Seven Eight Capital LP Invests $485,000 in Fulton Financial Co. (NASDAQ:FULT)

Seven Eight Capital LP purchased a new stake in shares of Fulton Financial Co. (NASDAQ:FULT) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 28,843 shares of the bank’s stock, valued at approximately $485,000.

Several other large investors have also recently bought and sold shares of the business. Norges Bank purchased a new position in Fulton Financial during the 4th quarter valued at about $27,805,000. Hsbc Holdings PLC increased its stake in Fulton Financial by 36.0% in the 4th quarter. Hsbc Holdings PLC now owns 2,593,793 shares of the bank’s stock valued at $43,043,000 after buying an additional 686,269 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Fulton Financial by 28.8% during the 2nd 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 during the period. American Century Companies Inc. grew its holdings in shares of Fulton Financial by 18.6% during 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 in the last quarter. Finally, Jupiter Asset Management Ltd. acquired a new position in shares of Fulton Financial in the second quarter worth $7,292,000. 72.02% of the stock is owned by institutional investors and hedge funds.

Fulton Financial Trading Down 2.7 %

Shares of NASDAQ:FULT opened at $18.49 on Monday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $3.36 billion, a PE ratio of 11.48 and a beta of 0.74. Fulton Financial Co. has a 1 year low of $11.63 and a 1 year high of $20.33. The firm has a fifty day moving average price of $18.52 and a 200 day moving average price of $16.97.

Fulton Financial (NASDAQ:FULT) last released its quarterly earnings results on Tuesday, July 16th. The bank reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.22. Fulton Financial had a return on equity of 11.29% and a net margin of 17.93%. The company had revenue of $334.71 million during the quarter, compared to the consensus estimate of $296.38 million. During the same quarter in the prior year, the company posted $0.47 EPS. The firm’s revenue was up 22.4% on a year-over-year basis. Analysts expect that Fulton Financial Co. will post 1.73 EPS for the current fiscal year.

Fulton Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be issued a dividend of $0.17 per share. 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 dividend payout ratio (DPR) is presently 42.24%.

Analyst Upgrades and Downgrades

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

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.