Readystate Asset Management LP Makes New Investment in Fulton Financial Corporation (NASDAQ:FULT)

Readystate Asset Management LP acquired a new stake in Fulton Financial Corporation (NASDAQ:FULT - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 29,642 shares of the bank's stock, valued at approximately $536,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Proficio Capital Partners LLC purchased a new position in Fulton Financial during the 4th quarter valued at about $279,000. Raymond James Financial Inc. acquired a new position in Fulton Financial during the fourth quarter worth approximately $1,676,000. HighTower Advisors LLC grew its stake in shares of Fulton Financial by 1.4% in the 4th quarter. HighTower Advisors LLC now owns 63,321 shares of the bank's stock valued at $1,221,000 after purchasing an additional 849 shares during the last quarter. Natixis Advisors LLC grew its holdings in Fulton Financial by 7.7% during the fourth quarter. Natixis Advisors LLC now owns 41,721 shares of the bank's stock worth $804,000 after acquiring an additional 2,990 shares during the period. Finally, Xponance Inc. boosted its position in Fulton Financial by 9.5% during the fourth quarter. Xponance Inc. now owns 13,058 shares of the bank's stock worth $252,000 after purchasing an additional 1,132 shares in the last quarter. 72.02% of the stock is owned by institutional investors and hedge funds.

Fulton Financial Stock Down 2.9%

Shares of NASDAQ FULT traded down $0.55 during mid-day trading on Thursday, hitting $18.71. The company had a trading volume of 1,487,186 shares, compared to its average volume of 1,935,655. The firm has a 50-day simple moving average of $18.09 and a two-hundred day simple moving average of $18.33. The company has a market capitalization of $3.40 billion, a PE ratio of 10.94 and a beta of 0.77. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.36. Fulton Financial Corporation has a one year low of $14.32 and a one year high of $22.49.

Fulton Financial (NASDAQ:FULT - Get Free Report) last issued its quarterly earnings results on Tuesday, July 15th. The bank reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.12. Fulton Financial had a return on equity of 12.44% and a net margin of 17.00%. The business had revenue of $328.45 million during the quarter, compared to analysts' expectations of $320.47 million. During the same period in the previous year, the company posted $0.52 earnings per share. On average, equities analysts expect that Fulton Financial Corporation will post 1.91 EPS for the current year.

Fulton Financial Announces Dividend

The business also recently disclosed 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 dividend on an annualized basis and a yield of 3.85%. Fulton Financial's payout ratio is 42.11%.

Analysts Set New Price Targets

FULT has been the subject of several analyst reports. Jefferies Financial Group reiterated a "hold" rating on shares of Fulton Financial in a research note on Wednesday, July 9th. DA Davidson upped their price objective on Fulton Financial from $17.00 to $20.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Piper Sandler reissued a "neutral" rating on shares of Fulton Financial in a research note on Wednesday, July 9th. Finally, Keefe, Bruyette & Woods raised their price objective on 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 analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $21.13.

Fulton Financial 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.