Envestnet Asset Management Inc. Reduces Stock Position in Fulton Financial Co. (NASDAQ:FULT)

Envestnet Asset Management Inc. trimmed its holdings in shares of Fulton Financial Co. (NASDAQ:FULT) by 12.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 31,305 shares of the bank’s stock after selling 4,281 shares during the period. Envestnet Asset Management Inc.’s holdings in Fulton Financial were worth $604,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in FULT. Norges Bank acquired a new stake in Fulton Financial during the 4th quarter worth $38,010,000. JPMorgan Chase & Co. grew its holdings in shares of Fulton Financial by 137.3% during the fourth quarter. JPMorgan Chase & Co. now owns 1,322,616 shares of the bank’s stock worth $25,500,000 after purchasing an additional 765,313 shares during the last quarter. Fisher Asset Management LLC increased its position in shares of Fulton Financial by 35.3% during the fourth quarter. Fisher Asset Management LLC now owns 2,582,036 shares of the bank’s stock worth $49,782,000 after purchasing an additional 673,559 shares in the last quarter. Trexquant Investment LP boosted its position in shares of Fulton Financial by 468.8% in the 4th quarter. Trexquant Investment LP now owns 420,930 shares of the bank’s stock valued at $8,116,000 after purchasing an additional 346,933 shares during the period. Finally, New Age Alpha Advisors LLC acquired a new stake in shares of Fulton Financial in the 4th quarter valued at about $5,678,000. 72.02% of the stock is owned by institutional investors and hedge funds.

Fulton Financial Stock Up 2.7 %

Shares of NASDAQ:FULT opened at $17.36 on Friday. The company has a market cap of $3.16 billion, a price-to-earnings ratio of 11.06 and a beta of 0.76. Fulton Financial Co. has a fifty-two week low of $14.33 and a fifty-two week high of $22.49. The firm’s 50-day simple moving average is $17.26 and its 200-day simple moving average is $19.12. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.32.

Fulton Financial (NASDAQ:FULT) last released its earnings results on Tuesday, April 15th. The bank reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.08. The company had revenue of $322.64 million for the quarter, compared to analysts’ expectations of $315.07 million. Fulton Financial had a return on equity of 11.41% and a net margin of 15.87%. During the same quarter in the previous year, the firm posted $0.40 EPS. As a group, equities research analysts predict that Fulton Financial Co. will post 1.91 earnings per share for the current year.

Fulton Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 4.15%. The ex-dividend date was Tuesday, April 1st. Fulton Financial’s dividend payout ratio (DPR) is currently 42.35%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on FULT shares. Keefe, Bruyette & Woods reduced their price objective on Fulton Financial from $24.00 to $21.00 and set a “market perform” rating for the company in a research note on Thursday, April 17th. DA Davidson reiterated a “neutral” rating and set a $20.00 price target on shares of Fulton Financial in a research note on Wednesday, April 16th. Piper Sandler lowered their price objective on shares of Fulton Financial from $22.00 to $20.00 and set a “neutral” rating on the stock in a research report on Thursday, April 17th. Hovde Group upped their target price on shares of Fulton Financial from $22.00 to $22.50 and gave the company a “market perform” rating in a report on Monday, January 27th. Finally, StockNews.com raised Fulton Financial from a “sell” rating to a “hold” rating in a report on Thursday, January 23rd. Six analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $19.83.

About Fulton Financial

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.