Brandywine Global Investment Management LLC grew its position in shares of Fulton Financial Co. (NASDAQ:FULT – Free Report) by 111.8% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 409,208 shares of the bank’s stock after purchasing an additional 216,035 shares during the period. Brandywine Global Investment Management LLC’s holdings in Fulton Financial were worth $5,655,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of FULT. Norges Bank acquired a new stake in shares of Fulton Financial in the fourth quarter valued at $29,379,000. BlackRock Inc. raised its stake in shares of Fulton Financial by 6.0% in the first quarter. BlackRock Inc. now owns 21,821,468 shares of the bank’s stock valued at $362,670,000 after acquiring an additional 1,232,379 shares in the last quarter. Millennium Management LLC raised its stake in shares of Fulton Financial by 108.4% in the fourth quarter. Millennium Management LLC now owns 2,285,030 shares of the bank’s stock valued at $38,457,000 after acquiring an additional 1,188,745 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Fulton Financial by 7.2% in the third quarter. Vanguard Group Inc. now owns 17,117,537 shares of the bank’s stock valued at $270,457,000 after acquiring an additional 1,149,047 shares in the last quarter. Finally, State Street Corp raised its stake in shares of Fulton Financial by 8.9% in the first quarter. State Street Corp now owns 8,941,860 shares of the bank’s stock valued at $149,945,000 after acquiring an additional 731,995 shares in the last quarter. 69.55% of the stock is currently owned by institutional investors and hedge funds.
Fulton Financial Stock Performance
NASDAQ FULT opened at $13.47 on Tuesday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.48. Fulton Financial Co. has a 52-week low of $9.64 and a 52-week high of $18.91. The business’s 50-day moving average price is $13.18 and its 200 day moving average price is $13.29. The firm has a market cap of $2.21 billion, a P/E ratio of 7.98 and a beta of 0.79.
Fulton Financial Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Monday, July 3rd were given a $0.16 dividend. The ex-dividend date of this dividend was Friday, June 30th. This represents a $0.64 dividend on an annualized basis and a yield of 4.75%. This is an increase from Fulton Financial’s previous quarterly dividend of $0.15. Fulton Financial’s dividend payout ratio (DPR) is presently 37.21%.
Analysts Set New Price Targets
FULT has been the topic of several recent analyst reports. StockNews.com initiated coverage on Fulton Financial in a report on Wednesday, August 23rd. They issued a “hold” rating on the stock. TheStreet raised Fulton Financial from a “c+” rating to a “b-” rating in a report on Thursday, August 3rd. Finally, Stephens reissued an “overweight” rating and issued a $14.50 target price on shares of Fulton Financial in a report on Thursday, July 20th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Fulton Financial has an average rating of “Hold” and a consensus target price of $15.60.
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.
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