Meeder Asset Management Inc. lifted its holdings in shares of Fulton Financial Corp (NASDAQ:FULT) by 118.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,208 shares of the bank’s stock after purchasing an additional 4,446 shares during the period. Meeder Asset Management Inc.’s holdings in Fulton Financial were worth $133,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of the company. Northern Trust Corp increased its stake in shares of Fulton Financial by 1.0% during the 2nd quarter. Northern Trust Corp now owns 4,281,776 shares of the bank’s stock worth $70,093,000 after purchasing an additional 43,119 shares in the last quarter. Janus Henderson Group PLC boosted its position in Fulton Financial by 16.1% during the second quarter. Janus Henderson Group PLC now owns 2,511,773 shares of the bank’s stock worth $41,118,000 after acquiring an additional 348,292 shares during the last quarter. Victory Capital Management Inc. boosted 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 worth $34,500,000 after acquiring an additional 225,612 shares during the last quarter. LSV Asset Management boosted its position in Fulton Financial by 41.3% during the second quarter. LSV Asset Management now owns 2,014,859 shares of the bank’s stock worth $32,983,000 after acquiring an additional 588,884 shares during the last quarter. Finally, Fulton Bank N.A. boosted its position in Fulton Financial by 1.4% during the second quarter. Fulton Bank N.A. now owns 1,994,692 shares of the bank’s stock worth $32,653,000 after acquiring an additional 26,929 shares during the last quarter. 64.72% of the stock is owned by institutional investors and hedge funds.
A number of analysts recently issued reports on FULT shares. ValuEngine lowered shares of Fulton Financial from a “hold” rating to a “sell” rating in a research report on Friday. Boenning Scattergood restated a “hold” rating on shares of Fulton Financial in a research report on Wednesday, July 17th. BidaskClub upgraded shares of Fulton Financial from a “sell” rating to a “hold” rating in a research report on Saturday, October 19th. Finally, Zacks Investment Research lowered shares of Fulton Financial from a “hold” rating to a “sell” rating in a research report on Wednesday, October 16th. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $18.83.
Fulton Financial (NASDAQ:FULT) last announced its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.37 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.35 by $0.02. The company had revenue of $221.07 million for the quarter, compared to analyst estimates of $222.21 million. Fulton Financial had a net margin of 22.88% and a return on equity of 10.31%. Fulton Financial’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter last year, the business earned $0.37 EPS. As a group, equities analysts predict that Fulton Financial Corp will post 1.39 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st were issued a $0.13 dividend. The ex-dividend date was Monday, September 30th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.10%. Fulton Financial’s dividend payout ratio (DPR) is presently 44.07%.
About Fulton Financial
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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