18,006 Shares in Fulton Financial Co. (NASDAQ:FULT) Bought by Algert Global LLC

Algert Global LLC purchased a new stake in Fulton Financial Co. (NASDAQ:FULT) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 18,006 shares of the bank’s stock, valued at approximately $306,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. The Manufacturers Life Insurance Company boosted its holdings in Fulton Financial by 710.0% during the second quarter. The Manufacturers Life Insurance Company now owns 699,652 shares of the bank’s stock worth $11,880,000 after purchasing an additional 613,272 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Fulton Financial by 511.1% in the 2nd quarter. Millennium Management LLC now owns 3,256,000 shares of the bank’s stock valued at $55,287,000 after acquiring an additional 2,723,170 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Fulton Financial by 18.1% in the second quarter. AQR Capital Management LLC now owns 34,678 shares of the bank’s stock valued at $584,000 after acquiring an additional 5,314 shares during the last quarter. Squarepoint Ops LLC bought a new stake in Fulton Financial during the second quarter worth about $1,144,000. Finally, Xponance Inc. acquired a new position in Fulton Financial during the second quarter valued at approximately $193,000. Institutional investors and hedge funds own 72.02% of the company’s stock.

Fulton Financial Stock Performance

FULT opened at $17.17 on Wednesday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.26. Fulton Financial Co. has a 12-month low of $11.99 and a 12-month high of $20.33. The business has a 50 day moving average of $18.06 and a 200-day moving average of $17.17. The stock has a market cap of $3.12 billion, a price-to-earnings ratio of 10.66 and a beta of 0.73.

Fulton Financial (NASDAQ:FULT) last announced its quarterly earnings results on Tuesday, July 16th. The bank reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.22. Fulton Financial had a return on equity of 11.29% and a net margin of 17.93%. The business had revenue of $334.71 million during the quarter, compared to the consensus estimate of $296.38 million. During the same quarter last year, the firm posted $0.47 EPS. The company’s quarterly revenue was up 22.4% on a year-over-year basis. On average, equities research analysts expect that Fulton Financial Co. will post 1.73 earnings per share for the current year.

Fulton Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be paid a $0.17 dividend. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $0.68 dividend on an annualized basis and a yield of 3.96%. Fulton Financial’s dividend payout ratio (DPR) is currently 42.24%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. StockNews.com upgraded Fulton Financial from a “sell” rating to a “hold” rating in a research note on Thursday, July 18th. Jefferies Financial Group dropped their price target on shares of Fulton Financial from $18.50 to $18.00 and set a “hold” rating on the stock in a research report on Wednesday, July 3rd. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $18.40.

Fulton Financial Profile

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.