Vanguard Group Inc. Has $400.97 Million Stock Position in Fulton Financial Corporation $FULT

Vanguard Group Inc. lowered its stake in shares of Fulton Financial Corporation (NASDAQ:FULT) by 2.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 21,522,785 shares of the bank’s stock after selling 458,024 shares during the quarter. Vanguard Group Inc. owned about 0.12% of Fulton Financial worth $400,969,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. JPMorgan Chase & Co. grew its position in Fulton Financial by 46.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 603,553 shares of the bank’s stock worth $11,244,000 after purchasing an additional 191,764 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Fulton Financial by 12.5% in the third quarter. PNC Financial Services Group Inc. now owns 37,985 shares of the bank’s stock valued at $708,000 after buying an additional 4,223 shares during the period. Public Sector Pension Investment Board lifted its stake in shares of Fulton Financial by 14.5% in the third quarter. Public Sector Pension Investment Board now owns 710,275 shares of the bank’s stock valued at $13,232,000 after buying an additional 90,162 shares during the period. Illinois Municipal Retirement Fund grew its position in Fulton Financial by 0.7% during the third quarter. Illinois Municipal Retirement Fund now owns 97,150 shares of the bank’s stock worth $1,810,000 after buying an additional 720 shares in the last quarter. Finally, LSV Asset Management increased its stake in Fulton Financial by 6.8% during the third quarter. LSV Asset Management now owns 947,575 shares of the bank’s stock valued at $17,653,000 after acquiring an additional 60,200 shares during the period. 72.02% of the stock is owned by institutional investors.

Fulton Financial Stock Performance

Fulton Financial stock opened at $21.64 on Friday. The firm has a market capitalization of $3.91 billion, a P/E ratio of 10.40 and a beta of 0.86. The stock has a fifty day moving average price of $20.74 and a two-hundred day moving average price of $19.31. Fulton Financial Corporation has a 52-week low of $14.32 and a 52-week high of $22.99. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.90 and a quick ratio of 0.90.

Fulton Financial (NASDAQ:FULT) last issued its earnings results on Wednesday, January 21st. The bank reported $0.55 EPS for the quarter, beating the consensus estimate of $0.52 by $0.03. The company had revenue of $336.02 million for the quarter, compared to the consensus estimate of $336.80 million. Fulton Financial had a net margin of 20.68% and a return on equity of 12.59%. During the same quarter in the previous year, the company earned $0.48 EPS. As a group, analysts anticipate that Fulton Financial Corporation will post 1.91 EPS for the current fiscal year.

Fulton Financial announced that its board has authorized a share buyback plan on Tuesday, December 16th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the bank to repurchase up to 4.2% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Fulton Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were paid a dividend of $0.19 per share. This is a positive change from Fulton Financial’s previous quarterly dividend of $0.18. This represents a $0.76 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend was Wednesday, December 31st. Fulton Financial’s payout ratio is currently 36.54%.

Insiders Place Their Bets

In other news, Director E Philip Wenger sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, January 12th. The shares were sold at an average price of $19.55, for a total transaction of $97,750.00. Following the completion of the sale, the director owned 85,477 shares of the company’s stock, valued at approximately $1,671,075.35. This trade represents a 5.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 1.08% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. DA Davidson assumed coverage on Fulton Financial in a report on Wednesday. They set a “neutral” rating and a $24.00 price objective on the stock. Weiss Ratings reiterated a “hold (c+)” rating on shares of Fulton Financial in a research note on Thursday, January 22nd. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Fulton Financial from $20.00 to $21.00 and gave the company a “market perform” rating in a report on Wednesday, November 26th. One equities research analyst has rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Fulton Financial has a consensus rating of “Hold” and an average price target of $21.50.

Fulton Financial Profile

Fulton Financial Corporation, trading on the NASDAQ under the ticker FULT, is the financial holding company for Fulton Bank, headquartered in Lancaster, Pennsylvania. The company delivers a broad range of banking and financial services through its subsidiary, Fulton Bank, targeting both individual and corporate clients. Fulton Financial’s offerings include deposit accounts, lending solutions, treasury management, and specialized banking services designed to support personal wealth goals and business growth initiatives.

Through Fulton Bank, the company provides retail banking services such as checking and savings accounts, consumer and residential mortgage loans, and home equity products.