Wellington Management Group LLP Trims Stake in Fulton Financial Co. (NASDAQ:FULT)

Wellington Management Group LLP cut its holdings in shares of Fulton Financial Co. (NASDAQ:FULT) by 55.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 650,656 shares of the bank’s stock after selling 809,757 shares during the quarter. Wellington Management Group LLP owned about 0.36% of Fulton Financial worth $11,796,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. State Street Corp raised its position in Fulton Financial by 4.4% in the third quarter. State Street Corp now owns 10,544,159 shares of the bank’s stock valued at $191,166,000 after purchasing an additional 444,219 shares during the period. Millennium Management LLC raised 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 buying an additional 2,723,170 shares during the period. American Century Companies Inc. lifted its stake in Fulton Financial by 18.6% during the 2nd quarter. American Century Companies Inc. now owns 3,022,534 shares of the bank’s stock worth $51,323,000 after acquiring an additional 474,099 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Fulton Financial by 28.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,542,068 shares of the bank’s stock valued at $43,164,000 after acquiring an additional 567,771 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Fulton Financial by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,358,099 shares of the bank’s stock valued at $42,752,000 after acquiring an additional 31,754 shares in the last quarter. 72.02% of the stock is currently owned by hedge funds and other institutional investors.

Fulton Financial Trading Down 0.3 %

NASDAQ FULT opened at $20.94 on Monday. Fulton Financial Co. has a 52 week low of $13.87 and a 52 week high of $22.49. The firm has a 50 day moving average of $19.75 and a two-hundred day moving average of $18.43. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $3.81 billion, a PE ratio of 13.25 and a beta of 0.78.

Fulton Financial (NASDAQ:FULT) last issued its earnings results on Tuesday, October 15th. The bank reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.06. The firm had revenue of $487.33 million during the quarter, compared to the consensus estimate of $321.00 million. Fulton Financial had a net margin of 16.37% and a return on equity of 11.33%. During the same quarter in the previous year, the firm posted $0.43 earnings per share. As a group, research analysts expect that Fulton Financial Co. will post 1.74 EPS for the current fiscal year.

Fulton Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st were paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 3.25%. The ex-dividend date of this dividend was Tuesday, October 1st. Fulton Financial’s payout ratio is 43.04%.

Insider Activity at Fulton Financial

In related news, CEO Curtis J. Myers sold 24,192 shares of the business’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $21.16, for a total value of $511,902.72. Following the completion of the sale, the chief executive officer now directly owns 155,946 shares of the company’s stock, valued at $3,299,817.36. The trade was a 13.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.07% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

FULT has been the topic of several research reports. Keefe, Bruyette & Woods increased their price target on shares of Fulton Financial from $20.00 to $23.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Piper Sandler set a $21.00 target price on shares of Fulton Financial in a report on Thursday, October 17th. Stephens upgraded shares of Fulton Financial from an “equal weight” rating to an “overweight” rating in a research note on Monday, December 9th. Finally, StockNews.com lowered Fulton Financial from a “hold” rating to a “sell” rating in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Fulton Financial currently has a consensus rating of “Hold” and a consensus price target of $19.50.

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.