Verition Fund Management LLC Takes $232,000 Position in Fulton Financial Corp (NASDAQ:FULT)
Verition Fund Management LLC bought a new position in shares of Fulton Financial Corp (NASDAQ:FULT) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 22,022 shares of the bank’s stock, valued at approximately $232,000.
A number of other institutional investors and hedge funds have also recently modified their holdings of FULT. Holocene Advisors LP increased its holdings in Fulton Financial by 633.1% during the second quarter. Holocene Advisors LP now owns 1,320,814 shares of the bank’s stock worth $13,908,000 after buying an additional 1,140,655 shares during the last quarter. Balyasny Asset Management LLC increased its holdings in Fulton Financial by 1,505.3% during the second quarter. Balyasny Asset Management LLC now owns 510,303 shares of the bank’s stock worth $5,373,000 after buying an additional 478,515 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Fulton Financial by 67.2% during the first quarter. JPMorgan Chase & Co. now owns 593,489 shares of the bank’s stock worth $6,819,000 after buying an additional 238,572 shares during the last quarter. Federated Hermes Inc. increased its holdings in Fulton Financial by 32.5% during the first quarter. Federated Hermes Inc. now owns 919,462 shares of the bank’s stock worth $10,565,000 after buying an additional 225,733 shares during the last quarter. Finally, Aigen Investment Management LP acquired a new position in Fulton Financial during the second quarter worth $2,153,000. Institutional investors and hedge funds own 64.42% of the company’s stock.
Fulton Financial stock opened at $9.56 on Wednesday. The stock has a market capitalization of $1.55 billion, a price-to-earnings ratio of 8.69 and a beta of 0.89. Fulton Financial Corp has a 52-week low of $8.91 and a 52-week high of $18.00. The stock’s 50 day moving average price is $9.96 and its two-hundred day moving average price is $10.88. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.96 and a current ratio of 0.96.
A number of analysts have weighed in on the stock. Raymond James raised shares of Fulton Financial from a “market perform” rating to an “outperform” rating and set a $12.00 target price for the company in a research report on Wednesday, June 17th. ValuEngine downgraded shares of Fulton Financial from a “hold” rating to a “sell” rating in a research report on Monday, August 3rd. Zacks Investment Research downgraded shares of Fulton Financial from a “buy” rating to a “hold” rating in a research report on Tuesday, July 14th. BidaskClub cut Fulton Financial from a “sell” rating to a “strong sell” rating in a report on Friday, August 21st. Finally, Stephens began coverage on Fulton Financial in a report on Monday, June 1st. They set an “equal weight” rating and a $12.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company’s stock. Fulton Financial currently has a consensus rating of “Hold” and a consensus price target of $12.00.
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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