Rhumbline Advisers Sells 25,985 Shares of Fulton Financial Corporation $FULT

Key Points

• Rhumbline Advisers reduced its holdings in Fulton Financial Corporation by 4.8% in Q1, owning 520,709 shares now valued at approximately $9.42 million.
• Fulton Financial reported an EPS of $0.55 for the last quarter, exceeding analyst expectations of $0.43, with revenue of $328.45 million.
• The company has announced a quarterly dividend of $0.18 per share, reflecting an annualized yield of 3.7%, with a dividend payout ratio of 42.11%.

Rhumbline Advisers lessened its holdings in shares of Fulton Financial Corporation (NASDAQ:FULT - Free Report) by 4.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 520,709 shares of the bank's stock after selling 25,985 shares during the quarter. Rhumbline Advisers owned about 0.29% of Fulton Financial worth $9,420,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the business. Quarry LP raised its holdings in shares of Fulton Financial by 1,669.6% during the 1st quarter. Quarry LP now owns 1,982 shares of the bank's stock valued at $36,000 after buying an additional 1,870 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Fulton Financial by 42.2% during the 1st quarter. GAMMA Investing LLC now owns 3,072 shares of the bank's stock valued at $56,000 after buying an additional 911 shares in the last quarter. Byrne Asset Management LLC raised its holdings in shares of Fulton Financial by 114.5% during the 1st quarter. Byrne Asset Management LLC now owns 3,217 shares of the bank's stock valued at $58,000 after buying an additional 1,717 shares in the last quarter. Wealth Preservation Advisors LLC purchased a new position in shares of Fulton Financial during the 1st quarter valued at about $60,000. Finally, Blue Trust Inc. raised its holdings in shares of Fulton Financial by 15.1% during the 1st quarter. Blue Trust Inc. now owns 5,728 shares of the bank's stock valued at $104,000 after buying an additional 752 shares in the last quarter. Institutional investors own 72.02% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on FULT. Piper Sandler reissued a "neutral" rating on shares of Fulton Financial in a report on Wednesday, July 9th. DA Davidson lifted their price target on Fulton Financial from $17.00 to $20.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Keefe, Bruyette & Woods lifted their price target on Fulton Financial from $21.00 to $22.00 and gave the stock a "market perform" rating in a research note on Thursday, July 17th. Finally, Jefferies Financial Group reaffirmed a "hold" rating on shares of Fulton Financial in a research note on Wednesday, July 9th. One investment analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $21.13.

Fulton Financial Stock Down 1.9%

Fulton Financial stock traded down $0.37 during mid-day trading on Tuesday, hitting $18.71. The company had a trading volume of 396,754 shares, compared to its average volume of 1,425,427. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.37. The stock's 50 day moving average price is $18.94 and its two-hundred day moving average price is $17.93. Fulton Financial Corporation has a 12 month low of $14.32 and a 12 month high of $22.49. The company has a market capitalization of $3.41 billion, a PE ratio of 10.94 and a beta of 0.85.

Fulton Financial (NASDAQ:FULT - Get Free Report) last released its earnings results on Tuesday, July 15th. The bank reported $0.55 EPS for the quarter, topping the consensus estimate of $0.43 by $0.12. Fulton Financial had a return on equity of 12.64% and a net margin of 17.00%.The business had revenue of $328.45 million for the quarter, compared to the consensus estimate of $320.47 million. During the same period in the previous year, the company posted $0.52 earnings per share. As a group, sell-side analysts anticipate that Fulton Financial Corporation will post 1.91 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director E Philip Wenger sold 5,000 shares of the company's stock in a transaction on Friday, July 25th. The stock was sold at an average price of $18.41, for a total transaction of $92,050.00. Following the transaction, the director directly owned 599,102 shares of the company's stock, valued at $11,029,467.82. This represents a 0.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 1.07% of the company's stock.

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.