CIBC Asset Management Inc Sells 4,862 Shares of Fulton Financial Co. (NASDAQ:FULT)

CIBC Asset Management Inc trimmed its stake in Fulton Financial Co. (NASDAQ:FULT) by 29.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,479 shares of the bank’s stock after selling 4,862 shares during the period. CIBC Asset Management Inc’s holdings in Fulton Financial were worth $221,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of FULT. Quarry LP purchased a new stake in shares of Fulton Financial in the third quarter worth approximately $33,000. McClarren Financial Advisors Inc. purchased a new position in Fulton Financial during the 4th quarter worth $44,000. Blue Trust Inc. increased its holdings in Fulton Financial by 28.8% during the 3rd quarter. Blue Trust Inc. now owns 4,946 shares of the bank’s stock worth $84,000 after purchasing an additional 1,106 shares during the period. TD Private Client Wealth LLC increased its holdings in Fulton Financial by 11.6% during the 3rd quarter. TD Private Client Wealth LLC now owns 6,519 shares of the bank’s stock worth $118,000 after purchasing an additional 676 shares during the period. Finally, KBC Group NV increased its holdings in Fulton Financial by 69.3% during the 4th quarter. KBC Group NV now owns 8,517 shares of the bank’s stock worth $164,000 after purchasing an additional 3,487 shares during the period. 72.02% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Fulton Financial news, CEO Curtis J. Myers sold 24,192 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $21.16, for a total transaction of $511,902.72. Following the completion of the transaction, the chief executive officer now owns 155,946 shares of the company’s stock, valued at $3,299,817.36. This represents a 13.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Angela M. Snyder sold 13,322 shares of the stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $20.69, for a total value of $275,632.18. Following the completion of the sale, the president now directly owns 63,682 shares of the company’s stock, valued at approximately $1,317,580.58. This represents a 17.30 % decrease in their position. The disclosure for this sale can be found here. 1.07% of the stock is currently owned by insiders.

Fulton Financial Stock Up 1.1 %

Shares of FULT opened at $19.57 on Wednesday. Fulton Financial Co. has a 52 week low of $13.87 and a 52 week high of $22.49. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $3.56 billion, a price-to-earnings ratio of 12.46 and a beta of 0.79. The stock’s 50-day moving average price is $20.08 and its 200-day moving average price is $19.44.

Fulton Financial (NASDAQ:FULT) last issued its earnings results 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 return on equity of 11.41% and a net margin of 15.87%. During the same period in the prior year, the business earned $0.42 EPS. On average, sell-side analysts predict that Fulton Financial Co. will post 1.91 EPS for the current year.

Fulton Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a $0.18 dividend. This is a boost from Fulton Financial’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.72 dividend on an annualized basis and a yield of 3.68%. Fulton Financial’s dividend payout ratio is presently 45.86%.

Analyst Ratings Changes

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

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.