tuesday, July 1st. This represents a $0.72 annualized dividend and a yield of 3.7%. Fulton Financial's dividend payout ratio (DPR) is 42.11%.

Insider Buying and Selling

In other Fulton Financial news, Director E Philip Wenger sold 5,000 shares of the stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $18.41, for a total value of $92,050.00. Following the completion of the sale, the director owned 599,102 shares in the company, valued at approximately $11,029,467.82. This trade represents a 0.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.08% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Jefferies Financial Group reiterated a "hold" rating on shares of Fulton Financial in a report on Wednesday, July 9th. DA Davidson upped their price target 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. Piper Sandler reiterated a "neutral" rating on shares of Fulton Financial in a report on Wednesday, July 9th. Finally, Keefe, Bruyette & Woods upped their price target 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. One analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $21.13.

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.