Fulton Financial (NASDAQ:FULT) Director E Philip Wenger Sells 5,000 Shares

Fulton Financial Corporation (NASDAQ:FULT) Director E Philip Wenger sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, January 12th. The shares were sold at an average price of $19.55, for a total value of $97,750.00. Following the completion of the sale, the director owned 85,477 shares in the company, valued at $1,671,075.35. This represents a 5.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Fulton Financial Stock Performance

Shares of NASDAQ FULT opened at $19.64 on Thursday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $3.55 billion, a P/E ratio of 10.28 and a beta of 0.85. Fulton Financial Corporation has a 12 month low of $14.32 and a 12 month high of $21.40. The stock has a 50 day moving average of $18.99 and a 200-day moving average of $18.75.

Fulton Financial (NASDAQ:FULT) last released its quarterly earnings data on Tuesday, October 21st. The bank reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.07. The firm had revenue of $264.20 million during the quarter, compared to analysts’ expectations of $332.51 million. Fulton Financial had a net margin of 19.01% and a return on equity of 12.75%. During the same period in the previous year, the business posted $0.50 earnings per share. As a group, equities research analysts predict that Fulton Financial Corporation will post 1.91 EPS for the current year.

Fulton Financial announced that its Board of Directors has initiated a share repurchase program on Tuesday, December 16th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the bank to buy up to 4.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Fulton Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be issued a $0.19 dividend. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $0.76 annualized dividend and a yield of 3.9%. This is an increase from Fulton Financial’s previous quarterly dividend of $0.18. Fulton Financial’s payout ratio is currently 39.79%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on FULT. Raymond James Financial upgraded Fulton Financial from a “market perform” rating to an “outperform” rating and set a $21.00 price target for the company in a research note on Tuesday, October 7th. Keefe, Bruyette & Woods upped their price target on shares of Fulton Financial from $20.00 to $21.00 and gave the company a “market perform” rating in a research note on Wednesday, November 26th. Finally, Weiss Ratings cut shares of Fulton Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. One equities research analyst has rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $20.90.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Atlantic Union Bankshares Corp bought a new stake in shares of Fulton Financial during the 2nd quarter worth $871,000. Prudential Financial Inc. raised its stake in Fulton Financial by 5.8% during the second quarter. Prudential Financial Inc. now owns 337,518 shares of the bank’s stock worth $6,089,000 after acquiring an additional 18,432 shares in the last quarter. American Century Companies Inc. raised its stake in Fulton Financial by 10.0% during the second quarter. American Century Companies Inc. now owns 2,859,152 shares of the bank’s stock worth $51,579,000 after acquiring an additional 260,016 shares in the last quarter. First Trust Advisors LP lifted its holdings in shares of Fulton Financial by 42.4% in the second quarter. First Trust Advisors LP now owns 5,626,858 shares of the bank’s stock worth $101,509,000 after acquiring an additional 1,676,495 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. bought a new stake in shares of Fulton Financial during the 2nd quarter valued at approximately $186,000. Institutional investors and hedge funds own 72.02% of the company’s stock.

About Fulton Financial

Fulton Financial Corporation, trading on the NASDAQ under the ticker FULT, is the financial holding company for Fulton Bank, headquartered in Lancaster, Pennsylvania. The company delivers a broad range of banking and financial services through its subsidiary, Fulton Bank, targeting both individual and corporate clients. Fulton Financial’s offerings include deposit accounts, lending solutions, treasury management, and specialized banking services designed to support personal wealth goals and business growth initiatives.

Through Fulton Bank, the company provides retail banking services such as checking and savings accounts, consumer and residential mortgage loans, and home equity products.