Fifth Third Bancorp Grows Holdings in Fulton Financial Corporation $FULT

Fifth Third Bancorp lifted its stake in shares of Fulton Financial Corporation (NASDAQ:FULT) by 3,174.6% in the first quarter, Holdings Channel reports. The institutional investor owned 47,908 shares of the bank’s stock after buying an additional 46,445 shares during the quarter. Fifth Third Bancorp’s holdings in Fulton Financial were worth $974,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Keybank National Association OH raised its holdings in Fulton Financial by 1.5% in the first quarter. Keybank National Association OH now owns 32,887 shares of the bank’s stock valued at $669,000 after acquiring an additional 485 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in Fulton Financial by 2.5% during the 4th quarter. Nisa Investment Advisors LLC now owns 23,924 shares of the bank’s stock worth $467,000 after acquiring an additional 580 shares in the last quarter. Root Financial Partners LLC increased its position in shares of Fulton Financial by 89.9% in the 1st quarter. Root Financial Partners LLC now owns 1,282 shares of the bank’s stock worth $26,000 after purchasing an additional 607 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Fulton Financial by 16.8% in the 4th quarter. GAMMA Investing LLC now owns 4,262 shares of the bank’s stock worth $82,000 after purchasing an additional 613 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its stake in shares of Fulton Financial by 0.7% in the 4th quarter. State of Alaska Department of Revenue now owns 99,907 shares of the bank’s stock valued at $1,930,000 after purchasing an additional 678 shares in the last quarter. Institutional investors own 72.02% of the company’s stock.

Fulton Financial Price Performance

Shares of NASDAQ:FULT opened at $24.57 on Monday. The company’s fifty day moving average is $23.12 and its two-hundred day moving average is $21.68. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.90 and a current ratio of 0.90. Fulton Financial Corporation has a 1-year low of $16.60 and a 1-year high of $25.23. The stock has a market capitalization of $4.70 billion, a price-to-earnings ratio of 11.76 and a beta of 0.79.

Fulton Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st were paid a dividend of $0.19 per share. The ex-dividend date was Wednesday, July 1st. This represents a $0.76 annualized dividend and a yield of 3.1%. Fulton Financial’s dividend payout ratio is 36.36%.

Wall Street Analyst Weigh In

FULT has been the topic of several research analyst reports. Raymond James Financial increased their price target on shares of Fulton Financial from $24.00 to $26.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 1st. Piper Sandler set a $23.00 price objective on Fulton Financial and gave the company a “neutral” rating in a report on Friday, June 12th. Weiss Ratings upgraded Fulton Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Finally, Wall Street Zen raised Fulton Financial from a “sell” rating to a “hold” rating in a report on Saturday. Two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $23.50.

Insiders Place Their Bets

In related news, Director E Philip Wenger sold 5,000 shares of the stock in a transaction dated Monday, July 13th. The shares were sold at an average price of $24.14, for a total transaction of $120,700.00. Following the sale, the director owned 75,477 shares in the company, valued at $1,822,014.78. This represents a 6.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.01% of the stock is currently owned by company insiders.

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.