Quarry LP Buys New Position in Fulton Financial Co. (NASDAQ:FULT)

Quarry LP bought a new stake in Fulton Financial Co. (NASDAQ:FULT) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 1,818 shares of the bank’s stock, valued at approximately $33,000.

A number of other large investors have also recently bought and sold shares of the company. Family Firm Inc. acquired a new position in Fulton Financial during the second quarter valued at approximately $46,000. Coston McIsaac & Partners bought a new stake in shares of Fulton Financial during the 3rd quarter worth approximately $54,000. Blue Trust Inc. boosted its holdings in shares of Fulton Financial by 21.9% in the 2nd quarter. Blue Trust Inc. now owns 3,840 shares of the bank’s stock valued at $61,000 after buying an additional 691 shares during the last quarter. AE Wealth Management LLC bought a new position in shares of Fulton Financial in the second quarter valued at $172,000. Finally, DekaBank Deutsche Girozentrale acquired a new position in Fulton Financial during the second quarter worth $178,000. Institutional investors and hedge funds own 72.02% of the company’s stock.

Fulton Financial Stock Performance

FULT opened at $21.15 on Thursday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.93 and a quick ratio of 0.93. The business has a fifty day simple moving average of $19.60 and a 200 day simple moving average of $18.36. Fulton Financial Co. has a 1 year low of $13.87 and a 1 year high of $22.49. The company has a market capitalization of $3.85 billion, a PE ratio of 13.39 and a beta of 0.77.

Fulton Financial (NASDAQ:FULT) last released its quarterly earnings results on Tuesday, October 15th. The bank reported $0.50 EPS for the quarter, beating the consensus estimate of $0.44 by $0.06. The business had revenue of $487.33 million for the quarter, compared to the consensus estimate of $321.00 million. Fulton Financial had a net margin of 16.37% and a return on equity of 11.33%. During the same period in the prior year, the company posted $0.43 earnings per share. Research analysts expect that Fulton Financial Co. will post 1.74 EPS for the current year.

Fulton Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st were paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 3.22%. The ex-dividend date was Tuesday, October 1st. Fulton Financial’s dividend payout ratio (DPR) is currently 43.04%.

Analysts Set New Price Targets

FULT has been the subject of a number of recent analyst reports. Stephens upgraded shares of Fulton Financial from an “equal weight” rating to an “overweight” rating in a research note on Monday. StockNews.com cut Fulton Financial from a “hold” rating to a “sell” rating in a report on Monday, November 11th. Piper Sandler set a $21.00 price objective on Fulton Financial in a research note on Thursday, October 17th. Finally, Keefe, Bruyette & Woods boosted their target price on Fulton Financial from $20.00 to $23.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $19.50.

Insider Buying and Selling

In other Fulton Financial news, CEO Curtis J. Myers sold 24,192 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $21.16, for a total transaction of $511,902.72. Following the sale, the chief executive officer now directly owns 155,946 shares in the company, valued at $3,299,817.36. This represents a 13.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.07% of the stock is currently owned by company insiders.

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.