Corebridge Financial Inc. Sells 7,546 Shares of Fulton Financial Co. (NASDAQ:FULT)

Corebridge Financial Inc. cut its position in Fulton Financial Co. (NASDAQ:FULT) by 7.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 96,698 shares of the bank’s stock after selling 7,546 shares during the quarter. Corebridge Financial Inc. owned approximately 0.05% of Fulton Financial worth $1,864,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Jones Financial Companies Lllp lifted its position in Fulton Financial by 193.4% during the fourth quarter. Jones Financial Companies Lllp now owns 1,294 shares of the bank’s stock valued at $25,000 after acquiring an additional 853 shares during the last quarter. Quarry LP purchased a new stake in shares of Fulton Financial during the 3rd quarter valued at $33,000. McClarren Financial Advisors Inc. acquired a new stake in shares of Fulton Financial in the 4th quarter worth $44,000. Blue Trust Inc. grew its stake in Fulton Financial by 10.3% during the 4th quarter. Blue Trust Inc. now owns 5,455 shares of the bank’s stock worth $99,000 after buying an additional 509 shares during the last quarter. Finally, AlphaQuest LLC increased its position in Fulton Financial by 16,041.2% during the 4th quarter. AlphaQuest LLC now owns 5,488 shares of the bank’s stock valued at $106,000 after buying an additional 5,454 shares in the last quarter. 72.02% of the stock is owned by hedge funds and other institutional investors.

Fulton Financial Stock Performance

Shares of FULT stock opened at $17.94 on Thursday. The stock has a market cap of $3.27 billion, a PE ratio of 11.43 and a beta of 0.76. Fulton Financial Co. has a 52-week low of $13.87 and a 52-week high of $22.49. The business has a 50-day simple moving average of $19.33 and a 200-day simple moving average of $19.44. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.32.

Fulton Financial (NASDAQ:FULT) last issued its quarterly earnings data on Tuesday, January 21st. The bank reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.06. Fulton Financial had a net margin of 15.87% and a return on equity of 11.41%. During the same quarter in the previous year, the business posted $0.42 EPS. On average, equities analysts expect that Fulton Financial Co. will post 1.91 EPS for the current year.

Fulton Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st will be issued a $0.18 dividend. The ex-dividend date is Tuesday, April 1st. This represents a $0.72 dividend on an annualized basis and a yield of 4.01%. Fulton Financial’s payout ratio is 45.86%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on FULT. Hovde Group raised their price target on Fulton Financial from $22.00 to $22.50 and gave the stock a “market perform” rating in a report on Monday, January 27th. Stephens raised shares of Fulton Financial from an “equal weight” rating to an “overweight” rating in a research report on Monday, December 9th. Keefe, Bruyette & Woods lifted their price objective on shares of Fulton Financial from $23.00 to $24.00 and gave the stock a “market perform” rating in a research note on Thursday, January 23rd. DA Davidson raised their target price on Fulton Financial from $21.00 to $22.00 and gave the stock a “neutral” rating in a research note on Friday, January 24th. Finally, StockNews.com upgraded Fulton Financial from a “sell” rating to a “hold” rating in a research note on Thursday, January 23rd. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $20.64.

Insiders Place Their Bets

In other news, President Angela M. Snyder sold 13,322 shares of the company’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $20.69, for a total transaction of $275,632.18. Following the completion of the transaction, the president now directly owns 63,682 shares of the company’s stock, valued at $1,317,580.58. This represents a 17.30 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 1.07% of the company’s stock.

Fulton Financial 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.