Wilmington Savings Fund Society FSB Boosts Holdings in Fulton Financial Co. (NASDAQ:FULT)

Wilmington Savings Fund Society FSB lifted its stake in shares of Fulton Financial Co. (NASDAQ:FULT) by 52.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,500 shares of the bank’s stock after acquiring an additional 10,773 shares during the period. Wilmington Savings Fund Society FSB’s holdings in Fulton Financial were worth $571,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Millennium Management LLC increased its position in Fulton Financial by 511.1% during the second quarter. Millennium Management LLC now owns 3,256,000 shares of the bank’s stock worth $55,287,000 after purchasing an additional 2,723,170 shares during the last quarter. Emerald Advisers LLC grew its stake in shares of Fulton Financial by 213.6% during the 3rd quarter. Emerald Advisers LLC now owns 1,307,559 shares of the bank’s stock valued at $23,706,000 after buying an additional 890,630 shares during the period. Emerald Mutual Fund Advisers Trust increased its holdings in shares of Fulton Financial by 272.2% during the 3rd quarter. Emerald Mutual Fund Advisers Trust now owns 861,691 shares of the bank’s stock worth $15,622,000 after buying an additional 630,152 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Fulton Financial by 710.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 699,652 shares of the bank’s stock worth $11,880,000 after buying an additional 613,272 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in Fulton Financial by 28.8% in the second quarter. Bank of New York Mellon Corp now owns 2,542,068 shares of the bank’s stock valued at $43,164,000 after acquiring an additional 567,771 shares during the last quarter. 72.02% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have commented on FULT. Piper Sandler set a $21.00 price target on Fulton Financial in a research note on Thursday, October 17th. Keefe, Bruyette & Woods increased their target price on shares of Fulton Financial from $20.00 to $23.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Stephens upgraded shares of Fulton Financial from an “equal weight” rating to an “overweight” rating in a report on Monday, December 9th. Finally, StockNews.com downgraded shares of Fulton Financial from a “hold” rating to a “sell” rating in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Fulton Financial currently has a consensus rating of “Hold” and a consensus price target of $19.50.

Insiders Place Their Bets

In other news, CEO Curtis J. Myers sold 24,192 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $21.16, for a total value of $511,902.72. Following the completion of the sale, the chief executive officer now owns 155,946 shares of the company’s stock, valued at approximately $3,299,817.36. The trade was a 13.43 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.07% of the stock is currently owned by company insiders.

Fulton Financial Price Performance

FULT stock opened at $20.94 on Monday. The firm has a market cap of $3.81 billion, a P/E ratio of 13.25 and a beta of 0.78. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.93 and a current ratio of 0.93. Fulton Financial Co. has a 1 year low of $13.87 and a 1 year high of $22.49. The stock has a 50-day simple moving average of $19.75 and a 200-day simple moving average of $18.43.

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

Fulton Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st were issued a $0.17 dividend. The ex-dividend date was Tuesday, October 1st. This represents a $0.68 dividend on an annualized basis and a yield of 3.25%. Fulton Financial’s dividend payout ratio is currently 43.04%.

Fulton Financial 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.