Envestnet Asset Management Inc. Decreases Position in Fulton Financial Corporation (NASDAQ:FULT)

Envestnet Asset Management Inc. decreased its holdings in shares of Fulton Financial Corporation (NASDAQ:FULT) by 3.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 30,170 shares of the bank’s stock after selling 1,135 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Fulton Financial were worth $546,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FULT. Sei Investments Co. boosted its holdings in shares of Fulton Financial by 43.2% in the fourth quarter. Sei Investments Co. now owns 17,315 shares of the bank’s stock valued at $334,000 after acquiring an additional 5,225 shares during the period. LPL Financial LLC acquired a new stake in shares of Fulton Financial in the fourth quarter valued at approximately $289,000. JPMorgan Chase & Co. boosted its holdings in shares of Fulton Financial by 137.3% in the fourth quarter. JPMorgan Chase & Co. now owns 1,322,616 shares of the bank’s stock valued at $25,500,000 after acquiring an additional 765,313 shares during the period. Wells Fargo & Company MN boosted its holdings in shares of Fulton Financial by 23.3% in the fourth quarter. Wells Fargo & Company MN now owns 123,937 shares of the bank’s stock valued at $2,390,000 after acquiring an additional 23,445 shares during the period. Finally, Federated Hermes Inc. boosted its holdings in shares of Fulton Financial by 6.3% in the fourth quarter. Federated Hermes Inc. now owns 291,302 shares of the bank’s stock valued at $5,616,000 after acquiring an additional 17,182 shares during the period. Hedge funds and other institutional investors own 72.02% of the company’s stock.

Wall Street Analysts Forecast Growth

FULT has been the subject of several research analyst reports. Keefe, Bruyette & Woods increased their price objective on Fulton Financial from $21.00 to $22.00 and gave the company a “market perform” rating in a report on Thursday, July 17th. Piper Sandler restated a “neutral” rating on shares of Fulton Financial in a research note on Wednesday, July 9th. DA Davidson upped their price target on Fulton Financial from $17.00 to $20.00 and gave the stock a “neutral” rating in a research note on Thursday, July 17th. Finally, Jefferies Financial Group restated a “hold” rating on shares of Fulton Financial in a research note on Wednesday, July 9th. Six analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $21.13.

Fulton Financial Price Performance

Fulton Financial stock opened at $17.72 on Wednesday. Fulton Financial Corporation has a 12 month low of $14.32 and a 12 month high of $22.49. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.89 and a quick ratio of 0.88. The business has a 50 day simple moving average of $18.18 and a 200-day simple moving average of $18.22. The stock has a market capitalization of $3.22 billion, a PE ratio of 10.36 and a beta of 0.82.

Fulton Financial (NASDAQ:FULT) last released its quarterly earnings results on Tuesday, July 15th. The bank reported $0.55 EPS for the quarter, topping the consensus estimate of $0.43 by $0.12. The business had revenue of $328.45 million during the quarter, compared to analysts’ expectations of $320.47 million. Fulton Financial had a return on equity of 12.44% and a net margin of 17.00%. During the same quarter in the prior year, the business earned $0.52 earnings per share. Equities analysts predict that Fulton Financial Corporation will post 1.91 earnings per share for the current year.

Fulton Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st were given a $0.18 dividend. The ex-dividend date was Tuesday, July 1st. This represents a $0.72 annualized dividend and a yield of 4.1%. Fulton Financial’s dividend payout ratio is presently 42.11%.

Insider Transactions at Fulton Financial

In other Fulton Financial news, Director E Philip Wenger sold 5,000 shares of the stock in a transaction on Friday, July 25th. The stock was sold at an average price of $18.41, for a total value of $92,050.00. Following the completion of the transaction, the director owned 599,102 shares in the company, valued at approximately $11,029,467.82. This represents a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.07% of the company’s stock.

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.