Comerica Bank Raises Stock Holdings in Fulton Financial Co. (NASDAQ:FULT)

Comerica Bank increased its position in Fulton Financial Co. (NASDAQ:FULTGet Rating) by 2.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 76,535 shares of the bank’s stock after acquiring an additional 1,490 shares during the period. Comerica Bank’s holdings in Fulton Financial were worth $1,338,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FULT. BlackRock Inc. raised its stake in Fulton Financial by 6.0% in the 1st quarter. BlackRock Inc. now owns 21,821,468 shares of the bank’s stock worth $362,670,000 after acquiring an additional 1,232,379 shares during the last quarter. State Street Corp raised its stake in shares of Fulton Financial by 8.9% during the 1st quarter. State Street Corp now owns 8,941,860 shares of the bank’s stock valued at $149,945,000 after buying an additional 731,995 shares during the last quarter. Millennium Management LLC raised its stake in shares of Fulton Financial by 47.8% during the 2nd quarter. Millennium Management LLC now owns 1,912,170 shares of the bank’s stock valued at $27,631,000 after buying an additional 618,671 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of Fulton Financial by 33.6% during the 2nd quarter. Victory Capital Management Inc. now owns 1,540,480 shares of the bank’s stock valued at $22,260,000 after buying an additional 387,201 shares during the last quarter. Finally, Federated Hermes Inc. raised its stake in shares of Fulton Financial by 137.1% during the 2nd quarter. Federated Hermes Inc. now owns 632,402 shares of the bank’s stock valued at $9,138,000 after buying an additional 365,639 shares during the last quarter. Hedge funds and other institutional investors own 64.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on FULT shares. DA Davidson reduced their price objective on Fulton Financial from $18.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday. Piper Sandler lifted their price objective on Fulton Financial to $20.00 in a research note on Wednesday, October 5th. Janney Montgomery Scott started coverage on Fulton Financial in a research note on Tuesday, January 10th. They set a “neutral” rating and a $19.50 price objective for the company. Finally, StockNews.com started coverage on Fulton Financial in a research report on Wednesday, October 12th. They set a “hold” rating on the stock.

Fulton Financial Price Performance

NASDAQ:FULT opened at $15.64 on Monday. Fulton Financial Co. has a 52 week low of $13.72 and a 52 week high of $18.91. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $2.62 billion, a PE ratio of 9.37 and a beta of 0.81. The stock’s 50-day moving average price is $17.26 and its 200-day moving average price is $16.84.

Fulton Financial (NASDAQ:FULTGet Rating) last issued its earnings results on Tuesday, January 17th. The bank reported $0.48 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.02). The company had revenue of $284.54 million for the quarter, compared to analyst estimates of $285.36 million. Fulton Financial had a return on equity of 12.66% and a net margin of 26.28%. As a group, equities analysts expect that Fulton Financial Co. will post 1.9 EPS for the current fiscal year.

Fulton Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 13th. Stockholders of record on Tuesday, January 3rd were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 3.84%. The ex-dividend date of this dividend was Friday, December 30th. Fulton Financial’s payout ratio is presently 35.93%.

Insider Activity

In other news, EVP Angela M. Snyder sold 4,818 shares of Fulton Financial stock in a transaction that occurred on Monday, October 31st. The shares were sold at an average price of $18.23, for a total transaction of $87,832.14. Following the sale, the executive vice president now owns 33,246 shares of the company’s stock, valued at approximately $606,074.58. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Fulton Financial news, EVP Angela M. Snyder sold 4,818 shares of the business’s stock in a transaction that occurred on Monday, October 31st. The stock was sold at an average price of $18.23, for a total value of $87,832.14. Following the sale, the executive vice president now owns 33,246 shares of the company’s stock, valued at $606,074.58. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Angela M. Sargent sold 11,581 shares of the business’s stock in a transaction that occurred on Thursday, December 1st. The shares were sold at an average price of $18.57, for a total value of $215,059.17. Following the completion of the sale, the executive vice president now directly owns 70,079 shares in the company, valued at approximately $1,301,367.03. The disclosure for this sale can be found here. Corporate insiders own 1.01% of the company’s stock.

Fulton Financial Profile

(Get Rating)

Fulton Financial Corporation operates as a financial holding company that provides consumer and commercial banking products and services. It accepts various checking accounts and savings deposit products, certificates of deposit, and individual retirement accounts. The company also offers secured consumer loans, including home equity loans and lines of credit, automobile loans, personal lines of credit, and checking account overdraft protection; construction and jumbo residential mortgage loans; and commercial lending products comprising commercial real estate, commercial and industrial, and construction loans, as well as equipment lease financing loans.

See Also

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Institutional Ownership by Quarter for Fulton Financial (NASDAQ:FULT)

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