Price T Rowe Associates Inc. MD Reduces Position in Fulton Financial Co. (NASDAQ:FULT)

Price T Rowe Associates Inc. MD cut its stake in shares of Fulton Financial Co. (NASDAQ:FULT - Free Report) by 60.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 164,044 shares of the bank's stock after selling 253,187 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 0.09% of Fulton Financial worth $3,163,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Jones Financial Companies Lllp boosted its stake in shares of Fulton Financial by 193.4% during the fourth quarter. Jones Financial Companies Lllp now owns 1,294 shares of the bank's stock valued at $25,000 after purchasing an additional 853 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its stake in shares of Fulton Financial by 57.1% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 2,200 shares of the bank's stock valued at $42,000 after purchasing an additional 800 shares in the last quarter. McClarren Financial Advisors Inc. bought a new position in shares of Fulton Financial during the fourth quarter valued at approximately $44,000. Covestor Ltd boosted its stake in shares of Fulton Financial by 196.9% during the fourth quarter. Covestor Ltd now owns 3,976 shares of the bank's stock valued at $76,000 after purchasing an additional 2,637 shares in the last quarter. Finally, Blue Trust Inc. boosted its stake in shares of Fulton Financial by 10.3% during the fourth quarter. Blue Trust Inc. now owns 5,455 shares of the bank's stock valued at $99,000 after purchasing an additional 509 shares in the last quarter. 72.02% of the stock is owned by hedge funds and other institutional investors.

Fulton Financial Stock Performance

Shares of Fulton Financial stock traded down $0.11 during trading on Friday, hitting $17.40. 695,695 shares of the company's stock were exchanged, compared to its average volume of 1,449,418. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.90 and a current ratio of 0.90. The business has a 50-day simple moving average of $17.04 and a 200-day simple moving average of $19.11. Fulton Financial Co. has a 52-week low of $14.33 and a 52-week high of $22.49. The stock has a market capitalization of $3.17 billion, a price-to-earnings ratio of 11.08 and a beta of 0.76.

Fulton Financial (NASDAQ:FULT - Get Free Report) last issued its earnings results on Tuesday, April 15th. The bank reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.08. Fulton Financial had a net margin of 15.87% and a return on equity of 11.41%. The firm had revenue of $322.64 million during the quarter, compared to analysts' expectations of $315.07 million. During the same quarter last year, the company posted $0.40 earnings per share. On average, research analysts forecast that Fulton Financial Co. will post 1.91 EPS for the current year.

Fulton Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st were issued a $0.18 dividend. The ex-dividend date of this dividend was Tuesday, April 1st. This represents a $0.72 dividend on an annualized basis and a yield of 4.14%. Fulton Financial's payout ratio is 42.35%.

Analyst Ratings Changes

Several equities research analysts have weighed in on FULT shares. StockNews.com upgraded shares of Fulton Financial from a "sell" rating to a "hold" rating in a research note on Thursday, January 23rd. Keefe, Bruyette & Woods lowered their price objective on shares of Fulton Financial from $24.00 to $21.00 and set a "market perform" rating for the company in a research note on Thursday, April 17th. Piper Sandler lowered their price objective on shares of Fulton Financial from $22.00 to $20.00 and set a "neutral" rating for the company in a research note on Thursday, April 17th. DA Davidson reiterated a "neutral" rating and set a $20.00 price objective on shares of Fulton Financial in a research note on Wednesday, April 16th. Finally, Hovde Group lifted their price objective on shares of Fulton Financial from $22.00 to $22.50 and gave the stock a "market perform" rating in a research note on Monday, January 27th. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $20.30.

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.