Squarepoint Ops LLC Invests $1.14 Million in Fulton Financial Co. (NASDAQ:FULT)

Squarepoint Ops LLC purchased a new stake in shares of Fulton Financial Co. (NASDAQ:FULT) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 67,402 shares of the bank’s stock, valued at approximately $1,144,000.

Several other hedge funds have also made changes to their positions in FULT. Bank of New York Mellon Corp raised its stake in 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 purchasing an additional 567,771 shares during the period. American Century Companies Inc. raised its position in Fulton Financial by 18.6% during the second quarter. American Century Companies Inc. now owns 3,022,534 shares of the bank’s stock valued at $51,323,000 after buying an additional 474,099 shares during the period. Jupiter Asset Management Ltd. purchased a new stake in Fulton Financial in the 2nd quarter worth about $7,292,000. Emerald Advisers LLC acquired a new stake in Fulton Financial during the 2nd quarter worth about $7,079,000. Finally, Emerald Mutual Fund Advisers Trust purchased a new position in Fulton Financial during the 2nd quarter valued at about $3,932,000. Hedge funds and other institutional investors own 72.02% of the company’s stock.

Fulton Financial Trading Up 0.9 %

NASDAQ:FULT opened at $17.35 on Friday. 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 $3.15 billion, a P/E ratio of 10.78 and a beta of 0.73. The stock’s 50 day moving average price is $18.16 and its 200 day moving average price is $17.12. Fulton Financial Co. has a 52 week low of $11.95 and a 52 week high of $20.33.

Fulton Financial (NASDAQ:FULT) last announced its quarterly earnings results on Tuesday, July 16th. The bank reported $0.47 EPS for the quarter, topping the consensus estimate of $0.25 by $0.22. Fulton Financial had a net margin of 17.93% and a return on equity of 11.29%. The company had revenue of $334.71 million for the quarter, compared to analyst estimates of $296.38 million. During the same quarter in the prior year, the business posted $0.47 EPS. Fulton Financial’s quarterly revenue was up 22.4% on a year-over-year basis. On average, research analysts forecast 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 given a $0.17 dividend. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.92%. Fulton Financial’s dividend payout ratio is currently 42.24%.

Wall Street Analyst Weigh In

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

Fulton Financial Company Profile

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.