Squarepoint Ops LLC Acquires Shares of 101,960 Fulton Financial Corporation $FULT

Key Points

• Squarepoint Ops LLC acquired 101,960 shares of Fulton Financial in the second quarter, valued at approximately $2.5 million. Institutional investors collectively own 72.02% of the bank’s stock.
• Analysts maintain a generally neutral outlook, with a consensus “Hold” rating and an average price target of $24.75; several firms recently raised their targets to between $25 and $27.
• Fulton Financial beat quarterly earnings estimates, reporting $0.60 EPS versus $0.53 expected and revenue of $367.87 million, up 12.2% year over year. Two directors recently sold shares, while insiders own just 0.01% of the company.

Squarepoint Ops LLC bought a new position in Fulton Financial Corporation (NASDAQ:FULT - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 101,960 shares of the bank's stock, valued at approximately $2,466,000. Squarepoint Ops LLC owned about 0.05% of Fulton Financial at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new stake in Fulton Financial in the 4th quarter worth about $44,271,000. First Trust Advisors LP lifted its holdings in Fulton Financial by 31.2% during the first quarter. First Trust Advisors LP now owns 8,050,923 shares of the bank's stock valued at $163,756,000 after purchasing an additional 1,912,709 shares during the last quarter. Bank of America Corp DE lifted its holdings in Fulton Financial by 132.4% during the first quarter. Bank of America Corp DE now owns 1,576,996 shares of the bank's stock valued at $32,076,000 after purchasing an additional 898,435 shares during the last quarter. Jefferies Financial Group Inc. purchased a new stake in Fulton Financial during the fourth quarter valued at about $4,580,000. Finally, Deutsche Bank AG bought a new position in Fulton Financial during the second quarter worth about $4,899,000. 72.02% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on FULT shares. Piper Sandler reiterated a "neutral" rating and issued a $27.00 target price (up from $23.00) on shares of Fulton Financial in a research note on Monday, August 3rd. Weiss Ratings restated a "buy (b)" rating on shares of Fulton Financial in a research note on Wednesday, July 29th. Wall Street Zen raised shares of Fulton Financial from a "sell" rating to a "hold" rating in a report on Saturday, July 25th. DA Davidson raised their price objective on shares of Fulton Financial from $24.00 to $25.00 and gave the stock a "neutral" rating in a report on Friday, July 24th. Finally, Raymond James Financial lifted their price objective on shares of Fulton Financial from $24.00 to $26.00 and gave the company an "outperform" rating in a research note on Wednesday, July 1st. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $24.75.

Fulton Financial Stock Performance

Shares of FULT opened at $23.75 on Tuesday. Fulton Financial Corporation has a 52-week low of $16.60 and a 52-week high of $25.23. The stock's 50-day simple moving average is $24.14 and its 200 day simple moving average is $22.45. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a market capitalization of $4.53 billion, a price-to-earnings ratio of 11.36 and a beta of 0.78.

Fulton Financial (NASDAQ:FULT - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The bank reported $0.60 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.07. Fulton Financial had a return on equity of 12.68% and a net margin of 20.63%.The business had revenue of $367.87 million during the quarter, compared to analyst estimates of $358.83 million. During the same quarter in the previous year, the firm earned $0.55 EPS. The company's quarterly revenue was up 12.2% compared to the same quarter last year. Research analysts forecast that Fulton Financial Corporation will post 2.23 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director E. Wenger sold 5,000 shares of the company's stock in a transaction that occurred on Monday, July 13th. The shares were sold at an average price of $24.14, for a total transaction of $120,700.00. Following the sale, the director owned 75,477 shares of the company's stock, valued at approximately $1,822,014.78. This represents a 6.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Lisa Crutchfield sold 4,100 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $24.80, for a total transaction of $101,680.00. Following the completion of the sale, the director owned 7,838 shares in the company, valued at $194,382.40. This represents a 34.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.01% of the stock is currently owned by company insiders.

About Fulton Financial

Fulton Financial Corporation NASDAQ: FULT is a bank holding company headquartered in Lancaster, Pennsylvania. Its primary subsidiary, Fulton Bank, provides banking and financial services to consumers, businesses and institutions.

The company offers deposit accounts, residential and commercial lending, mortgages, treasury management, cash management and other commercial banking services. Through its broader financial services platform, Fulton also provides wealth management, investment services and insurance solutions.

Fulton serves customers through branches and digital channels across Pennsylvania, Delaware, Maryland, New Jersey and Virginia.

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