Edgestream Partners L.P. Sells 38,939 Shares of Fulton Financial Co. (NASDAQ:FULT)

Edgestream Partners L.P. reduced its position in Fulton Financial Co. (NASDAQ:FULT) by 31.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 83,216 shares of the bank’s stock after selling 38,939 shares during the quarter. Edgestream Partners L.P.’s holdings in Fulton Financial were worth $1,413,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. OLD Point Trust & Financial Services N A bought a new position in shares of Fulton Financial during the fourth quarter valued at $38,000. YHB Investment Advisors Inc. bought a new position in shares of Fulton Financial during the first quarter valued at $36,000. Family Firm Inc. bought a new position in shares of Fulton Financial during the second quarter valued at $46,000. Blue Trust Inc. lifted its holdings in shares of Fulton Financial by 21.9% during the second 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. Finally, Headlands Technologies LLC bought a new position in shares of Fulton Financial during the first quarter valued at $66,000. 72.02% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FULT. Jefferies Financial Group cut their price objective on 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 upgraded Fulton Financial from a “sell” rating to a “hold” rating in a research note on Thursday, July 18th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $18.40.

Fulton Financial Price Performance

Shares of FULT stock opened at $18.49 on Friday. The stock has a 50-day moving average price of $18.50 and a 200 day moving average price of $16.94. 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 firm has a market cap of $3.36 billion, a price-to-earnings ratio of 11.48 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.

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

Fulton Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors 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 yield of 3.68%. 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.