Amundi Reduces Stock Position in Fulton Financial Corporation $FULT

Amundi lowered its stake in shares of Fulton Financial Corporation (NASDAQ:FULT) by 20.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 73,177 shares of the bank’s stock after selling 18,852 shares during the period. Amundi’s holdings in Fulton Financial were worth $1,324,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC lifted its position in shares of Fulton Financial by 1.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 36,303 shares of the bank’s stock worth $657,000 after acquiring an additional 684 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new position in shares of Fulton Financial in the first quarter worth $287,000. Silver Oak Securities Incorporated bought a new position in shares of Fulton Financial in the first quarter worth $333,000. New York State Teachers Retirement System increased its holdings in shares of Fulton Financial by 1.3% in the first quarter. New York State Teachers Retirement System now owns 240,935 shares of the bank’s stock worth $4,359,000 after purchasing an additional 2,985 shares during the period. Finally, Deutsche Bank AG increased its holdings in shares of Fulton Financial by 50.1% in the fourth quarter. Deutsche Bank AG now owns 154,894 shares of the bank’s stock worth $2,986,000 after purchasing an additional 51,670 shares during the period. Hedge funds and other institutional investors own 72.02% of the company’s stock.

Insider Activity

In other news, Director E Philip Wenger sold 5,000 shares of Fulton Financial stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $18.41, for a total transaction of $92,050.00. Following the completion of the transaction, the director directly owned 599,102 shares in the company, valued at approximately $11,029,467.82. This trade represents a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.08% of the company’s stock.

Analyst Upgrades and Downgrades

FULT has been the topic of several research analyst reports. Jefferies Financial Group reaffirmed a “hold” rating on shares of Fulton Financial in a report on Wednesday, July 9th. Keefe, Bruyette & Woods raised their price target on Fulton Financial from $21.00 to $22.00 and gave the company a “market perform” rating in a research report on Thursday, July 17th. Piper Sandler restated a “neutral” rating on shares of Fulton Financial in a research report on Wednesday, July 9th. Finally, DA Davidson raised their price target on Fulton Financial from $17.00 to $20.00 and gave the company a “neutral” rating in a research report on Thursday, July 17th. One analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $21.13.

Fulton Financial Stock Up 0.4%

Shares of NASDAQ:FULT opened at $19.42 on Friday. The stock’s 50-day moving average price is $18.93 and its 200-day moving average price is $17.96. Fulton Financial Corporation has a 12-month low of $14.32 and a 12-month high of $22.49. The stock has a market capitalization of $3.54 billion, a P/E ratio of 11.36 and a beta of 0.85. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.37.

Fulton Financial (NASDAQ:FULT) last posted its earnings results on Tuesday, July 15th. The bank reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.12. The company had revenue of $328.45 million for the quarter, compared to analysts’ expectations of $320.47 million. Fulton Financial had a return on equity of 12.64% and a net margin of 17.00%.During the same period last year, the firm earned $0.52 earnings per share. On average, equities analysts anticipate that Fulton Financial Corporation will post 1.91 earnings per share for the current year.

Fulton Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 3.7%. The ex-dividend date was Tuesday, July 1st. Fulton Financial’s dividend payout ratio (DPR) is presently 42.11%.

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.