Nordea Investment Management AB Acquires 32,180 Shares of Fulton Financial Corporation $FULT

Nordea Investment Management AB boosted its holdings in shares of Fulton Financial Corporation (NASDAQ:FULT) by 5.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 589,338 shares of the bank’s stock after purchasing an additional 32,180 shares during the quarter. Nordea Investment Management AB owned about 0.32% of Fulton Financial worth $10,903,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in FULT. First Trust Advisors LP increased its holdings in shares of Fulton Financial by 42.4% in the 2nd quarter. First Trust Advisors LP now owns 5,626,858 shares of the bank’s stock worth $101,509,000 after buying an additional 1,676,495 shares during the last quarter. Geode Capital Management LLC grew its position in Fulton Financial by 1.1% in the second quarter. Geode Capital Management LLC now owns 4,587,133 shares of the bank’s stock worth $82,760,000 after acquiring an additional 50,122 shares in the last quarter. American Century Companies Inc. grew its position in Fulton Financial by 10.0% in 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. Norges Bank bought a new stake in Fulton Financial during the second quarter worth approximately $37,813,000. Finally, Fulton Bank N.A. raised its position in Fulton Financial by 1.6% during the third quarter. Fulton Bank N.A. now owns 1,732,904 shares of the bank’s stock valued at $32,284,000 after purchasing an additional 27,570 shares during the period. 72.02% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Fulton Financial news, Director E Philip Wenger sold 5,000 shares of the business’s stock in a transaction dated 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 directly owned 85,477 shares of the company’s stock, valued at $1,671,075.35. The trade was a 5.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.08% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on FULT. Raymond James Financial upgraded Fulton Financial from a “market perform” rating to an “outperform” rating and set a $21.00 target price for the company in a report on Tuesday, October 7th. Keefe, Bruyette & Woods lifted their price objective on shares of Fulton Financial from $20.00 to $21.00 and gave the stock 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 report on Saturday, October 25th. One investment analyst has rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $20.90.

Fulton Financial Price Performance

Shares of FULT stock opened at $20.00 on Friday. The stock has a 50 day moving average price of $19.09 and a 200 day moving average price of $18.77. Fulton Financial Corporation has a 52-week low of $14.32 and a 52-week high of $21.40. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a market capitalization of $3.61 billion, a P/E ratio of 10.47 and a beta of 0.85.

Fulton Financial (NASDAQ:FULT) last announced its quarterly earnings data on Tuesday, October 21st. The bank reported $0.55 EPS for the quarter, beating the consensus estimate of $0.48 by $0.07. Fulton Financial had a return on equity of 12.75% and a net margin of 19.01%.The company had revenue of $264.20 million for the quarter, compared to the consensus estimate of $332.51 million. During the same quarter in the prior year, the company posted $0.50 EPS. As a group, sell-side analysts predict that Fulton Financial Corporation will post 1.91 earnings per share for the current year.

Fulton Financial announced that its Board of Directors has initiated a share repurchase plan on Tuesday, December 16th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the bank to buy up to 4.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Fulton Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were paid a $0.19 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $0.76 annualized dividend and a yield of 3.8%. This is a boost from Fulton Financial’s previous quarterly dividend of $0.18. Fulton Financial’s payout ratio is 39.79%.

Fulton Financial Profile

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.