Fulton Financial Corporation $FULT Shares Acquired by Alps Advisors Inc.

Alps Advisors Inc. grew its position in Fulton Financial Corporation (NASDAQ:FULT) by 86.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 50,665 shares of the bank’s stock after acquiring an additional 23,480 shares during the quarter. Alps Advisors Inc.’s holdings in Fulton Financial were worth $944,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of FULT. Atlantic Union Bankshares Corp acquired a new position in shares of Fulton Financial during the second quarter worth approximately $871,000. Prudential Financial Inc. grew its position in Fulton Financial by 5.8% during the 2nd quarter. Prudential Financial Inc. now owns 337,518 shares of the bank’s stock worth $6,089,000 after purchasing an additional 18,432 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in shares of Fulton Financial in the second quarter worth approximately $647,000. American Century Companies Inc. boosted its position in Fulton Financial by 10.0% during the second quarter. American Century Companies Inc. now owns 2,859,152 shares of the bank’s stock valued at $51,579,000 after purchasing an additional 260,016 shares during the last quarter. Finally, First Trust Advisors LP grew its position in Fulton Financial by 42.4% in the second quarter. First Trust Advisors LP now owns 5,626,858 shares of the bank’s stock worth $101,509,000 after acquiring an additional 1,676,495 shares in the last quarter. Institutional investors and hedge funds own 72.02% of the company’s stock.

Fulton Financial Trading Down 1.8%

FULT opened at $22.18 on Thursday. Fulton Financial Corporation has a 1-year low of $14.32 and a 1-year high of $22.99. The firm has a 50-day moving average price of $20.27 and a two-hundred day moving average price of $19.02. The stock has a market capitalization of $4.01 billion, a PE ratio of 10.66 and a beta of 0.86. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.14.

Fulton Financial (NASDAQ:FULT) last released its quarterly earnings results on Wednesday, January 21st. The bank reported $0.55 EPS for the quarter, beating the consensus estimate of $0.52 by $0.03. Fulton Financial had a net margin of 20.68% and a return on equity of 12.59%. The business had revenue of $336.02 million for the quarter, compared to analysts’ expectations of $336.80 million. During the same period in the prior year, the firm earned $0.48 earnings per share. As a group, equities analysts anticipate that Fulton Financial Corporation will post 1.91 earnings per share for the current fiscal year.

Fulton Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were given a dividend of $0.19 per share. The ex-dividend date was Wednesday, December 31st. This is an increase from Fulton Financial’s previous quarterly dividend of $0.18. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.4%. Fulton Financial’s dividend payout ratio is presently 36.54%.

Fulton Financial announced that its Board of Directors has approved a stock buyback program on Tuesday, December 16th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the bank to buy up to 4.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

Several equities analysts have commented on FULT shares. Keefe, Bruyette & Woods increased their price target on Fulton Financial from $20.00 to $21.00 and gave the company a “market perform” rating in a report on Wednesday, November 26th. Weiss Ratings reissued a “hold (c+)” rating on shares of Fulton Financial in a research note on Thursday, January 22nd. One investment analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $20.50.

Insider Activity

In related news, Director E Philip Wenger sold 5,000 shares of Fulton Financial stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $19.55, for a total value of $97,750.00. Following the completion of the sale, the director directly owned 85,477 shares in the company, valued at $1,671,075.35. This trade represents a 5.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.08% of the stock is owned by company insiders.

Fulton Financial Company Profile

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.