Miracle Mile Advisors LLC Sells 20,246 Shares of Fulton Financial Co. (NASDAQ:FULT)

Miracle Mile Advisors LLC trimmed its stake in Fulton Financial Co. (NASDAQ:FULTFree Report) by 62.3% during the fourth quarter, HoldingsChannel.com reports. The fund owned 12,248 shares of the bank’s stock after selling 20,246 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Fulton Financial were worth $202,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of FULT. Norges Bank bought a new stake in Fulton Financial in the fourth quarter valued at $29,379,000. BlackRock Inc. grew its position in Fulton Financial by 6.0% in the first quarter. BlackRock Inc. now owns 21,821,468 shares of the bank’s stock valued at $362,670,000 after acquiring an additional 1,232,379 shares during the period. Millennium Management LLC grew its position in Fulton Financial by 108.4% in the fourth quarter. Millennium Management LLC now owns 2,285,030 shares of the bank’s stock valued at $38,457,000 after acquiring an additional 1,188,745 shares during the period. Vanguard Group Inc. grew its position in Fulton Financial by 7.2% in the third quarter. Vanguard Group Inc. now owns 17,117,537 shares of the bank’s stock valued at $270,457,000 after acquiring an additional 1,149,047 shares during the period. Finally, State Street Corp grew its position in Fulton Financial by 14.6% in the second quarter. State Street Corp now owns 8,853,370 shares of the bank’s stock valued at $106,947,000 after acquiring an additional 1,125,867 shares during the period. 72.02% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Keefe, Bruyette & Woods increased their target price on Fulton Financial from $16.00 to $17.00 and gave the stock a “market perform” rating in a report on Thursday, January 18th. StockNews.com upgraded Fulton Financial from a “sell” rating to a “hold” rating in a report on Wednesday, March 13th. Finally, Stephens restated an “equal weight” rating and set a $16.00 target price on shares of Fulton Financial in a report on Wednesday, January 17th. Four equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, Fulton Financial presently has an average rating of “Hold” and an average price target of $14.60.

Check Out Our Latest Stock Analysis on Fulton Financial

Fulton Financial Price Performance

Fulton Financial stock opened at $15.27 on Thursday. The business’s 50-day simple moving average is $15.47 and its 200 day simple moving average is $14.69. The stock has a market cap of $2.47 billion, a price-to-earnings ratio of 9.31 and a beta of 0.81. Fulton Financial Co. has a 12-month low of $9.64 and a 12-month high of $17.06. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.43.

Fulton Financial (NASDAQ:FULTGet Free Report) last posted its quarterly earnings results on Wednesday, January 17th. The bank reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.02. The business had revenue of $271.38 million for the quarter, compared to analysts’ expectations of $268.70 million. Fulton Financial had a return on equity of 12.01% and a net margin of 18.94%. The firm’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.48 earnings per share. As a group, research analysts anticipate that Fulton Financial Co. will post 1.51 earnings per share for the current year.

Fulton Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Monday, April 1st will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 4.45%. The ex-dividend date is Thursday, March 28th. Fulton Financial’s dividend payout ratio is 41.46%.

About Fulton Financial

(Free Report)

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.

Featured Articles

Want to see what other hedge funds are holding FULT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fulton Financial Co. (NASDAQ:FULTFree Report).

Institutional Ownership by Quarter for Fulton Financial (NASDAQ:FULT)

Receive News & Ratings for Fulton Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fulton Financial and related companies with MarketBeat.com's FREE daily email newsletter.