Victory Capital Management Inc. Has $20.68 Million Holdings in Fulton Financial Co. (NASDAQ:FULT)

Victory Capital Management Inc. lessened its stake in Fulton Financial Co. (NASDAQ:FULT – Get Rating) by 28.4% in the fourth quarter, Holdings Channel reports. The firm owned 1,236,101 shares of the bank’s stock after selling 489,868 shares during the quarter. Victory Capital Management Inc.’s holdings in Fulton Financial were worth $20,680,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Dimensional Fund Advisors LP raised its stake in Fulton Financial by 1.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 12,159,090 shares of the bank’s stock valued at $204,640,000 after purchasing an additional 145,823 shares in the last quarter. Mercer Global Advisors Inc. ADV raised its stake in Fulton Financial by 9.4% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 12,707 shares of the bank’s stock worth $214,000 after acquiring an additional 1,096 shares in the last quarter. Raymond James & Associates raised its stake in Fulton Financial by 23.0% during the fourth quarter. Raymond James & Associates now owns 68,548 shares of the bank’s stock worth $1,154,000 after acquiring an additional 12,826 shares in the last quarter. UBS Group AG raised its stake in Fulton Financial by 48.7% during the fourth quarter. UBS Group AG now owns 119,645 shares of the bank’s stock worth $2,014,000 after acquiring an additional 39,162 shares in the last quarter. Finally, Belpointe Asset Management LLC acquired a new position in Fulton Financial during the fourth quarter worth about $74,000. Institutional investors and hedge funds own 64.84% of the company’s stock.

Fulton Financial Stock Performance

Shares of FULT stock opened at $11.21 on Monday. The business’s 50 day simple moving average is $12.69 and its 200 day simple moving average is $15.61. Fulton Financial Co. has a one year low of $9.64 and a one year high of $18.91. The stock has a market capitalization of $1.85 billion, a PE ratio of 6.67 and a beta of 0.76. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.91 and a quick ratio of 0.91.

Fulton Financial (NASDAQ:FULT – Get Rating) last announced its earnings results on Wednesday, April 19th. The bank reported $0.39 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.09). Fulton Financial had a net margin of 24.14% and a return on equity of 13.03%. The company had revenue of $267.34 million during the quarter, compared to the consensus estimate of $281.45 million. During the same quarter in the previous year, the company earned $0.38 earnings per share. The business’s revenue was up 23.4% on a year-over-year basis. As a group, research analysts forecast that Fulton Financial Co. will post 1.64 earnings per share for the current year.

Fulton Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 14th. Shareholders of record on Monday, April 3rd were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 5.35%. The ex-dividend date of this dividend was Friday, March 31st. Fulton Financial’s payout ratio is 35.71%.

Insiders Place Their Bets

In other Fulton Financial news, CEO Curtis J. Myers purchased 15,000 shares of the business’s stock in a transaction on Friday, May 12th. The shares were purchased at an average cost of $9.81 per share, for a total transaction of $147,150.00. Following the acquisition, the chief executive officer now owns 157,044 shares of the company’s stock, valued at $1,540,601.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Fulton Financial news, EVP Meg R. Mueller sold 9,952 shares of the stock in a transaction that occurred on Tuesday, March 14th. The stock was sold at an average price of $15.71, for a total transaction of $156,345.92. Following the transaction, the executive vice president now directly owns 82,650 shares in the company, valued at approximately $1,298,431.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Curtis J. Myers purchased 15,000 shares of the business’s stock in a transaction on Friday, May 12th. The shares were acquired at an average price of $9.81 per share, for a total transaction of $147,150.00. Following the completion of the acquisition, the chief executive officer now directly owns 157,044 shares in the company, valued at approximately $1,540,601.64. The disclosure for this purchase can be found here. In the last three months, insiders have sold 20,467 shares of company stock worth $274,013. Corporate insiders own 0.98% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Keefe, Bruyette & Woods lowered their target price on Fulton Financial from $20.00 to $16.00 and set a “market perform” rating for the company in a research note on Thursday, April 6th. Piper Sandler reduced their price target on Fulton Financial from $15.00 to $14.00 in a report on Thursday, April 20th. StockNews.com started coverage on Fulton Financial in a report on Thursday. They set a “sell” rating on the stock. Finally, DA Davidson reduced their price target on Fulton Financial from $15.00 to $14.00 and set a “neutral” rating on the stock in a report on Thursday, April 20th.

Fulton Financial Profile

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Fulton Financial Corp. is financial holding company, which through its subsidiaries, engages in the provision of consumer and commercial banking products and services. It offers checking account and savings deposit products, certificates of deposit and individual retirement accounts. The company also offers investment management, trust, brokerage, insurance and investment advisory services to consumer and commercial banking customers in the market areas serviced by the subsidiary banks.