Wedge Capital Management L L P NC trimmed its stake in Fulton Financial Corp (NASDAQ:FULT) by 5.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 620,395 shares of the bank’s stock after selling 33,410 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.35% of Fulton Financial worth $10,330,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. increased its stake in Fulton Financial by 7.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,307,156 shares of the bank’s stock valued at $21,569,000 after purchasing an additional 94,626 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in Fulton Financial by 11.1% in the second quarter. PNC Financial Services Group Inc. now owns 112,818 shares of the bank’s stock valued at $1,862,000 after purchasing an additional 11,229 shares during the last quarter. First Trust Advisors LP increased its stake in Fulton Financial by 36.2% in the second quarter. First Trust Advisors LP now owns 468,865 shares of the bank’s stock valued at $7,736,000 after purchasing an additional 124,551 shares during the last quarter. Toth Financial Advisory Corp increased its stake in Fulton Financial by 545.6% in the third quarter. Toth Financial Advisory Corp now owns 20,175 shares of the bank’s stock valued at $336,000 after purchasing an additional 17,050 shares during the last quarter. Finally, Foundry Partners LLC increased its stake in Fulton Financial by 0.3% in the third quarter. Foundry Partners LLC now owns 1,347,519 shares of the bank’s stock valued at $22,436,000 after purchasing an additional 4,223 shares during the last quarter. 62.81% of the stock is owned by institutional investors.
Several equities analysts recently commented on the company. Zacks Investment Research upgraded Fulton Financial from a “sell” rating to a “hold” rating in a research note on Wednesday, July 11th. ValuEngine upgraded Fulton Financial from a “sell” rating to a “hold” rating in a research note on Tuesday, July 10th. BidaskClub upgraded Fulton Financial from a “sell” rating to a “hold” rating in a research note on Tuesday, October 30th. Piper Jaffray Companies upgraded Fulton Financial from a “neutral” rating to an “overweight” rating and upped their target price for the company from $18.50 to $19.00 in a research note on Thursday, July 19th. Finally, Hovde Group set a $19.00 target price on Fulton Financial and gave the company a “hold” rating in a research note on Monday, July 23rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. Fulton Financial presently has a consensus rating of “Hold” and an average target price of $18.83.
Fulton Financial (NASDAQ:FULT) last announced its quarterly earnings results on Tuesday, October 16th. The bank reported $0.37 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.04. The company had revenue of $214.23 million during the quarter, compared to analyst estimates of $209.72 million. Fulton Financial had a return on equity of 8.89% and a net margin of 20.45%. During the same period in the prior year, the firm posted $0.28 earnings per share. Research analysts predict that Fulton Financial Corp will post 1.19 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Monday, October 1st were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, September 28th. This represents a $0.48 annualized dividend and a yield of 2.93%. Fulton Financial’s dividend payout ratio is presently 44.86%.
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Fulton Financial Profile
Fulton Financial Corporation operates as a multi-bank financial holding company that provides banking and financial services to businesses and consumers. It accepts various checking accounts and savings deposit products, certificates of deposit, and individual retirement accounts. The company also offers consumer loans, including home equity loans and lines of credit, automobile loans, automobile and equipment leases, personal lines of credit, and checking account overdraft protection; construction and jumbo residential mortgage loans; and commercial lending products comprising commercial, financial, agricultural, and real estate loans.
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