Intech Investment Management LLC Buys New Shares in Fulton Financial Co. (NASDAQ:FULT)

Intech Investment Management LLC purchased a new stake in shares of Fulton Financial Co. (NASDAQ:FULT) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 42,085 shares of the bank’s stock, valued at approximately $763,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Millennium Management LLC grew its stake in shares of Fulton Financial by 511.1% during the 2nd quarter. Millennium Management LLC now owns 3,256,000 shares of the bank’s stock valued at $55,287,000 after acquiring an additional 2,723,170 shares during the period. American Century Companies Inc. boosted its position in shares of Fulton Financial by 18.6% in the second quarter. American Century Companies Inc. now owns 3,022,534 shares of the bank’s stock worth $51,323,000 after purchasing an additional 474,099 shares during the period. Bank of New York Mellon Corp increased 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 worth $43,164,000 after purchasing an additional 567,771 shares in the last quarter. Fulton Bank N.A. raised its position in shares of Fulton Financial by 0.9% during the 2nd quarter. Fulton Bank N.A. now owns 2,057,813 shares of the bank’s stock valued at $34,942,000 after purchasing an additional 17,955 shares during the period. Finally, Emerald Advisers LLC lifted its stake in shares of Fulton Financial by 213.6% during the 3rd quarter. Emerald Advisers LLC now owns 1,307,559 shares of the bank’s stock valued at $23,706,000 after buying an additional 890,630 shares in the last quarter. Hedge funds and other institutional investors own 72.02% of the company’s stock.

Fulton Financial Stock Performance

FULT opened at $21.58 on Friday. The stock has a market capitalization of $3.93 billion, a price-to-earnings ratio of 13.60 and a beta of 0.73. Fulton Financial Co. has a fifty-two week low of $13.87 and a fifty-two week high of $22.49. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.93 and a current ratio of 0.93. The company has a fifty day moving average of $19.00 and a 200 day moving average of $18.10.

Fulton Financial (NASDAQ:FULT) last issued its earnings results on Tuesday, October 15th. The bank reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.06. Fulton Financial had a return on equity of 11.33% and a net margin of 16.37%. The firm had revenue of $487.33 million for the quarter, compared to analysts’ expectations of $321.00 million. During the same period in the previous year, the firm posted $0.43 earnings per share. As a group, sell-side analysts forecast that Fulton Financial Co. will post 1.74 earnings per share for the current fiscal year.

Fulton Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st were issued a dividend of $0.17 per share. The ex-dividend date was Tuesday, October 1st. This represents a $0.68 annualized dividend and a dividend yield of 3.15%. Fulton Financial’s dividend payout ratio (DPR) is 43.04%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on FULT shares. StockNews.com lowered Fulton Financial from a “hold” rating to a “sell” rating in a research note on Monday, November 11th. Piper Sandler set a $21.00 price objective on Fulton Financial in a research note on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, Fulton Financial has a consensus rating of “Hold” and a consensus target price of $18.83.

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.