Vestmark Advisory Solutions Inc. Makes New Investment in Fulton Financial Corporation $FULT

Key Points

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Vestmark Advisory Solutions Inc. purchased a new position in Fulton Financial Corporation (NASDAQ:FULT - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 19,009 shares of the bank's stock, valued at approximately $344,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in FULT. GAMMA Investing LLC boosted its holdings in Fulton Financial by 42.2% in the first quarter. GAMMA Investing LLC now owns 3,072 shares of the bank's stock worth $56,000 after acquiring an additional 911 shares in the last quarter. Byrne Asset Management LLC boosted its holdings in Fulton Financial by 114.5% in the first quarter. Byrne Asset Management LLC now owns 3,217 shares of the bank's stock worth $58,000 after acquiring an additional 1,717 shares in the last quarter. Blue Trust Inc. boosted its holdings in Fulton Financial by 15.1% in the first quarter. Blue Trust Inc. now owns 5,728 shares of the bank's stock worth $104,000 after acquiring an additional 752 shares in the last quarter. Sterling Capital Management LLC boosted its holdings in Fulton Financial by 850.1% in the fourth quarter. Sterling Capital Management LLC now owns 5,843 shares of the bank's stock worth $113,000 after acquiring an additional 5,228 shares in the last quarter. Finally, TD Private Client Wealth LLC boosted its holdings in Fulton Financial by 21.5% in the first quarter. TD Private Client Wealth LLC now owns 8,377 shares of the bank's stock worth $152,000 after acquiring an additional 1,483 shares in the last quarter. Institutional investors own 72.02% of the company's stock.

Fulton Financial Stock Up 6.2%

Shares of FULT stock traded up $1.15 during trading hours on Friday, reaching $19.64. The company had a trading volume of 1,843,498 shares, compared to its average volume of 1,548,379. Fulton Financial Corporation has a 12 month low of $14.32 and a 12 month 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 business has a fifty day simple moving average of $18.45 and a 200-day simple moving average of $18.01. The company has a market cap of $3.58 billion, a price-to-earnings ratio of 11.49 and a beta of 0.82.

Fulton Financial (NASDAQ:FULT - Get Free Report) last posted its earnings results on Tuesday, July 15th. The bank reported $0.55 earnings per share for the quarter, beating analysts' consensus estimates of $0.43 by $0.12. The company had revenue of $328.45 million for the quarter, compared to analyst estimates of $320.47 million. Fulton Financial had a return on equity of 12.64% and a net margin of 17.00%.During the same quarter last year, the company earned $0.52 earnings per share. On average, research analysts expect that Fulton Financial Corporation will post 1.91 earnings per share for the current fiscal year.

Fulton Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors 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 dividend payout ratio (DPR) is presently 42.11%.

Wall Street Analysts Forecast Growth

FULT has been the topic of several recent research reports. Piper Sandler reiterated a "neutral" rating on shares of Fulton Financial in a report on Wednesday, July 9th. Jefferies Financial Group reiterated a "hold" rating on shares of Fulton Financial in a report on Wednesday, July 9th. Keefe, Bruyette & Woods raised their target price on Fulton Financial from $21.00 to $22.00 and gave the company a "market perform" rating in a report on Thursday, July 17th. Finally, DA Davidson raised their target price on Fulton Financial from $17.00 to $20.00 and gave the company a "neutral" rating in a 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 stock. According to MarketBeat, Fulton Financial currently has an average rating of "Hold" and a consensus price target of $21.13.

Insider Activity at Fulton Financial

In related news, Director E Philip Wenger sold 5,000 shares of the stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $18.41, for a total transaction of $92,050.00. Following the completion of the sale, the director directly owned 599,102 shares of the company's stock, valued at approximately $11,029,467.82. This trade represents a 0.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.07% of the company's stock.

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.