Ieq Capital LLC Invests $790,000 in Fulton Financial Corporation $FULT

Ieq Capital LLC purchased a new stake in shares of Fulton Financial Corporation (NASDAQ:FULT) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 32,675 shares of the bank’s stock, valued at approximately $790,000.

Other hedge funds have also recently modified their holdings of the company. Keybank National Association OH boosted its holdings in Fulton Financial by 1.5% in the 1st quarter. Keybank National Association OH now owns 32,887 shares of the bank’s stock valued at $669,000 after purchasing an additional 485 shares during the last quarter. Cetera Investment Advisers increased its holdings in shares of Fulton Financial by 2.6% during the 1st quarter. Cetera Investment Advisers now owns 21,829 shares of the bank’s stock worth $444,000 after buying an additional 557 shares during the last quarter. State of Wyoming increased its holdings in shares of Fulton Financial by 13.4% during the 1st quarter. State of Wyoming now owns 4,829 shares of the bank’s stock worth $98,000 after buying an additional 570 shares during the last quarter. Root Financial Partners LLC raised its position in shares of Fulton Financial by 89.9% during the 1st quarter. Root Financial Partners LLC now owns 1,282 shares of the bank’s stock valued at $26,000 after buying an additional 607 shares during the period. Finally, Raymond James Financial Inc. raised its position in shares of Fulton Financial by 0.8% during the 2nd quarter. Raymond James Financial Inc. now owns 88,351 shares of the bank’s stock valued at $1,594,000 after buying an additional 741 shares during the period. Hedge funds and other institutional investors own 72.02% of the company’s stock.

Insider Transactions at Fulton Financial

In other news, Director E Philip Wenger sold 5,000 shares of the stock in a transaction dated Monday, July 13th. The shares were sold at an average price of $24.14, for a total transaction of $120,700.00. Following the sale, the director owned 75,477 shares of the company’s stock, valued at approximately $1,822,014.78. This represents a 6.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lisa Crutchfield sold 4,100 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $24.80, for a total transaction of $101,680.00. Following the completion of the transaction, the director directly owned 7,838 shares of the company’s stock, valued at approximately $194,382.40. The trade was a 34.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.01% of the stock is owned by corporate insiders.

Fulton Financial Stock Down 0.2%

NASDAQ:FULT opened at $23.75 on Friday. Fulton Financial Corporation has a 52 week low of $16.60 and a 52 week high of $25.23. The stock’s fifty day moving average is $24.20 and its two-hundred day moving average is $22.31. The stock has a market capitalization of $4.53 billion, a price-to-earnings ratio of 11.36 and a beta of 0.79. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.15.

Fulton Financial (NASDAQ:FULT) last issued its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.07. Fulton Financial had a return on equity of 12.68% and a net margin of 20.63%.The business had revenue of $367.87 million during the quarter, compared to analysts’ expectations of $358.83 million. During the same period in the previous year, the firm posted $0.55 earnings per share. The company’s revenue was up 12.2% on a year-over-year basis. Research analysts anticipate that Fulton Financial Corporation will post 2.23 EPS for the current year.

Fulton Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st were given a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Wednesday, July 1st. Fulton Financial’s payout ratio is currently 36.36%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on FULT shares. Piper Sandler reiterated a “neutral” rating and issued a $27.00 price objective (up from $23.00) on shares of Fulton Financial in a research report on Monday, August 3rd. Wall Street Zen raised Fulton Financial from a “sell” rating to a “hold” rating in a research note on Saturday, July 25th. DA Davidson increased their price target on Fulton Financial from $24.00 to $25.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. Weiss Ratings restated a “buy (b)” rating on shares of Fulton Financial in a report on Wednesday, July 29th. Finally, Raymond James Financial upped their target price on shares of Fulton Financial from $24.00 to $26.00 and gave the company an “outperform” rating in a research report on Wednesday, July 1st. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Fulton Financial has an average rating of “Hold” and a consensus target price of $24.75.

About Fulton Financial

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.