Fulton Financial Corp (FULT) Position Cut by Ramsey Quantitative Systems
Ramsey Quantitative Systems trimmed its holdings in Fulton Financial Corp (NASDAQ:FULT) by 52.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,455 shares of the bank’s stock after selling 19,400 shares during the quarter. Ramsey Quantitative Systems’ holdings in Fulton Financial were worth $291,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Schwab Charles Investment Management Inc. grew its holdings in Fulton Financial by 7.8% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,307,156 shares of the bank’s stock worth $21,569,000 after buying an additional 94,626 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in Fulton Financial by 11.1% in the 2nd quarter. PNC Financial Services Group Inc. now owns 112,818 shares of the bank’s stock worth $1,862,000 after buying an additional 11,229 shares in the last quarter. First Trust Advisors LP grew its holdings in Fulton Financial by 36.2% in the 2nd quarter. First Trust Advisors LP now owns 468,865 shares of the bank’s stock worth $7,736,000 after buying an additional 124,551 shares in the last quarter. Fulton Bank N.A. grew its holdings in Fulton Financial by 3.5% in the 3rd quarter. Fulton Bank N.A. now owns 1,970,058 shares of the bank’s stock worth $32,801,000 after buying an additional 66,304 shares in the last quarter. Finally, Strs Ohio lifted its position in Fulton Financial by 10.1% in the second quarter. Strs Ohio now owns 89,100 shares of the bank’s stock worth $1,470,000 after purchasing an additional 8,200 shares during the period. 62.71% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have weighed in on FULT shares. Zacks Investment Research upgraded Fulton Financial from a “hold” rating to a “buy” rating and set a $19.00 target price for the company in a research report on Wednesday, August 1st. BidaskClub upgraded Fulton Financial from a “sell” rating to a “hold” rating in a research report on Saturday, August 11th. ValuEngine upgraded Fulton Financial from a “sell” rating to a “hold” rating in a research report on Friday, August 10th. Hovde Group set a $19.00 target price on Fulton Financial and gave the stock a “hold” rating in a research report on Monday, July 23rd. Finally, Boenning Scattergood restated a “hold” rating on shares of Fulton Financial in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $18.57.
Fulton Financial (NASDAQ:FULT) last released its earnings results on Tuesday, October 16th. The bank reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.04. The firm had revenue of $214.23 million during the quarter, compared to the consensus estimate of $209.72 million. Fulton Financial had a return on equity of 8.20% and a net margin of 19.05%. During the same period in the prior year, the firm posted $0.28 earnings per share. On average, analysts predict that Fulton Financial Corp will post 1.15 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Monday, October 1st were given a $0.12 dividend. The ex-dividend date was Friday, September 28th. This represents a $0.48 dividend on an annualized basis and a yield of 2.83%. Fulton Financial’s dividend payout ratio (DPR) is 44.86%.
About Fulton Financial
Fulton Financial Corporation operates as a multi-bank financial holding company that provides banking and financial services to businesses and consumers. It accepts various checking accounts and savings deposit products, certificates of deposit, and individual retirement accounts. The company also offers consumer loans, including home equity loans and lines of credit, automobile loans, automobile and equipment leases, personal lines of credit, and checking account overdraft protection; construction and jumbo residential mortgage loans; and commercial lending products comprising commercial, financial, agricultural, and real estate loans.
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