Arax Advisory Partners Has $1.92 Million Holdings in Fulton Financial Corporation $FULT

Arax Advisory Partners lessened its position in shares of Fulton Financial Corporation (NASDAQ:FULT) by 56.9% in the fourth quarter, HoldingsChannel.com reports. The firm owned 99,370 shares of the bank’s stock after selling 131,130 shares during the quarter. Arax Advisory Partners’ holdings in Fulton Financial were worth $1,921,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Nordea Investment Management AB grew its position in shares of Fulton Financial by 25.2% during the 4th quarter. Nordea Investment Management AB now owns 737,737 shares of the bank’s stock worth $14,327,000 after buying an additional 148,399 shares during the period. JPMorgan Chase & Co. grew its position in shares of Fulton Financial by 46.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 603,553 shares of the bank’s stock worth $11,244,000 after buying an additional 191,764 shares during the period. Econ Financial Services Corp acquired a new stake in shares of Fulton Financial during the 4th quarter worth approximately $2,018,000. Ruffer LLP acquired a new stake in shares of Fulton Financial during the 4th quarter worth approximately $3,074,000. Finally, Norges Bank acquired a new stake in shares of Fulton Financial during the 4th quarter worth approximately $44,271,000. Institutional investors and hedge funds own 72.02% of the company’s stock.

Fulton Financial Price Performance

Shares of FULT opened at $22.90 on Tuesday. Fulton Financial Corporation has a 12-month low of $16.60 and a 12-month high of $23.66. The business’s fifty day moving average is $21.62 and its 200 day moving average is $20.75. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.06. The stock has a market cap of $4.38 billion, a P/E ratio of 10.90 and a beta of 0.80.

Fulton Financial (NASDAQ:FULT) last issued its earnings results on Wednesday, April 22nd. The bank reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.05. Fulton Financial had a return on equity of 12.69% and a net margin of 20.85%.The company had revenue of $331.86 million for the quarter, compared to analysts’ expectations of $359.36 million. During the same period last year, the business earned $0.52 EPS. Sell-side analysts anticipate that Fulton Financial Corporation will post 2.17 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fulton Financial news, Director E Philip Wenger sold 5,000 shares of the firm’s stock in a transaction on Monday, April 13th. The stock was sold at an average price of $21.42, for a total transaction of $107,100.00. Following the transaction, the director directly owned 80,477 shares in the company, valued at approximately $1,723,817.34. This trade represents a 5.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on FULT shares. Raymond James Financial reaffirmed an “outperform” rating and set a $24.00 price objective on shares of Fulton Financial in a research report on Monday, April 27th. Weiss Ratings raised shares of Fulton Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Piper Sandler set a $23.00 price objective on shares of Fulton Financial and gave the stock a “neutral” rating in a research report on Friday. DA Davidson started coverage on shares of Fulton Financial in a research report on Wednesday, February 25th. They set a “neutral” rating and a $24.00 price objective for the company. Finally, Wall Street Zen downgraded shares of Fulton Financial from a “hold” rating to a “sell” rating in a research report on Sunday, May 3rd. Two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $23.00.

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.