WBI Investments LLC Cuts Holdings in Fulton Financial Co. (NASDAQ:FULT)

WBI Investments LLC trimmed its position in Fulton Financial Co. (NASDAQ:FULT) by 44.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,359 shares of the bank’s stock after selling 9,054 shares during the quarter. WBI Investments LLC’s holdings in Fulton Financial were worth $193,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in FULT. Strs Ohio purchased a new position in shares of Fulton Financial in the 4th quarter worth $29,000. New York State Common Retirement Fund increased its stake in Fulton Financial by 1.4% during the fourth quarter. New York State Common Retirement Fund now owns 481,189 shares of the bank’s stock worth $7,920,000 after acquiring an additional 6,484 shares during the last quarter. Truist Financial Corp raised its position in Fulton Financial by 124.6% during the fourth quarter. Truist Financial Corp now owns 54,392 shares of the bank’s stock valued at $895,000 after purchasing an additional 30,176 shares during the period. Russell Investments Group Ltd. lifted its stake in shares of Fulton Financial by 22.1% in the 4th quarter. Russell Investments Group Ltd. now owns 68,969 shares of the bank’s stock valued at $1,135,000 after purchasing an additional 12,486 shares during the last quarter. Finally, Mach 1 Financial Group LLC purchased a new position in shares of Fulton Financial in the 4th quarter worth approximately $489,000. 72.02% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. StockNews.com upgraded Fulton Financial from a “sell” rating to a “hold” rating in a report on Thursday, July 18th. Stephens raised their target price on shares of Fulton Financial from $15.50 to $17.50 and gave the stock an “equal weight” rating in a report on Tuesday, May 7th. Finally, Jefferies Financial Group cut their price target on shares of Fulton Financial from $18.50 to $18.00 and set a “hold” rating on the stock in a report on Wednesday, July 3rd. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $18.40.

Fulton Financial Stock Performance

FULT stock opened at $19.35 on Friday. Fulton Financial Co. has a twelve month low of $11.63 and a twelve month high of $20.33. The firm has a market cap of $3.52 billion, a price-to-earnings ratio of 12.02 and a beta of 0.75. The business’s fifty day simple moving average is $18.04 and its two-hundred day simple moving average is $16.65. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.35.

Fulton Financial (NASDAQ:FULT) last released its quarterly earnings data on Tuesday, July 16th. The bank reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.22. The company had revenue of $334.71 million during the quarter, compared to analysts’ expectations of $296.38 million. Fulton Financial had a net margin of 17.93% and a return on equity of 11.09%. The firm’s quarterly revenue was up 22.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.47 EPS. Analysts predict that Fulton Financial Co. will post 1.7 earnings per share for the current year.

Fulton Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Monday, July 1st were paid a $0.17 dividend. The ex-dividend date was Monday, July 1st. This represents a $0.68 annualized dividend and a yield of 3.51%. Fulton Financial’s dividend payout ratio (DPR) is currently 42.24%.

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.