Squarepoint Ops LLC Takes $647,000 Position in Fulton Financial Corporation $FULT

Squarepoint Ops LLC acquired a new stake in Fulton Financial Corporation (NASDAQ:FULT) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 35,864 shares of the bank’s stock, valued at approximately $647,000.

A number of other institutional investors have also recently added to or reduced their stakes in FULT. Russell Investments Group Ltd. increased its position in Fulton Financial by 12.6% in the 1st quarter. Russell Investments Group Ltd. now owns 67,939 shares of the bank’s stock valued at $1,229,000 after acquiring an additional 7,603 shares during the period. Hsbc Holdings PLC grew its stake in shares of Fulton Financial by 14.4% in the first quarter. Hsbc Holdings PLC now owns 82,644 shares of the bank’s stock worth $1,490,000 after purchasing an additional 10,433 shares during the last quarter. Martingale Asset Management L P increased its holdings in Fulton Financial by 168.4% in the first quarter. Martingale Asset Management L P now owns 31,936 shares of the bank’s stock valued at $578,000 after purchasing an additional 20,036 shares during the period. AlphaQuest LLC raised its position in Fulton Financial by 189.6% during the 1st quarter. AlphaQuest LLC now owns 15,891 shares of the bank’s stock worth $287,000 after purchasing an additional 10,403 shares during the last quarter. Finally, Wealth Preservation Advisors LLC acquired a new position in Fulton Financial during the 1st quarter worth about $60,000. 72.02% of the stock is owned by institutional investors.

Fulton Financial Price Performance

Shares of FULT opened at $20.14 on Wednesday. The firm has a market cap of $3.64 billion, a PE ratio of 10.54 and a beta of 0.86. Fulton Financial Corporation has a 52-week low of $14.32 and a 52-week high of $21.40. The business’s 50 day moving average price is $18.30 and its two-hundred day moving average price is $18.51. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.90 and a current ratio of 0.90.

Fulton Financial (NASDAQ:FULT) last announced its quarterly earnings data on Tuesday, November 8th. The bank reported $0.45 EPS for the quarter. Fulton Financial had a net margin of 19.01% and a return on equity of 12.75%. The company had revenue of $236.96 million during the quarter. On average, equities analysts anticipate that Fulton Financial Corporation will post 1.91 EPS for the current year.

Fulton Financial announced that its Board of Directors has approved a share repurchase plan on Tuesday, December 16th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the bank to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Fulton Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be paid a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 3.8%. This is an increase from Fulton Financial’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Wednesday, December 31st. Fulton Financial’s payout ratio is presently 37.70%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Weiss Ratings cut Fulton Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Keefe, Bruyette & Woods increased their target price on shares of Fulton Financial from $20.00 to $21.00 and gave the company a “market perform” rating in a research report on Wednesday, November 26th. Zacks Research lowered shares of Fulton Financial from a “strong-buy” rating to a “hold” rating in a report on Monday, September 15th. Finally, Raymond James Financial raised shares of Fulton Financial from a “market perform” rating to an “outperform” rating and set a $21.00 price objective on the stock in a research note on Tuesday, October 7th. One investment analyst has rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $20.90.

About Fulton Financial

Fulton Financial Corporation, trading on the NASDAQ under the ticker FULT, is the financial holding company for Fulton Bank, headquartered in Lancaster, Pennsylvania. The company delivers a broad range of banking and financial services through its subsidiary, Fulton Bank, targeting both individual and corporate clients. Fulton Financial’s offerings include deposit accounts, lending solutions, treasury management, and specialized banking services designed to support personal wealth goals and business growth initiatives.

Through Fulton Bank, the company provides retail banking services such as checking and savings accounts, consumer and residential mortgage loans, and home equity products.