Fulton Financial Corporation $FULT Shares Sold by Trexquant Investment LP

Key Points

• Trexquant Investment LP has reduced its stake in Fulton Financial Corporation by 77.1%, selling 324,657 shares and now owns 96,273 shares valued at approximately $1.74 million.
• Fulton Financial reported an earnings per share (EPS) of $0.55, exceeding analysts' expectations of $0.43 and showing a revenue of $328.45 million for the quarter.
• The company recently announced a quarterly dividend of $0.18, yielding 3.7% annually, with a dividend payout ratio of 42.11%.

Trexquant Investment LP lowered its position in Fulton Financial Corporation (NASDAQ:FULT - Free Report) by 77.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 96,273 shares of the bank's stock after selling 324,657 shares during the quarter. Trexquant Investment LP owned 0.05% of Fulton Financial worth $1,742,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC raised its holdings in Fulton Financial by 1.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 36,303 shares of the bank's stock valued at $657,000 after acquiring an additional 684 shares during the last quarter. Private Advisor Group LLC grew its position in shares of Fulton Financial by 2.0% in the first quarter. Private Advisor Group LLC now owns 35,552 shares of the bank's stock valued at $643,000 after purchasing an additional 704 shares during the period. Xponance Inc. increased its stake in Fulton Financial by 5.5% in the first quarter. Xponance Inc. now owns 13,775 shares of the bank's stock valued at $249,000 after purchasing an additional 717 shares during the last quarter. Blue Trust Inc. lifted its position in Fulton Financial by 15.1% during the first quarter. Blue Trust Inc. now owns 5,728 shares of the bank's stock worth $104,000 after buying an additional 752 shares during the period. Finally, Versor Investments LP boosted its stake in Fulton Financial by 1.3% in the 1st quarter. Versor Investments LP now owns 60,900 shares of the bank's stock worth $1,102,000 after buying an additional 800 shares during the last quarter. Hedge funds and other institutional investors own 72.02% of the company's stock.

Analyst Upgrades and Downgrades

FULT has been the topic of a number of research analyst reports. Piper Sandler reissued a "neutral" rating on shares of Fulton Financial in a research note on Wednesday, July 9th. Jefferies Financial Group reissued a "hold" rating on shares of Fulton Financial in a research note on Wednesday, July 9th. Keefe, Bruyette & Woods raised 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, DA Davidson raised 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. One investment analyst has rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $21.13.

Fulton Financial Stock Down 1.7%

Fulton Financial stock traded down $0.34 during trading on Friday, reaching $19.38. 1,156,322 shares of the company's stock were exchanged, compared to its average volume of 1,285,750. Fulton Financial Corporation has a 52-week low of $14.32 and a 52-week high of $22.49. The firm has a market cap of $3.53 billion, a price-to-earnings ratio of 11.33 and a beta of 0.85. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.92 and a current ratio of 0.92. The company's 50-day moving average is $18.87 and its two-hundred day moving average is $17.96.

Fulton Financial (NASDAQ:FULT - Get Free Report) last issued its quarterly earnings data 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. The company had revenue of $328.45 million during the quarter, compared to the consensus estimate 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 company earned $0.52 earnings per share. On average, analysts predict 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 issued a $0.18 dividend. The ex-dividend date was Tuesday, July 1st. This represents a $0.72 dividend on an annualized basis and a yield of 3.7%. Fulton Financial's payout ratio is currently 42.11%.

Insider Buying and Selling

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

About Fulton Financial

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.