Millennium Management LLC Has $55.29 Million Stake in Fulton Financial Co. (NASDAQ:FULT)

Millennium Management LLC raised its position in Fulton Financial Co. (NASDAQ:FULT) by 511.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,256,000 shares of the bank’s stock after buying an additional 2,723,170 shares during the quarter. Millennium Management LLC owned about 1.79% of Fulton Financial worth $55,287,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Miller Howard Investments Inc. NY boosted its position in Fulton Financial by 2.4% during the 2nd quarter. Miller Howard Investments Inc. NY now owns 22,132 shares of the bank’s stock worth $376,000 after buying an additional 527 shares during the period. CIBC Asset Management Inc grew its stake in Fulton Financial by 3.7% in the 2nd quarter. CIBC Asset Management Inc now owns 16,883 shares of the bank’s stock valued at $287,000 after purchasing an additional 605 shares during the period. Blue Trust Inc. grew its position in shares of Fulton Financial by 21.9% during the 2nd quarter. Blue Trust Inc. now owns 3,840 shares of the bank’s stock valued at $61,000 after acquiring an additional 691 shares during the period. Meridian Wealth Partners LLC grew its position in shares of Fulton Financial by 4.7% during the 2nd quarter. Meridian Wealth Partners LLC now owns 27,557 shares of the bank’s stock valued at $468,000 after acquiring an additional 1,230 shares during the period. Finally, Texas Permanent School Fund Corp boosted its holdings in Fulton Financial by 1.1% in the 1st quarter. Texas Permanent School Fund Corp now owns 143,357 shares of the bank’s stock worth $2,278,000 after buying an additional 1,538 shares during the period. 72.02% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on FULT shares. StockNews.com raised shares of Fulton Financial from a “sell” rating to a “hold” rating in a report on Thursday, July 18th. Jefferies Financial Group decreased their target price on shares of Fulton Financial from $18.50 to $18.00 and set a “hold” rating on the stock in a research report on Wednesday, July 3rd. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $18.40.

Fulton Financial Price Performance

Shares of Fulton Financial stock opened at $18.13 on Tuesday. The firm has a market cap of $3.30 billion, a PE ratio of 11.26 and a beta of 0.74. Fulton Financial Co. has a 12-month low of $11.63 and a 12-month high of $20.33. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.26. The company’s fifty day simple moving average is $18.38 and its two-hundred day simple moving average is $17.09.

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

Fulton Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.75%. The ex-dividend date is Tuesday, October 1st. Fulton Financial’s payout ratio is 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.