Fulton Financial Corporation $FULT Shares Sold by ProShare Advisors LLC

ProShare Advisors LLC decreased its stake in Fulton Financial Corporation (NASDAQ:FULT) by 91.6% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 26,815 shares of the bank’s stock after selling 290,877 shares during the quarter. ProShare Advisors LLC’s holdings in Fulton Financial were worth $605,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. BlackRock Inc. bought a new position in shares of Fulton Financial during the 2nd quarter valued at approximately $676,732,000. Dimensional Fund Advisors LP lifted its position in Fulton Financial by 0.8% in the first quarter. Dimensional Fund Advisors LP now owns 11,177,001 shares of the bank’s stock worth $227,333,000 after buying an additional 87,813 shares during the last quarter. First Trust Advisors LP lifted its position in Fulton Financial by 31.2% in the first quarter. First Trust Advisors LP now owns 8,050,923 shares of the bank’s stock worth $163,756,000 after buying an additional 1,912,709 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in Fulton Financial in the second quarter worth $46,008,000. Finally, Bank of America Corp DE boosted its stake in Fulton Financial by 132.4% during the first quarter. Bank of America Corp DE now owns 1,576,996 shares of the bank’s stock worth $32,076,000 after buying an additional 898,435 shares during the period. Institutional investors own 72.02% of the company’s stock.

Fulton Financial Stock Performance

FULT opened at $23.76 on Monday. The stock has a market cap of $4.54 billion, a price-to-earnings ratio of 11.05 and a beta of 0.78. The stock’s 50 day moving average price is $23.14 and its 200-day moving average price is $22.44. Fulton Financial Corporation has a one year low of $16.91 and a one year high of $25.23. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.90 and a current ratio of 0.90.

Fulton Financial (NASDAQ:FULT) last issued its quarterly earnings results on Wednesday, October 21st. The bank reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.07. Fulton Financial had a return on equity of 12.79% and a net margin of 21.07%. The firm had revenue of $367.26 million for the quarter, compared to the consensus estimate of $366.71 million. During the same period in the prior year, the business posted $0.55 earnings per share. On average, equities analysts forecast that Fulton Financial Corporation will post 2.26 EPS for the current year.

Fulton Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Thursday, October 1st were given a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Thursday, October 1st. Fulton Financial’s dividend payout ratio is 35.35%.

Wall Street Analyst Weigh In

Several research firms have commented on FULT. Piper Sandler reaffirmed a “neutral” rating and set a $27.00 price objective (up from $23.00) on shares of Fulton Financial in a research note on Monday, August 3rd. Weiss Ratings reissued a “buy (b)” rating on shares of Fulton Financial in a research note on Tuesday, October 27th. Stephens restated an “overweight” rating and issued a $25.00 target price (down from $26.00) on shares of Fulton Financial in a report on Tuesday, October 27th. DA Davidson raised their target price on shares of Fulton Financial from $24.00 to $25.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. Finally, Raymond James Financial cut shares of Fulton Financial from an “outperform” rating to a “market perform” rating in a research note on Tuesday, October 6th. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Fulton Financial has a consensus rating of “Hold” and an average price target of $24.80.

Fulton Financial Company Profile

Fulton Financial Corporation is a bank holding company headquartered in Lancaster, Pennsylvania. Its principal subsidiary, Fulton Bank, provides banking and financial services to individuals, businesses and nonprofit organizations.

The company offers consumer and commercial deposit accounts, loans and other credit products, as well as mortgage, wealth management and related financial services. Its roots in banking date to the founding of Fulton National Bank in Lancaster in 1882.

Fulton serves communities across the Mid-Atlantic, including Pennsylvania, Delaware, Maryland, New Jersey and Virginia.