Security National Trust Co. cut its stake in shares of Fulton Financial Corp (NASDAQ:FULT) by 2.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 32,946 shares of the bank’s stock after selling 941 shares during the period. Security National Trust Co.’s holdings in Fulton Financial were worth $539,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Hillcrest Asset Management LLC increased its position in shares of Fulton Financial by 0.6% in the second quarter. Hillcrest Asset Management LLC now owns 758,273 shares of the bank’s stock worth $12,413,000 after purchasing an additional 4,580 shares during the last quarter. Nuveen Asset Management LLC bought a new position in Fulton Financial during the second quarter valued at approximately $19,076,000. Victory Capital Management Inc. grew its position in Fulton Financial by 12.0% during the second quarter. Victory Capital Management Inc. now owns 2,107,541 shares of the bank’s stock valued at $34,500,000 after acquiring an additional 225,612 shares during the last quarter. UBS Asset Management Americas Inc. grew its position in Fulton Financial by 9.2% during the second quarter. UBS Asset Management Americas Inc. now owns 198,295 shares of the bank’s stock valued at $3,246,000 after acquiring an additional 16,749 shares during the last quarter. Finally, Neo Ivy Capital Management bought a new position in Fulton Financial during the second quarter valued at approximately $522,000. Hedge funds and other institutional investors own 64.69% of the company’s stock.
FULT has been the topic of a number of recent research reports. BidaskClub upgraded shares of Fulton Financial from a “sell” rating to a “hold” rating in a research report on Friday, June 28th. ValuEngine cut shares of Fulton Financial from a “hold” rating to a “sell” rating in a research report on Friday, June 21st. Boenning Scattergood reiterated a “hold” rating on shares of Fulton Financial in a research report on Wednesday, July 17th. Finally, Zacks Investment Research cut shares of Fulton Financial from a “hold” rating to a “sell” rating in a research report on Friday. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $18.83.
Fulton Financial (NASDAQ:FULT) last issued its quarterly earnings results on Tuesday, July 16th. The bank reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. The business had revenue of $221.94 million for the quarter, compared to analysts’ expectations of $218.51 million. Fulton Financial had a net margin of 23.75% and a return on equity of 10.51%. The business’s quarterly revenue was up 6.6% on a year-over-year basis. During the same period last year, the business earned $0.20 earnings per share. As a group, analysts anticipate that Fulton Financial Corp will post 1.39 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st will be paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date of this dividend is Monday, September 30th. Fulton Financial’s dividend payout ratio (DPR) is presently 44.07%.
Fulton Financial Profile
Fulton Financial Corporation operates as a multi-bank financial holding company that provides banking and financial services to businesses and consumers. It accepts various checking accounts and savings deposit products, certificates of deposit, and individual retirement accounts. The company also offers consumer loans, including home equity loans and lines of credit, automobile loans, automobile and equipment leases, personal lines of credit, and checking account overdraft protection; construction and jumbo residential mortgage loans; and commercial lending products comprising commercial, financial, agricultural, and real estate loans.
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