Silver Oak Securities Incorporated Purchases New Position in Fulton Financial Corporation (NASDAQ:FULT)

Silver Oak Securities Incorporated acquired a new position in Fulton Financial Corporation (NASDAQ:FULT) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 18,538 shares of the bank’s stock, valued at approximately $333,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its position in Fulton Financial by 0.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,377,428 shares of the bank’s stock worth $45,837,000 after purchasing an additional 19,329 shares in the last quarter. Federated Hermes Inc. raised its stake in shares of Fulton Financial by 6.3% during the 4th quarter. Federated Hermes Inc. now owns 291,302 shares of the bank’s stock worth $5,616,000 after buying an additional 17,182 shares during the period. Allworth Financial LP lifted its position in shares of Fulton Financial by 1,255.1% during the 4th quarter. Allworth Financial LP now owns 20,381 shares of the bank’s stock valued at $420,000 after buying an additional 18,877 shares in the last quarter. Deutsche Bank AG lifted its position in shares of Fulton Financial by 50.1% during the 4th quarter. Deutsche Bank AG now owns 154,894 shares of the bank’s stock valued at $2,986,000 after buying an additional 51,670 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake in Fulton Financial by 4.4% in the 4th quarter. Principal Financial Group Inc. now owns 1,051,823 shares of the bank’s stock valued at $20,279,000 after acquiring an additional 44,237 shares during the period. Institutional investors and hedge funds own 72.02% of the company’s stock.

Fulton Financial Stock Up 1.0%

Shares of NASDAQ FULT opened at $17.10 on Friday. The stock has a market cap of $3.11 billion, a PE ratio of 10.06 and a beta of 0.77. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.36. Fulton Financial Corporation has a 12-month low of $14.33 and a 12-month high of $22.49. The company has a 50-day moving average of $17.10 and a 200 day moving average of $18.57.

Fulton Financial (NASDAQ:FULT) last issued its earnings results on Tuesday, April 15th. The bank reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.08. Fulton Financial had a return on equity of 12.19% and a net margin of 16.59%. The business had revenue of $322.64 million for the quarter, compared to analysts’ expectations of $315.07 million. During the same period in the previous year, the firm posted $0.40 EPS. As a group, sell-side analysts predict that Fulton Financial Corporation will post 1.91 EPS for the current fiscal year.

Fulton Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 4.21%. The ex-dividend date of this dividend is Tuesday, July 1st. Fulton Financial’s payout ratio is currently 42.35%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on FULT shares. Piper Sandler reduced their price objective on shares of Fulton Financial from $22.00 to $20.00 and set a “neutral” rating for the company in a research report on Thursday, April 17th. DA Davidson reaffirmed a “neutral” rating and issued a $20.00 price target on shares of Fulton Financial in a research note on Wednesday, April 16th. Finally, Keefe, Bruyette & Woods lowered their price objective on Fulton Financial from $24.00 to $21.00 and set a “market perform” rating on the stock in a report on Thursday, April 17th. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, Fulton Financial currently has a consensus rating of “Hold” and a consensus target price of $20.30.

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.