Fulton Financial Corporation $FULT Shares Bought by Econ Financial Services Corp

Econ Financial Services Corp increased its stake in Fulton Financial Corporation (NASDAQ:FULT) by 57.1% in the 1st quarter, HoldingsChannel reports. The fund owned 164,003 shares of the bank’s stock after acquiring an additional 59,614 shares during the period. Fulton Financial accounts for approximately 1.5% of Econ Financial Services Corp’s holdings, making the stock its 24th largest holding. Econ Financial Services Corp’s holdings in Fulton Financial were worth $3,336,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in FULT. Nordea Investment Management AB boosted its stake in Fulton Financial by 25.2% during the 4th quarter. Nordea Investment Management AB now owns 737,737 shares of the bank’s stock valued at $14,327,000 after purchasing an additional 148,399 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of 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 buying an additional 191,764 shares in the last quarter. Norges Bank bought a new stake in shares of Fulton Financial in the 4th quarter worth $44,271,000. Jefferies Financial Group Inc. bought a new stake in shares of Fulton Financial in the 4th quarter worth $4,580,000. Finally, Ruffer LLP acquired a new stake in shares of Fulton Financial in the fourth quarter valued at $3,074,000. Institutional investors and hedge funds own 72.02% of the company’s stock.

Fulton Financial Price Performance

NASDAQ FULT opened at $24.21 on Friday. The stock has a market capitalization of $4.63 billion, a P/E ratio of 11.53 and a beta of 0.80. Fulton Financial Corporation has a 1 year low of $16.60 and a 1 year high of $24.44. The business’s fifty day moving average is $21.99 and its two-hundred day moving average is $21.04. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.90 and a current ratio of 0.90.

Fulton Financial (NASDAQ:FULT) last released its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.05. The business had revenue of $331.86 million during the quarter, compared to analyst estimates of $359.36 million. Fulton Financial had a return on equity of 12.69% and a net margin of 20.85%.During the same period last year, the company posted $0.52 EPS. On average, research analysts forecast that Fulton Financial Corporation will post 2.18 earnings per share for the current fiscal year.

Fulton Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st will be issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend is Wednesday, July 1st. Fulton Financial’s dividend payout ratio is currently 36.19%.

Insider Buying and Selling at Fulton Financial

In related news, Director E Philip Wenger sold 5,000 shares of the stock in a transaction on Monday, April 13th. The stock was sold at an average price of $21.42, for a total value of $107,100.00. Following the completion of the transaction, the director owned 80,477 shares in the company, valued at $1,723,817.34. This trade represents a 5.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.01% of the stock is owned by company insiders.

Analysts Set New Price Targets

FULT has been the subject of several research reports. Wall Street Zen cut Fulton Financial from a “hold” rating to a “sell” rating in a research note on Sunday, May 3rd. Piper Sandler set a $23.00 price target on shares of Fulton Financial and gave the stock a “neutral” rating in a research report on Friday, June 12th. Weiss Ratings raised shares of Fulton Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Finally, Raymond James Financial restated an “outperform” rating and set a $24.00 price objective on shares of Fulton Financial in a research report on Monday, April 27th. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $23.00.

Fulton Financial Company 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.