Fulton Financial Corporation $FULT Shares Sold by QRG Capital Management Inc.

QRG Capital Management Inc. trimmed its holdings in shares of Fulton Financial Corporation (NASDAQ:FULT) by 26.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 93,646 shares of the bank’s stock after selling 34,498 shares during the period. QRG Capital Management Inc. owned about 0.05% of Fulton Financial worth $1,745,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FULT. Campbell & CO Investment Adviser LLC increased its position in Fulton Financial by 14.7% during the third quarter. Campbell & CO Investment Adviser LLC now owns 59,630 shares of the bank’s stock worth $1,111,000 after buying an additional 7,650 shares in the last quarter. Nordea Investment Management AB lifted its position in shares of Fulton Financial by 5.8% in the third quarter. Nordea Investment Management AB now owns 589,338 shares of the bank’s stock valued at $10,903,000 after acquiring an additional 32,180 shares in the last quarter. New York State Teachers Retirement System boosted its stake in shares of Fulton Financial by 4.9% during the third quarter. New York State Teachers Retirement System now owns 252,899 shares of the bank’s stock valued at $4,712,000 after acquiring an additional 11,864 shares during the last quarter. Nisa Investment Advisors LLC increased its position in Fulton Financial by 21.0% during the 3rd quarter. Nisa Investment Advisors LLC now owns 23,344 shares of the bank’s stock worth $435,000 after purchasing an additional 4,053 shares in the last quarter. Finally, SG Americas Securities LLC raised its stake in Fulton Financial by 182.7% in the 3rd quarter. SG Americas Securities LLC now owns 108,076 shares of the bank’s stock valued at $2,013,000 after purchasing an additional 69,847 shares during the last quarter. Hedge funds and other institutional investors own 72.02% of the company’s stock.

Fulton Financial Price Performance

Fulton Financial stock opened at $20.00 on Tuesday. Fulton Financial Corporation has a 1 year low of $14.32 and a 1 year high of $21.40. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a 50 day moving average price of $19.14 and a 200 day moving average price of $18.78. The company has a market cap of $3.61 billion, a price-to-earnings ratio of 10.47 and a beta of 0.85.

Fulton Financial (NASDAQ:FULT) last posted its quarterly earnings results on Tuesday, October 21st. The bank reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.07. The company had revenue of $264.20 million for the quarter, compared to the consensus estimate of $332.51 million. Fulton Financial had a net margin of 19.01% and a return on equity of 12.75%. During the same quarter last year, the firm posted $0.50 earnings per share. Sell-side analysts predict that Fulton Financial Corporation will post 1.91 earnings per share for the current year.

Fulton Financial declared that its board has authorized a stock repurchase plan on Tuesday, December 16th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the bank to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Fulton Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were given a $0.19 dividend. This is an increase from Fulton Financial’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $0.76 annualized dividend and a dividend yield of 3.8%. Fulton Financial’s dividend payout ratio is 39.79%.

Insiders Place Their Bets

In related news, Director E Philip Wenger sold 5,000 shares of Fulton Financial stock in a transaction on Monday, January 12th. The stock was sold at an average price of $19.55, for a total value of $97,750.00. Following the transaction, the director owned 85,477 shares in the company, valued at approximately $1,671,075.35. This trade represents a 5.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.07% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Keefe, Bruyette & Woods raised their price target on shares of Fulton Financial from $20.00 to $21.00 and gave the stock a “market perform” rating in a research note on Wednesday, November 26th. Raymond James Financial upgraded shares of Fulton Financial from a “market perform” rating to an “outperform” rating and set a $21.00 target price on the stock in a research report on Tuesday, October 7th. Finally, Weiss Ratings cut shares of Fulton Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. One analyst has rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $20.90.

About Fulton Financial

Fulton Financial Corporation, trading on the NASDAQ under the ticker FULT, is the financial holding company for Fulton Bank, headquartered in Lancaster, Pennsylvania. The company delivers a broad range of banking and financial services through its subsidiary, Fulton Bank, targeting both individual and corporate clients. Fulton Financial’s offerings include deposit accounts, lending solutions, treasury management, and specialized banking services designed to support personal wealth goals and business growth initiatives.

Through Fulton Bank, the company provides retail banking services such as checking and savings accounts, consumer and residential mortgage loans, and home equity products.