Man Group plc Invests $2.27 Million in Fulton Financial Corporation $FULT

Man Group plc purchased a new position in Fulton Financial Corporation (NASDAQ:FULT) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 93,828 shares of the bank’s stock, valued at approximately $2,270,000.

Other institutional investors also recently added to or reduced their stakes in the company. Jupiter Topco LLC purchased a new stake in Fulton Financial during the second quarter worth about $33,861,000. Hsbc Holdings PLC bought a new position in shares of Fulton Financial during the 2nd quarter valued at approximately $2,726,000. Palisade Capital Management LP bought a new position in shares of Fulton Financial during the 2nd quarter valued at approximately $12,518,000. Canada Pension Plan Investment Board purchased a new stake in shares of Fulton Financial during the 2nd quarter worth approximately $917,000. Finally, Legal & General Group Plc purchased a new stake in shares of Fulton Financial during the 2nd quarter worth approximately $10,535,000. Institutional investors own 72.02% of the company’s stock.

Fulton Financial Stock Down 1.1%

FULT opened at $23.21 on Wednesday. The company has a 50 day moving average of $24.22 and a 200 day moving average of $22.34. The company has a market cap of $4.43 billion, a PE ratio of 11.11 and a beta of 0.78. Fulton Financial Corporation has a 12 month low of $16.60 and a 12 month high of $25.23. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.15.

Fulton Financial (NASDAQ:FULT) last issued its earnings results on Wednesday, July 22nd. The bank reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.07. Fulton Financial had a net margin of 20.63% and a return on equity of 12.68%. The business had revenue of $367.87 million for the quarter, compared to analysts’ expectations of $358.83 million. During the same quarter in the previous year, the firm posted $0.55 EPS. The business’s revenue for the quarter was up 12.2% compared to the same quarter last year. On average, sell-side analysts expect that Fulton Financial Corporation will post 2.23 EPS for the current year.

Fulton Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st were issued a dividend of $0.19 per share. The ex-dividend date of this dividend was Wednesday, July 1st. This represents a $0.76 dividend on an annualized basis and a yield of 3.3%. Fulton Financial’s dividend payout ratio is 36.36%.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Wall Street Zen upgraded Fulton Financial from a “sell” rating to a “hold” rating in a research note on Saturday, July 25th. Piper Sandler reissued a “neutral” rating and issued a $27.00 target price (up from $23.00) on shares of Fulton Financial in a research report on Monday, August 3rd. DA Davidson boosted their target price on Fulton Financial from $24.00 to $25.00 and gave the company a “neutral” rating in a research note on Friday, July 24th. Raymond James Financial upped their price target on Fulton Financial from $24.00 to $26.00 and gave the company an “outperform” rating in a research report on Wednesday, July 1st. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Fulton Financial in a research note on Wednesday, July 29th. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $24.75.

Insider Transactions at Fulton Financial

In other Fulton Financial news, Director E Philip Wenger sold 5,000 shares of the firm’s stock in a transaction dated Monday, July 13th. The stock was sold at an average price of $24.14, for a total value of $120,700.00. Following the completion of the transaction, the director owned 75,477 shares in the company, valued at $1,822,014.78. This trade represents a 6.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lisa Crutchfield sold 4,100 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $24.80, for a total value of $101,680.00. Following the completion of the transaction, the director owned 7,838 shares of the company’s stock, valued at approximately $194,382.40. This represents a 34.34% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.01% of the company’s stock.

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.