AXQ Capital LP Takes $240,000 Position in Fulton Financial Corporation $FULT

AXQ Capital LP purchased a new stake in Fulton Financial Corporation (NASDAQ:FULT) in the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 13,300 shares of the bank’s stock, valued at approximately $240,000.

Several other hedge funds and other institutional investors have also made changes to their positions in FULT. Quarry LP grew its position in shares of Fulton Financial by 1,669.6% in the first quarter. Quarry LP now owns 1,982 shares of the bank’s stock valued at $36,000 after purchasing an additional 1,870 shares during the last quarter. Wealth Preservation Advisors LLC acquired a new stake in shares of Fulton Financial during the 1st quarter worth $60,000. Strs Ohio acquired a new stake in shares of Fulton Financial during the 1st quarter worth $152,000. Bare Financial Services Inc grew its holdings in shares of Fulton Financial by 24.1% during the 1st quarter. Bare Financial Services Inc now owns 9,595 shares of the bank’s stock worth $174,000 after purchasing an additional 1,864 shares during the period. Finally, Envestnet Portfolio Solutions Inc. purchased a new position in shares of Fulton Financial in the 2nd quarter valued at $186,000. Institutional investors and hedge funds own 72.02% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on FULT. Weiss Ratings downgraded Fulton Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. Zacks Research cut shares of Fulton Financial from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 15th. Raymond James Financial raised shares of Fulton Financial from a “market perform” rating to an “outperform” rating and set a $21.00 price target for the company in a report on Tuesday, October 7th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and set a $20.00 price objective (down previously from $22.00) on shares of Fulton Financial in a research report on Thursday, October 23rd. Two investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $20.70.

Fulton Financial Stock Up 3.0%

FULT stock opened at $18.29 on Wednesday. Fulton Financial Corporation has a 52 week low of $14.32 and a 52 week high of $22.01. The company has a market capitalization of $3.30 billion, a price-to-earnings ratio of 9.58 and a beta of 0.88. The firm’s 50-day moving average is $17.99 and its two-hundred day moving average is $18.26. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.37.

Fulton Financial (NASDAQ:FULT) last announced its quarterly earnings data on Tuesday, November 8th. The bank reported $0.45 earnings per share for the quarter. The business had revenue of $236.96 million during the quarter. Fulton Financial had a return on equity of 12.55% and a net margin of 19.01%. On average, analysts forecast that Fulton Financial Corporation will post 1.91 earnings per share for the current fiscal year.

Fulton Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Wednesday, October 1st were paid a $0.18 dividend. The ex-dividend date of this dividend was Wednesday, October 1st. This represents a $0.72 dividend on an annualized basis and a yield of 3.9%. Fulton Financial’s dividend payout ratio (DPR) is currently 37.70%.

Insider Activity at Fulton Financial

In related news, Director E Philip Wenger sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $19.28, for a total value of $96,400.00. Following the completion of the transaction, the director owned 90,477 shares of the company’s stock, valued at approximately $1,744,396.56. This trade represents a 5.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.08% of the company’s stock.

Fulton Financial Profile

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.