Legal & General Group Plc Purchases New Stake in Fulton Financial Corporation $FULT

Legal & General Group Plc acquired a new position in shares of Fulton Financial Corporation (NASDAQ:FULT) in the second quarter, Holdings Channel.com reports. The institutional investor acquired 435,494 shares of the bank’s stock, valued at approximately $10,535,000.

Several other hedge funds have also added to or reduced their stakes in the stock. Kestra Advisory Services LLC purchased a new position in Fulton Financial in the fourth quarter valued at about $25,000. Root Financial Partners LLC increased its stake 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 worth $26,000 after purchasing an additional 607 shares during the last quarter. Eurizon Capital SGR S.p.A. bought a new stake in shares of Fulton Financial in the 4th quarter worth approximately $27,000. Caitong International Asset Management Co. Ltd purchased a new position in Fulton Financial in the fourth quarter valued at approximately $28,000. Finally, Axiom Investment Management LLC purchased a new position in Fulton Financial in the first quarter valued at approximately $28,000. Institutional investors own 72.02% of the company’s stock.

Insider Activity

In related news, Director E Philip Wenger sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, July 13th. The shares were 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. This represents a 6.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 sale, the director directly 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 SEC filing for this sale provides additional information. 0.01% of the stock is currently owned by insiders.

Fulton Financial Trading Down 0.9%

Shares of FULT stock opened at $23.46 on Tuesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.92 and a current ratio of 0.92. Fulton Financial Corporation has a 52-week low of $16.60 and a 52-week high of $25.23. The company has a market capitalization of $4.48 billion, a PE ratio of 11.22 and a beta of 0.79. The business’s fifty day moving average is $24.23 and its 200 day moving average is $22.33.

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

Fulton Financial Dividend Announcement

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

Analysts Set New Price Targets

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