Ritholtz Wealth Management Takes $537,000 Position in Fulton Financial Corporation $FULT

Ritholtz Wealth Management purchased a new position in Fulton Financial Corporation (NASDAQ:FULT) during the first quarter, HoldingsChannel reports. The firm purchased 26,402 shares of the bank’s stock, valued at approximately $537,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of FULT. SG Americas Securities LLC grew its holdings in shares of Fulton Financial by 33.1% in the first quarter. SG Americas Securities LLC now owns 184,491 shares of the bank’s stock worth $3,753,000 after acquiring an additional 45,903 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in Fulton Financial in the fourth quarter valued at about $28,000. DGS Capital Management LLC purchased a new position in Fulton Financial in the fourth quarter worth about $472,000. Invesco Ltd. boosted its position in Fulton Financial by 4.7% in the fourth quarter. Invesco Ltd. now owns 826,275 shares of the bank’s stock worth $15,972,000 after purchasing an additional 37,345 shares during the last quarter. Finally, Voloridge Investment Management LLC grew its stake in shares of Fulton Financial by 55.3% during the 4th quarter. Voloridge Investment Management LLC now owns 932,455 shares of the bank’s stock valued at $18,024,000 after purchasing an additional 331,922 shares during the period. 72.02% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on FULT shares. Piper Sandler set a $23.00 price target on shares of Fulton Financial and gave the company a “neutral” rating in a research report on Friday, June 12th. Raymond James Financial restated an “outperform” rating and set a $24.00 target price on shares of Fulton Financial in a research report on Monday, April 27th. Wall Street Zen downgraded shares of Fulton Financial from a “hold” rating to a “sell” rating in a research report on Sunday, May 3rd. Finally, Weiss Ratings upgraded shares of Fulton Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Two analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $23.00.

Fulton Financial Stock Performance

Shares of FULT opened at $24.19 on Wednesday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.06. The business has a 50-day simple moving average of $22.09 and a two-hundred day simple moving average of $21.12. The stock has a market cap of $4.62 billion, a price-to-earnings ratio of 11.52 and a beta of 0.80. Fulton Financial Corporation has a 52 week low of $16.60 and a 52 week high of $24.43.

Fulton Financial (NASDAQ:FULT) last posted its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.55 EPS for the quarter, topping the consensus estimate of $0.50 by $0.05. Fulton Financial had a return on equity of 12.69% and a net margin of 20.85%.The firm had revenue of $331.86 million for the quarter, compared to the consensus estimate of $359.36 million. During the same quarter last year, the company earned $0.52 earnings per share. On average, analysts expect that Fulton Financial Corporation will post 2.18 EPS for the current year.

Fulton Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st will be given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Wednesday, July 1st. Fulton Financial’s dividend payout ratio is presently 36.19%.

Insider Activity

In other news, Director E Philip Wenger sold 5,000 shares of the stock in a transaction on Monday, April 13th. The shares were sold at an average price of $21.42, for a total value of $107,100.00. Following the completion of the sale, the director directly owned 80,477 shares of the company’s stock, valued at $1,723,817.34. This represents a 5.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.01% of the stock is currently 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.