Ieq Capital LLC Makes New Investment in Fulton Financial Corporation $FULT

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

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. BlackRock Inc. acquired a new position in shares of Fulton Financial during the second quarter worth about $676,732,000. Norges Bank acquired a new stake in Fulton Financial in the fourth quarter valued at approximately $44,271,000. Goldman Sachs Group Inc. raised its holdings 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 acquiring an additional 1,939,260 shares in the last quarter. First Trust Advisors LP lifted its stake in Fulton Financial by 31.2% in the first quarter. First Trust Advisors LP now owns 8,050,923 shares of the bank’s stock worth $163,756,000 after acquiring an additional 1,912,709 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in Fulton Financial in the second quarter worth approximately $46,008,000. Hedge funds and other institutional investors own 72.02% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Piper Sandler reissued 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. Raymond James Financial lifted their price objective on shares of Fulton Financial from $24.00 to $26.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 1st. Wall Street Zen raised Fulton Financial from a “sell” rating to a “hold” rating in a report on Saturday, July 25th. Weiss Ratings restated a “buy (b)” rating on shares of Fulton Financial in a research note on Wednesday, July 29th. Finally, DA Davidson raised their price target on Fulton Financial from $24.00 to $25.00 and gave the company a “neutral” rating in a research note on Friday, July 24th. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Fulton Financial has a consensus rating of “Hold” and a consensus price target of $24.75.

Fulton Financial Stock Performance

Shares of Fulton Financial stock opened at $23.75 on Friday. 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 Corporation has a 52 week low of $16.60 and a 52 week high of $25.23. The firm’s 50 day moving average is $24.20 and its two-hundred day moving average is $22.31. The firm has a market capitalization of $4.53 billion, a P/E ratio of 11.36 and a beta of 0.79.

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, 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 business had revenue of $367.87 million during the quarter, compared to the consensus estimate of $358.83 million. During the same quarter in the previous year, the firm earned $0.55 EPS. The company’s revenue was up 12.2% compared to the same quarter last year. Research analysts forecast that Fulton Financial Corporation will post 2.23 EPS for the current fiscal year.

Fulton Financial Announces Dividend

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

Insiders Place Their Bets

In other Fulton Financial news, Director Lisa Crutchfield sold 4,100 shares of the company’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $24.80, for a total value of $101,680.00. Following the completion of the transaction, the director owned 7,838 shares in the company, valued at $194,382.40. This represents a 34.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director E Philip Wenger sold 5,000 shares of the firm’s stock in a transaction dated Monday, July 13th. The stock was sold at an average price of $24.14, for a total value of $120,700.00. Following the transaction, the director directly owned 75,477 shares in the company, valued at approximately $1,822,014.78. The trade was a 6.21% decrease in their position. The SEC filing for this sale provides additional information. 0.01% of the stock is owned by 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.