The Manufacturers Life Insurance Company Takes Position in Fulton Financial Corporation $FULT

Key Points

• The Manufacturers Life Insurance Company acquired 90,210 Fulton Financial shares during the second quarter, valued at approximately $2.18 million. Institutional investors collectively own 72.02% of FULT.
• Fulton Financial exceeded quarterly expectations, reporting $0.60 in EPS versus a $0.53 estimate and revenue of $367.87 million, up 12.2% year over year. The company also maintains a $0.19 quarterly dividend, representing a 3.2% yield.
• Analyst sentiment remains mixed but leans neutral, with two Buy and four Hold ratings and an average price target of $24.75. FULT recently traded at $23.69, while two directors disclosed sales of company shares.

The Manufacturers Life Insurance Company acquired a new position in Fulton Financial Corporation (NASDAQ:FULT - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 90,210 shares of the bank's stock, valued at approximately $2,182,000.

Several other large investors have also bought and sold shares of FULT. Royal Bank of Canada grew its holdings in Fulton Financial by 4.9% during the first quarter. Royal Bank of Canada now owns 220,706 shares of the bank's stock worth $3,992,000 after acquiring an additional 10,242 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Fulton Financial by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,096 shares of the bank's stock valued at $1,955,000 after purchasing an additional 4,727 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Fulton Financial by 5.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 448,832 shares of the bank's stock worth $8,119,000 after purchasing an additional 21,596 shares during the last quarter. Jane Street Group LLC grew its stake in shares of Fulton Financial by 914.9% in the 1st quarter. Jane Street Group LLC now owns 308,243 shares of the bank's stock worth $5,576,000 after purchasing an additional 277,871 shares during the last quarter. Finally, Strs Ohio bought a new stake in shares of Fulton Financial in the 1st quarter worth approximately $152,000. Institutional investors own 72.02% of the company's stock.

Insider Activity

In other Fulton Financial news, Director Lisa Crutchfield sold 4,100 shares of the company's 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 of the company's stock, valued at $194,382.40. This represents a 34.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director E Philip Wenger sold 5,000 shares of the company's stock in a transaction on Monday, July 13th. The stock was sold at an average price of $24.14, for a total transaction of $120,700.00. Following the sale, the director directly owned 75,477 shares of the company's stock, valued at approximately $1,822,014.78. This represents a 6.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.01% of the company's stock.

Fulton Financial Stock Performance

Shares of FULT stock opened at $23.69 on Thursday. The company has a market capitalization of $4.52 billion, a price-to-earnings ratio of 11.33 and a beta of 0.78. Fulton Financial Corporation has a 1-year low of $16.60 and a 1-year high of $25.23. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.15. The stock's fifty day simple moving average is $24.21 and its 200-day simple moving average is $22.35.

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

Fulton Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st were issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 3.2%. The ex-dividend date was Wednesday, July 1st. Fulton Financial's dividend payout ratio (DPR) is 36.36%.

Analyst Upgrades and Downgrades

FULT has been the topic of several recent research reports. Wall Street Zen upgraded shares of Fulton Financial from a "sell" rating to a "hold" rating in a research report on Saturday, July 25th. Raymond James Financial lifted their target price on Fulton Financial from $24.00 to $26.00 and gave the stock an "outperform" rating in a report on Wednesday, July 1st. Piper Sandler reaffirmed a "neutral" rating and set a $27.00 target price (up from $23.00) on shares of Fulton Financial in a research report on Monday, August 3rd. DA Davidson increased their price target on Fulton Financial from $24.00 to $25.00 and gave the company a "neutral" rating in a research report on Friday, July 24th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Fulton Financial in a research note on Wednesday, July 29th. Two analysts have rated the stock with a Buy rating and four 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 $24.75.

Fulton Financial Company Profile

Fulton Financial Corporation, trading on the NASDAQ under the ticker FULT, is the financial holding company for Fulton Bank, headquartered in Lancaster, Pennsylvania. The company delivers a broad range of banking and financial services through its subsidiary, Fulton Bank, targeting both individual and corporate clients. Fulton Financial's offerings include deposit accounts, lending solutions, treasury management, and specialized banking services designed to support personal wealth goals and business growth initiatives.

Through Fulton Bank, the company provides retail banking services such as checking and savings accounts, consumer and residential mortgage loans, and home equity products.

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