Cullinan Associates Inc. Reduces Stake in Fulton Financial Corporation $FULT

Cullinan Associates Inc. lowered its stake in Fulton Financial Corporation (NASDAQ:FULT) by 12.5% in the 2nd quarter, HoldingsChannel reports. The fund owned 14,000 shares of the bank’s stock after selling 2,000 shares during the period. Cullinan Associates Inc.’s holdings in Fulton Financial were worth $253,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. QRG Capital Management Inc. grew its position in Fulton Financial by 10.6% in the second quarter. QRG Capital Management Inc. now owns 128,144 shares of the bank’s stock worth $2,312,000 after acquiring an additional 12,302 shares in the last quarter. Paragon Capital Management Ltd bought a new stake in Fulton Financial in the second quarter worth about $216,000. State of Alaska Department of Revenue lifted its stake in Fulton Financial by 7.2% in the second quarter. State of Alaska Department of Revenue now owns 108,186 shares of the bank’s stock worth $1,951,000 after purchasing an additional 7,292 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Fulton Financial by 3.6% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 37,594 shares of the bank’s stock worth $718,000 after purchasing an additional 1,291 shares during the last quarter. Finally, Strs Ohio bought a new stake in Fulton Financial in the first quarter worth about $152,000. Hedge funds and other institutional investors own 72.02% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on FULT shares. Keefe, Bruyette & Woods raised their price objective on shares of Fulton Financial from $21.00 to $22.00 and gave the stock a “market perform” rating in a research note on Thursday, July 17th. DA Davidson raised their price objective on shares of Fulton Financial from $17.00 to $20.00 and gave the stock a “neutral” rating in a research note on Thursday, July 17th. Zacks Research downgraded shares of Fulton Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 15th. Piper Sandler reissued a “neutral” rating on shares of Fulton Financial in a research note on Wednesday, July 9th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Fulton Financial in a research note on Saturday, September 27th. Two equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Fulton Financial has an average rating of “Hold” and a consensus price target of $21.13.

Fulton Financial Price Performance

NASDAQ FULT opened at $18.35 on Monday. The firm’s fifty day simple moving average is $18.82 and its two-hundred day simple moving average is $17.99. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.37. Fulton Financial Corporation has a 12-month low of $14.32 and a 12-month high of $22.49. The firm has a market capitalization of $3.34 billion, a P/E ratio of 10.73 and a beta of 0.82.

Fulton Financial (NASDAQ:FULT) last released its quarterly earnings results on Tuesday, July 15th. The bank reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.12. Fulton Financial had a net margin of 17.00% and a return on equity of 12.64%. The business had revenue of $328.45 million for the quarter, compared to analyst estimates of $320.47 million. During the same period in the previous year, the company earned $0.52 earnings per share. Analysts forecast that Fulton Financial Corporation will post 1.91 EPS for the current fiscal year.

Fulton Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, October 1st will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.9%. Fulton Financial’s payout ratio is 42.11%.

Insider Buying and Selling at Fulton Financial

In other news, Director E Philip Wenger sold 5,000 shares of the business’s stock in a transaction on Friday, September 12th. The shares were sold at an average price of $19.28, for a total transaction of $96,400.00. Following the sale, the director directly owned 90,477 shares of the company’s stock, valued at $1,744,396.56. The trade was a 5.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.07% of the stock is 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.