Verition Fund Management LLC Has $8.85 Million Stake in Fulton Financial Co. (NASDAQ:FULT)

Verition Fund Management LLC lowered its stake in Fulton Financial Co. (NASDAQ:FULT) by 48.4% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 487,962 shares of the bank’s stock after selling 456,846 shares during the quarter. Verition Fund Management LLC’s holdings in Fulton Financial were worth $8,847,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the stock. Family Firm Inc. bought a new position in Fulton Financial in the second quarter worth approximately $46,000. Coston McIsaac & Partners bought a new position in shares of Fulton Financial in the 3rd quarter worth $54,000. Blue Trust Inc. increased its stake in Fulton Financial by 21.9% during the 2nd quarter. Blue Trust Inc. now owns 3,840 shares of the bank’s stock valued at $61,000 after purchasing an additional 691 shares in the last quarter. AE Wealth Management LLC acquired a new position in Fulton Financial during the second quarter worth $172,000. Finally, Atwater Malick LLC bought a new position in shares of Fulton Financial in the second quarter valued at $175,000. Institutional investors and hedge funds own 72.02% of the company’s stock.

Fulton Financial Price Performance

Fulton Financial stock opened at $21.58 on Monday. The stock has a market cap of $3.93 billion, a P/E ratio of 13.66 and a beta of 0.73. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.32. The company’s 50 day moving average price is $19.06 and its two-hundred day moving average price is $18.13. Fulton Financial Co. has a 52 week low of $13.87 and a 52 week high of $22.49.

Fulton Financial (NASDAQ:FULT) last posted its quarterly earnings data on Tuesday, October 15th. The bank reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.06. Fulton Financial had a return on equity of 11.33% and a net margin of 16.37%. The business had revenue of $487.33 million for the quarter, compared to analysts’ expectations of $321.00 million. During the same quarter in the previous year, the firm earned $0.43 earnings per share. On average, equities analysts predict that Fulton Financial Co. will post 1.74 earnings per share for the current year.

Fulton Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st were issued a dividend of $0.17 per share. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $0.68 dividend on an annualized basis and a yield of 3.15%. Fulton Financial’s dividend payout ratio (DPR) is presently 43.04%.

Analyst Ratings Changes

FULT has been the topic of a number of analyst reports. Piper Sandler set a $21.00 target price on shares of Fulton Financial in a report on Thursday, October 17th. StockNews.com lowered Fulton Financial from a “hold” rating to a “sell” rating in a report on Monday, November 11th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $18.83.

Fulton Financial Company Profile

Fulton Financial Corporation operates as a financial holding company that provides consumer and commercial banking products and services in Pennsylvania, Delaware, Maryland, New Jersey, and Virginia. It accepts various checking accounts and savings deposit products, certificates of deposit, and individual retirement accounts.