Canada Pension Plan Investment Board Invests $917,000 in Fulton Financial Corporation $FULT

Canada Pension Plan Investment Board purchased a new stake in Fulton Financial Corporation (NASDAQ:FULT) during the second quarter, Holdings Channel reports. The firm purchased 37,900 shares of the bank’s stock, valued at approximately $917,000.

Other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of Fulton Financial during the 2nd quarter worth about $676,732,000. Norges Bank acquired a new position in Fulton Financial in the fourth quarter valued at about $44,271,000. Goldman Sachs Group Inc. boosted its position in Fulton Financial by 219.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,822,385 shares of the bank’s stock valued at $54,557,000 after buying an additional 1,939,260 shares in the last quarter. First Trust Advisors LP grew its stake in Fulton Financial by 31.2% during the first quarter. First Trust Advisors LP now owns 8,050,923 shares of the bank’s stock worth $163,756,000 after buying an additional 1,912,709 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in Fulton Financial during the second quarter worth about $46,008,000. 72.02% of the stock is currently owned by institutional investors and hedge funds.

Fulton Financial Price Performance

FULT opened at $23.46 on Tuesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a market capitalization of $4.48 billion, a P/E ratio of 11.22 and a beta of 0.79. The company’s 50 day simple moving average is $24.23 and its 200-day simple moving average is $22.33. Fulton Financial Corporation has a one year low of $16.60 and a one year high of $25.23.

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

Fulton Financial Announces Dividend

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

Wall Street Analysts Forecast Growth

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

Insider Activity

In other Fulton Financial news, Director Lisa Crutchfield sold 4,100 shares of the business’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $24.80, for a total transaction of $101,680.00. Following the completion of the sale, 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. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director E Philip Wenger sold 5,000 shares of the company’s 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 transaction, the director owned 75,477 shares in the company, valued at approximately $1,822,014.78. The trade was a 6.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.01% of the stock is owned by company insiders.

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.