JPMorgan Chase & Co. Purchases 315,435 Shares of Fulton Financial Co. (NASDAQ:FULT)

JPMorgan Chase & Co. increased its position in Fulton Financial Co. (NASDAQ:FULT) by 130.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 557,303 shares of the bank’s stock after buying an additional 315,435 shares during the quarter. JPMorgan Chase & Co. owned 0.31% of Fulton Financial worth $10,104,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Quarry LP bought a new stake in shares of Fulton Financial in the 3rd quarter worth approximately $33,000. Coston McIsaac & Partners purchased a new position in shares of Fulton Financial during the third quarter valued at about $54,000. Blue Trust Inc. raised its stake in Fulton Financial by 28.8% in the third quarter. Blue Trust Inc. now owns 4,946 shares of the bank’s stock worth $84,000 after buying an additional 1,106 shares in the last quarter. TD Private Client Wealth LLC lifted its holdings in Fulton Financial by 11.6% in the third quarter. TD Private Client Wealth LLC now owns 6,519 shares of the bank’s stock worth $118,000 after buying an additional 676 shares during the period. Finally, AE Wealth Management LLC purchased a new stake in Fulton Financial in the second quarter worth about $172,000. Hedge funds and other institutional investors own 72.02% of the company’s stock.

Fulton Financial Stock Performance

NASDAQ:FULT opened at $19.06 on Monday. The stock has a 50-day simple moving average of $20.44 and a two-hundred day simple moving average of $18.90. The firm has a market capitalization of $3.47 billion, a PE ratio of 12.06 and a beta of 0.79. Fulton Financial Co. has a 52-week low of $13.87 and a 52-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.

Fulton Financial (NASDAQ:FULT) last announced its quarterly earnings data on Tuesday, October 15th. The bank reported $0.50 EPS for the quarter, beating the consensus estimate of $0.44 by $0.06. The firm had revenue of $487.33 million for the quarter, compared to the consensus estimate of $321.00 million. Fulton Financial had a net margin of 16.37% and a return on equity of 11.33%. During the same period last year, the firm earned $0.43 EPS. Analysts forecast that Fulton Financial Co. will post 1.73 EPS for the current year.

Fulton Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $0.18 per share. This is a positive change from Fulton Financial’s previous quarterly dividend of $0.17. The ex-dividend date is Tuesday, December 31st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.78%. Fulton Financial’s dividend payout ratio is currently 45.57%.

Insider Transactions at Fulton Financial

In related news, CEO Curtis J. Myers sold 24,192 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $21.16, for a total value of $511,902.72. Following the completion of the transaction, the chief executive officer now directly owns 155,946 shares of the company’s stock, valued at approximately $3,299,817.36. This trade represents a 13.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.07% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on FULT shares. Piper Sandler set a $21.00 price objective on shares of Fulton Financial in a report on Thursday, October 17th. Stephens raised Fulton Financial from an “equal weight” rating to an “overweight” rating in a report on Monday, December 9th. StockNews.com downgraded Fulton Financial from a “hold” rating to a “sell” rating in a research note on Monday, November 11th. Finally, Keefe, Bruyette & Woods upped their price objective on Fulton Financial from $20.00 to $23.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $19.50.

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.