Vanguard Group Inc. Has $399.86 Million Stake in Fulton Financial Corporation $FULT

Key Points

• Vanguard Group Inc. reduced its stake in Fulton Financial Corporation by 1.3%, holding 22,103,691 shares worth approximately $399.9 million as of the latest SEC filing.
• Fulton Financial reported a better than expected EPS of $0.55 for the last quarter, surpassing the consensus estimate of $0.43.
• Analysts have set a consensus target price of $21.13 for Fulton Financial, with six analysts rating it as a "hold" and one as a "buy."

Vanguard Group Inc. reduced its position in shares of Fulton Financial Corporation (NASDAQ:FULT - Free Report) by 1.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,103,691 shares of the bank's stock after selling 279,813 shares during the quarter. Vanguard Group Inc. owned 12.13% of Fulton Financial worth $399,856,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FULT. LPL Financial LLC bought a new stake in Fulton Financial during the fourth quarter worth $289,000. Wells Fargo & Company MN raised its position in Fulton Financial by 23.3% during the fourth quarter. Wells Fargo & Company MN now owns 123,937 shares of the bank's stock worth $2,390,000 after acquiring an additional 23,445 shares in the last quarter. Bank of Montreal Can raised its position in Fulton Financial by 10.8% during the fourth quarter. Bank of Montreal Can now owns 21,013 shares of the bank's stock worth $405,000 after acquiring an additional 2,047 shares in the last quarter. Invesco Ltd. raised its position in shares of Fulton Financial by 9.8% in the fourth quarter. Invesco Ltd. now owns 1,326,578 shares of the bank's stock valued at $25,576,000 after purchasing an additional 117,946 shares during the period. Finally, Raymond James Financial Inc. bought a new position in shares of Fulton Financial in the fourth quarter valued at about $1,676,000. 72.02% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Fulton Financial Stock Performance

Fulton Financial stock traded down $0.01 during midday trading on Wednesday, hitting $18.60. The company's stock had a trading volume of 819,786 shares, compared to its average volume of 1,584,400. Fulton Financial Corporation has a 1-year low of $14.32 and a 1-year high of $22.49. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.92 and a quick ratio of 0.92. The company has a 50-day moving average price of $18.38 and a two-hundred day moving average price of $18.06. The company has a market cap of $3.39 billion, a price-to-earnings ratio of 10.88 and a beta of 0.82.

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 for the quarter, topping the consensus estimate of $0.43 by $0.12. Fulton Financial had a net margin of 17.00% and a return on equity of 12.64%. The business had revenue of $328.45 million during the quarter, compared to analysts' expectations of $320.47 million. During the same quarter in the previous year, the company earned $0.52 EPS. As a group, sell-side analysts predict that Fulton Financial Corporation will post 1.91 earnings per share for the current year.

Fulton Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date was Tuesday, July 1st. Fulton Financial's dividend payout ratio is presently 42.11%.

Insider Transactions at Fulton Financial

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

Fulton Financial Company 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.