Federated Hermes Inc. Sells 9,260 Shares of Fulton Financial Co. (NASDAQ:FULT)

Federated Hermes Inc. lowered its stake in Fulton Financial Co. (NASDAQ:FULT) by 8.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 98,371 shares of the bank’s stock after selling 9,260 shares during the period. Federated Hermes Inc. owned 0.05% of Fulton Financial worth $1,670,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in FULT. Norges Bank bought a new position in shares of Fulton Financial during the 4th quarter valued at about $27,805,000. Hsbc Holdings PLC raised its holdings in Fulton Financial by 36.0% during the fourth quarter. Hsbc Holdings PLC now owns 2,593,793 shares of the bank’s stock worth $43,043,000 after acquiring an additional 686,269 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Fulton Financial by 28.8% in the second quarter. Bank of New York Mellon Corp now owns 2,542,068 shares of the bank’s stock valued at $43,164,000 after buying an additional 567,771 shares in the last quarter. American Century Companies Inc. grew its position in shares of Fulton Financial by 18.6% in the 2nd quarter. American Century Companies Inc. now owns 3,022,534 shares of the bank’s stock valued at $51,323,000 after acquiring an additional 474,099 shares during the period. Finally, Jupiter Asset Management Ltd. acquired a new position in Fulton Financial during the second quarter worth approximately $7,292,000. Institutional investors own 72.02% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Jefferies Financial Group reduced their price target on Fulton Financial from $18.50 to $18.00 and set a “hold” rating for the company in a research note on Wednesday, July 3rd. StockNews.com upgraded shares of Fulton Financial from a “sell” rating to a “hold” rating in a research report on Thursday, July 18th. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Fulton Financial currently has a consensus rating of “Hold” and a consensus price target of $18.40.

Fulton Financial Stock Down 2.7 %

FULT stock opened at $18.49 on Friday. The stock has a fifty day moving average of $18.50 and a 200-day moving average of $16.94. Fulton Financial Co. has a fifty-two week low of $11.63 and a fifty-two week high of $20.33. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.93 and a current ratio of 0.93. The company has a market capitalization of $3.36 billion, a price-to-earnings ratio of 11.48 and a beta of 0.74.

Fulton Financial (NASDAQ:FULT) last posted its quarterly earnings data on Tuesday, July 16th. The bank reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.22. The company had revenue of $334.71 million during the quarter, compared to analyst estimates of $296.38 million. Fulton Financial had a return on equity of 11.29% and a net margin of 17.93%. The firm’s quarterly revenue was up 22.4% on a year-over-year basis. During the same quarter last year, the company earned $0.47 earnings per share. As a group, equities research analysts predict that Fulton Financial Co. will post 1.73 earnings per share for the current year.

Fulton Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be given a $0.17 dividend. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $0.68 annualized dividend and a yield of 3.68%. Fulton Financial’s payout ratio is currently 42.24%.

About Fulton Financial

Fulton Financial Corporation operates as a financial holding company that provides consumer and commercial banking products and services in Pennsylvania, Delaware, Maryland, New Jersey, and Virginia. It accepts various checking accounts and savings deposit products, certificates of deposit, and individual retirement accounts.