Verition Fund Management LLC raised its stake in shares of Fulton Financial Co. (NASDAQ:FULT – Get Rating) by 70.4% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 38,112 shares of the bank's stock after acquiring an additional 15,749 shares during the period. Verition Fund Management LLC's holdings in Fulton Financial were worth $633,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. CWM LLC raised its stake in Fulton Financial by 18.2% during the 1st quarter. CWM LLC now owns 11,314 shares of the bank's stock valued at $188,000 after acquiring an additional 1,739 shares during the last quarter. Hennion & Walsh Asset Management Inc. purchased a new position in shares of Fulton Financial during the 1st quarter worth approximately $346,000. Envestnet Asset Management Inc. raised its stake in shares of Fulton Financial by 56.5% during the 1st quarter. Envestnet Asset Management Inc. now owns 37,245 shares of the bank's stock worth $619,000 after buying an additional 13,449 shares in the last quarter. Teacher Retirement System of Texas raised its stake in shares of Fulton Financial by 4.7% during the 1st quarter. Teacher Retirement System of Texas now owns 32,995 shares of the bank's stock worth $548,000 after buying an additional 1,490 shares in the last quarter. Finally, Alliancebernstein L.P. raised its stake in shares of Fulton Financial by 7.0% during the 4th quarter. Alliancebernstein L.P. now owns 448,468 shares of the bank's stock worth $7,624,000 after buying an additional 29,340 shares in the last quarter. 64.90% of the stock is owned by hedge funds and other institutional investors.
Get Fulton Financial alerts:Fulton Financial Stock Performance
NASDAQ FULT opened at $16.37 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.24. Fulton Financial Co. has a fifty-two week low of $13.72 and a fifty-two week high of $19.17. The business has a fifty day moving average of $16.44 and a 200-day moving average of $15.97. The stock has a market cap of $2.74 billion, a price-to-earnings ratio of 10.11 and a beta of 0.80.
Fulton Financial (NASDAQ:FULT – Get Rating) last announced its earnings results on Tuesday, July 19th. The bank reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.06. Fulton Financial had a net margin of 28.15% and a return on equity of 11.23%. During the same period in the prior year, the business posted $0.38 earnings per share. As a group, analysts predict that Fulton Financial Co. will post 1.7 earnings per share for the current fiscal year.Fulton Financial Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Monday, October 3rd will be issued a $0.15 dividend. The ex-dividend date is Friday, September 30th. This represents a $0.60 annualized dividend and a yield of 3.67%. Fulton Financial's dividend payout ratio (DPR) is presently 37.04%.
Analyst Upgrades and Downgrades
Several research firms recently weighed in on FULT. Jefferies Financial Group dropped their price objective on Fulton Financial from $17.00 to $14.00 in a research note on Monday, July 11th. DA Davidson reaffirmed a "neutral" rating on shares of Fulton Financial in a research note on Wednesday, July 27th.
Insider Buying and Selling at Fulton Financial
In other Fulton Financial news, EVP Angela M. Snyder sold 4,138 shares of the business's stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $17.53, for a total value of $72,539.14. Following the completion of the transaction, the executive vice president now directly owns 37,490 shares in the company, valued at approximately $657,199.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.01% of the stock is currently owned by insiders.
Fulton Financial Company Profile
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Fulton Financial Corporation operates as a financial holding company that provides consumer and commercial banking products and services. It accepts various checking accounts and savings deposit products, certificates of deposit, and individual retirement accounts. The company also offers secured consumer loans, including home equity loans and lines of credit, automobile loans, personal lines of credit, and checking account overdraft protection; construction and jumbo residential mortgage loans; and commercial lending products comprising commercial real estate, commercial and industrial, and construction loans, as well as equipment lease financing loans.
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