JPMorgan Chase & Co. Boosts Holdings in Fulton Financial Co. (NASDAQ:FULT)

JPMorgan Chase & Co. grew its position in Fulton Financial Co. (NASDAQ:FULT) by 130.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 557,303 shares of the bank’s stock after acquiring an additional 315,435 shares during the quarter. JPMorgan Chase & Co.’s holdings in Fulton Financial were worth $10,104,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Arizona State Retirement System boosted its holdings in shares of Fulton Financial by 11.0% in the second quarter. Arizona State Retirement System now owns 50,067 shares of the bank’s stock valued at $850,000 after purchasing an additional 4,944 shares during the period. Private Advisor Group LLC increased its position in shares of Fulton Financial by 59.2% during the second quarter. Private Advisor Group LLC now owns 30,353 shares of the bank’s stock worth $515,000 after purchasing an additional 11,287 shares in the last quarter. Los Angeles Capital Management LLC increased its position in shares of Fulton Financial by 14.3% during the second quarter. Los Angeles Capital Management LLC now owns 13,966 shares of the bank’s stock worth $237,000 after purchasing an additional 1,750 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Fulton Financial by 18.6% in the 2nd quarter. American Century Companies Inc. now owns 3,022,534 shares of the bank’s stock worth $51,323,000 after purchasing an additional 474,099 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new stake in shares of Fulton Financial in the 2nd quarter worth $178,000. Institutional investors own 72.02% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on FULT. Stephens upgraded Fulton Financial from an “equal weight” rating to an “overweight” rating in a research note on Monday, December 9th. Piper Sandler set a $21.00 price objective on Fulton Financial in a report on Thursday, October 17th. Keefe, Bruyette & Woods raised their price objective on Fulton Financial from $20.00 to $23.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Finally, StockNews.com downgraded shares of 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 given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $19.50.

Fulton Financial Trading Down 1.4 %

Shares of Fulton Financial stock opened at $19.06 on Monday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.93 and a current ratio of 0.93. Fulton Financial Co. has a fifty-two week low of $13.87 and a fifty-two week high of $22.49. The firm has a 50-day simple moving average of $20.44 and a two-hundred day simple moving average of $18.90. The company has a market cap of $3.47 billion, a P/E ratio of 12.06 and a beta of 0.79.

Fulton Financial (NASDAQ:FULT) last announced its earnings results on Tuesday, October 15th. The bank reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.06. Fulton Financial had a return on equity of 11.33% and a net margin of 16.37%. The business had revenue of $487.33 million during the quarter, compared to the consensus estimate of $321.00 million. During the same period in the prior year, the company posted $0.43 EPS. As a group, equities analysts predict that Fulton Financial Co. will post 1.73 earnings per share for the current fiscal year.

Fulton Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 3.78%. This is a boost from Fulton Financial’s previous quarterly dividend of $0.17. The ex-dividend date is Tuesday, December 31st. Fulton Financial’s payout ratio is presently 45.57%.

Insider Buying and Selling at Fulton Financial

In other Fulton Financial news, CEO Curtis J. Myers sold 24,192 shares of the stock in a transaction dated 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 owns 155,946 shares in the company, valued at approximately $3,299,817.36. This represents a 13.43 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.07% of the stock is currently owned by insiders.

Fulton Financial Company 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.