Nordea Investment Management AB Acquires 148,399 Shares of Fulton Financial Corporation $FULT

Nordea Investment Management AB boosted its holdings in Fulton Financial Corporation (NASDAQ:FULT) by 25.2% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 737,737 shares of the bank’s stock after buying an additional 148,399 shares during the quarter. Nordea Investment Management AB owned 0.41% of Fulton Financial worth $14,327,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of FULT. First Trust Advisors LP grew its stake in shares of Fulton Financial by 0.4% in the third quarter. First Trust Advisors LP now owns 5,646,713 shares of the bank’s stock worth $105,198,000 after acquiring an additional 19,855 shares during the period. American Century Companies Inc. lifted its position in Fulton Financial by 25.3% during the third quarter. American Century Companies Inc. now owns 3,583,100 shares of the bank’s stock valued at $66,753,000 after purchasing an additional 723,948 shares during the period. Fisher Asset Management LLC lifted its position in Fulton Financial by 6.4% during the third quarter. Fisher Asset Management LLC now owns 3,363,509 shares of the bank’s stock valued at $62,662,000 after purchasing an additional 203,708 shares during the period. Norges Bank purchased a new stake in Fulton Financial in the second quarter worth approximately $37,813,000. Finally, Fulton Bank N.A. grew its position in Fulton Financial by 1.6% in the 3rd quarter. Fulton Bank N.A. now owns 1,732,904 shares of the bank’s stock worth $32,284,000 after purchasing an additional 27,570 shares during the period. Institutional investors own 72.02% of the company’s stock.

Insider Activity at Fulton Financial

In other news, Director E Philip Wenger sold 5,000 shares of the company’s 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 completion of the sale, the director directly owned 85,477 shares in the company, valued at $1,671,075.35. This represents a 5.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 1.07% of the stock is owned by company insiders.

Fulton Financial Stock Performance

FULT opened at $20.01 on Wednesday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.08. The company has a market cap of $3.60 billion, a price-to-earnings ratio of 9.62 and a beta of 0.85. The company’s 50 day moving average is $20.82 and its 200 day moving average is $19.43. Fulton Financial Corporation has a 12-month low of $14.32 and a 12-month high of $22.99.

Fulton Financial (NASDAQ:FULT) last announced its earnings results on Wednesday, January 21st. The bank reported $0.55 earnings per share (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 12.78%. The company had revenue of $336.02 million during the quarter, compared to analyst estimates of $336.80 million. During the same period in the previous year, the business posted $0.48 earnings per share. On average, equities research analysts predict that Fulton Financial Corporation will post 1.91 EPS for the current year.

Fulton Financial declared that its board has approved a stock repurchase program on Tuesday, December 16th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the bank to buy up to 4.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

Fulton Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Wednesday, April 1st will be given a dividend of $0.19 per share. The ex-dividend date of this dividend is Wednesday, April 1st. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.8%. Fulton Financial’s payout ratio is presently 36.54%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on FULT. DA Davidson assumed coverage on shares of Fulton Financial in a research note on Wednesday, February 25th. They set a “neutral” rating and a $24.00 target price for the company. Keefe, Bruyette & Woods raised their price target on Fulton Financial from $20.00 to $21.00 and gave the stock a “market perform” rating in a research note on Wednesday, November 26th. Finally, Weiss Ratings raised Fulton Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, February 27th. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $21.50.

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.