Putnam Investments LLC Lowers Position in Fulton Financial Co. (NASDAQ:FULT)

Putnam Investments LLC cut its stake in shares of Fulton Financial Co. (NASDAQ:FULT – Get Rating) by 1.8% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 80,672 shares of the bank’s stock after selling 1,466 shares during the period. Putnam Investments LLC’s holdings in Fulton Financial were worth $1,274,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of FULT. BlackRock Inc. lifted its position in Fulton Financial by 6.0% during the first quarter. BlackRock Inc. now owns 21,821,468 shares of the bank’s stock valued at $362,670,000 after purchasing an additional 1,232,379 shares in the last quarter. State Street Corp lifted its position in Fulton Financial by 8.9% during the first quarter. State Street Corp now owns 8,941,860 shares of the bank’s stock valued at $149,945,000 after purchasing an additional 731,995 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Fulton Financial by 5.6% during the third quarter. Dimensional Fund Advisors LP now owns 12,013,267 shares of the bank’s stock valued at $189,811,000 after acquiring an additional 634,909 shares during the period. Millennium Management LLC raised its holdings in Fulton Financial by 47.8% during the second quarter. Millennium Management LLC now owns 1,912,170 shares of the bank’s stock valued at $27,631,000 after acquiring an additional 618,671 shares during the period. Finally, Federated Hermes Inc. raised its holdings in Fulton Financial by 137.1% during the second quarter. Federated Hermes Inc. now owns 632,402 shares of the bank’s stock valued at $9,138,000 after acquiring an additional 365,639 shares during the period. 64.84% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director George K. Martin acquired 2,910 shares of Fulton Financial stock in a transaction on Tuesday, February 7th. The shares were bought at an average cost of $17.16 per share, with a total value of $49,935.60. Following the completion of the purchase, the director now directly owns 8,870 shares of the company’s stock, valued at approximately $152,209.20. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director George K. Martin acquired 2,910 shares of Fulton Financial stock in a transaction on Tuesday, February 7th. The shares were bought at an average cost of $17.16 per share, with a total value of $49,935.60. Following the completion of the purchase, the director now directly owns 8,870 shares of the company’s stock, valued at approximately $152,209.20. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director George W. Hodges sold 6,799 shares of the business’s stock in a transaction that occurred on Tuesday, January 31st. The stock was sold at an average price of $16.57, for a total value of $112,659.43. Following the sale, the director now directly owns 14,393 shares in the company, valued at $238,492.01. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have commented on FULT. Janney Montgomery Scott began coverage on Fulton Financial in a report on Tuesday, January 10th. They set a “neutral” rating and a $19.50 price target on the stock. DA Davidson decreased their price target on Fulton Financial from $18.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, January 19th.

Fulton Financial Trading Down 3.3 %

Shares of FULT stock opened at $14.93 on Tuesday. Fulton Financial Co. has a 12-month low of $13.72 and a 12-month high of $18.91. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.52. The stock’s 50-day moving average price is $16.76 and its 200-day moving average price is $17.02. The stock has a market capitalization of $2.49 billion, a price-to-earnings ratio of 8.94 and a beta of 0.80.

Fulton Financial (NASDAQ:FULT – Get Rating) last issued its earnings results on Tuesday, January 17th. The bank reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.02). Fulton Financial had a return on equity of 12.92% and a net margin of 26.28%. The firm had revenue of $284.54 million during the quarter, compared to the consensus estimate of $285.36 million. Equities research analysts predict that Fulton Financial Co. will post 1.91 EPS for the current fiscal year.

Fulton Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 13th. Shareholders of record on Tuesday, January 3rd were paid a dividend of $0.15 per share. The ex-dividend date was Friday, December 30th. This represents a $0.60 annualized dividend and a yield of 4.02%. Fulton Financial’s payout ratio is currently 35.93%.

About Fulton Financial

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Fulton Financial Corp. is financial holding company, which through its subsidiaries, engages in the provision of consumer and commercial banking products and services. It offers checking account and savings deposit products, certificates of deposit and individual retirement accounts. The company also offers investment management, trust, brokerage, insurance and investment advisory services to consumer and commercial banking customers in the market areas serviced by the subsidiary banks.