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

Other hedge funds also recently added to or reduced their stakes in the company. Wealth Preservation Advisors LLC acquired a new position in shares of Fulton Financial in the first quarter valued at about $60,000. AlphaQuest LLC boosted its position in Fulton Financial by 189.6% during the first quarter. AlphaQuest LLC now owns 15,891 shares of the bank's stock worth $287,000 after purchasing an additional 10,403 shares in the last quarter. Martingale Asset Management L P lifted its position in shares of Fulton Financial by 168.4% in the first quarter. Martingale Asset Management L P now owns 31,936 shares of the bank's stock valued at $578,000 after acquiring an additional 20,036 shares in the last quarter. Hsbc Holdings PLC lifted its position in shares of Fulton Financial by 14.4% in the first quarter. Hsbc Holdings PLC now owns 82,644 shares of the bank's stock valued at $1,490,000 after acquiring an additional 10,433 shares in the last quarter. Finally, Versor Investments LP lifted its position in shares of Fulton Financial by 1.3% in the first quarter. Versor Investments LP now owns 60,900 shares of the bank's stock valued at $1,102,000 after acquiring an additional 800 shares in the last quarter. 72.02% of the stock is owned by institutional investors and hedge funds.

Fulton Financial Price Performance

Shares of FULT traded up $0.03 on Wednesday, reaching $19.27. The stock had a trading volume of 1,356,515 shares, compared to its average volume of 1,263,504. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.37. The firm has a 50-day moving average of $18.92 and a 200 day moving average of $17.96. The firm has a market capitalization of $3.51 billion, a PE ratio of 11.27 and a beta of 0.85. Fulton Financial Corporation has a twelve month low of $14.32 and a twelve month high of $22.49.

Fulton Financial (NASDAQ:FULT - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The bank reported $0.55 earnings per share 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 company had revenue of $328.45 million during the quarter, compared to the consensus estimate of $320.47 million. During the same quarter last year, the business posted $0.52 earnings per share. Sell-side analysts expect that Fulton Financial Corporation will post 1.91 EPS for the current year.

Fulton Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend was Tuesday, July 1st. Fulton Financial's payout ratio is presently 42.11%.

Analysts Set New Price Targets

Several research firms have issued reports on FULT. DA Davidson raised their target price on Fulton Financial from $17.00 to $20.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Jefferies Financial Group reaffirmed a "hold" rating on shares of Fulton Financial in a research note on Wednesday, July 9th. Piper Sandler reissued a "neutral" rating on shares of Fulton Financial in a research note on Wednesday, July 9th. Finally, 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 report on Thursday, July 17th. One equities research analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $21.13.

Insider Activity

In related news, Director E Philip Wenger sold 5,000 shares of the business's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $18.41, for a total value of $92,050.00. Following the completion of the sale, the director directly owned 599,102 shares of the company's stock, valued at $11,029,467.82. The trade was a 0.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.08% of the company's stock.

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.