Econ Financial Services Corp Makes New $2.02 Million Investment in Fulton Financial Corporation $FULT

Econ Financial Services Corp purchased a new stake in shares of Fulton Financial Corporation (NASDAQ:FULT) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 104,389 shares of the bank’s stock, valued at approximately $2,018,000.

Several other large investors have also recently made changes to their positions in the business. Nordea Investment Management AB lifted its position in Fulton Financial by 25.2% in the fourth quarter. Nordea Investment Management AB now owns 737,737 shares of the bank’s stock valued at $14,327,000 after purchasing an additional 148,399 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Fulton Financial by 46.6% during the third quarter. JPMorgan Chase & Co. now owns 603,553 shares of the bank’s stock valued at $11,244,000 after purchasing an additional 191,764 shares during the period. Fisher Asset Management LLC grew its holdings in shares of Fulton Financial by 6.4% in the third quarter. Fisher Asset Management LLC now owns 3,363,509 shares of the bank’s stock worth $62,662,000 after purchasing an additional 203,708 shares during the last quarter. Squarepoint Ops LLC purchased a new position in shares of Fulton Financial in the second quarter worth $647,000. Finally, Thrivent Financial for Lutherans increased its stake in shares of Fulton Financial by 16.3% in the second quarter. Thrivent Financial for Lutherans now owns 421,379 shares of the bank’s stock worth $7,526,000 after buying an additional 59,112 shares during the period. 72.02% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Fulton Financial

In other Fulton Financial news, Director E Philip Wenger sold 5,000 shares of the business’s stock in a transaction on Monday, January 12th. The shares were sold at an average price of $19.55, for a total transaction of $97,750.00. Following the transaction, the director directly owned 85,477 shares of the company’s stock, valued at approximately $1,671,075.35. The trade was a 5.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.07% of the company’s stock.

Fulton Financial Trading Up 3.5%

NASDAQ FULT opened at $20.34 on Wednesday. The stock has a market cap of $3.66 billion, a P/E ratio of 9.78 and a beta of 0.85. Fulton Financial Corporation has a fifty-two week low of $14.32 and a fifty-two week high of $22.99. The stock has a 50 day simple moving average of $20.83 and a two-hundred day simple moving average of $19.45. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.90 and a current ratio of 0.90.

Fulton Financial (NASDAQ:FULT) last posted its earnings results on Wednesday, January 21st. The bank reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.03. The firm had revenue of $336.02 million for the quarter, compared to analysts’ expectations of $336.80 million. Fulton Financial had a return on equity of 12.78% and a net margin of 20.68%.During the same period in the previous year, the firm earned $0.48 earnings per share. On average, analysts forecast that Fulton Financial Corporation will post 1.91 earnings per share for the current year.

Fulton Financial declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, December 16th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the bank to reacquire up to 4.2% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Fulton Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Wednesday, April 1st will be issued a $0.19 dividend. The ex-dividend date is Wednesday, April 1st. This represents a $0.76 annualized dividend and a yield of 3.7%. Fulton Financial’s payout ratio is 36.54%.

Analysts Set New Price Targets

Several brokerages have weighed in on FULT. DA Davidson started coverage on shares of Fulton Financial in a research report on Wednesday, February 25th. They set a “neutral” rating and a $24.00 price target for the company. Weiss Ratings upgraded shares of Fulton Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, February 27th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Fulton Financial currently has a consensus rating of “Hold” and an average target price of $21.50.

Fulton Financial Company Profile

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.