Bessemer Group Inc. Buys 87,276 Shares of Fulton Financial Corporation $FULT

Bessemer Group Inc. increased its stake in shares of Fulton Financial Corporation (NASDAQ:FULT) by 47.9% in the 1st quarter, Holdings Channel reports. The firm owned 269,443 shares of the bank’s stock after buying an additional 87,276 shares during the period. Bessemer Group Inc.’s holdings in Fulton Financial were worth $5,481,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FULT. Illinois Municipal Retirement Fund lifted its position in Fulton Financial by 4.5% during the first quarter. Illinois Municipal Retirement Fund now owns 94,381 shares of the bank’s stock valued at $1,920,000 after purchasing an additional 4,022 shares during the period. Maryland State Retirement & Pension System grew its position in Fulton Financial by 6.5% in the 1st quarter. Maryland State Retirement & Pension System now owns 28,059 shares of the bank’s stock worth $571,000 after purchasing an additional 1,715 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its stake in Fulton Financial by 16.4% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 14,668 shares of the bank’s stock valued at $298,000 after buying an additional 2,071 shares during the last quarter. Principal Financial Group Inc. raised its stake in Fulton Financial by 54.4% during the 1st quarter. Principal Financial Group Inc. now owns 1,328,889 shares of the bank’s stock valued at $27,030,000 after buying an additional 468,081 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in shares of Fulton Financial by 5.9% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 47,346 shares of the bank’s stock valued at $963,000 after buying an additional 2,637 shares during the period. Institutional investors own 72.02% of the company’s stock.

Insider Transactions at Fulton Financial

In other news, Director E Philip Wenger sold 5,000 shares of Fulton Financial stock in a transaction that occurred on 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 trade represents a 6.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.01% of the stock is currently owned by company insiders.

Fulton Financial Stock Performance

Shares of NASDAQ FULT opened at $24.54 on Tuesday. The stock has a market cap of $4.69 billion, a PE ratio of 11.69 and a beta of 0.79. Fulton Financial Corporation has a 1 year low of $16.60 and a 1 year high of $25.23. The firm has a fifty day moving average price of $22.83 and a 200-day moving average price of $21.54. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.90 and a quick ratio of 0.90.

Fulton Financial (NASDAQ:FULT) last released its earnings results on Wednesday, April 22nd. The bank reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.05. Fulton Financial had a net margin of 20.85% and a return on equity of 12.69%. The company had revenue of $331.86 million for the quarter, compared to analysts’ expectations of $359.36 million. During the same quarter in the previous year, the company earned $0.52 EPS. Equities analysts anticipate that Fulton Financial Corporation will post 2.18 earnings per share for the current fiscal year.

Fulton Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st were issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Wednesday, July 1st. Fulton Financial’s dividend payout ratio (DPR) is 36.19%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Piper Sandler set a $23.00 price target on Fulton Financial and gave the stock a “neutral” rating in a research note on Friday, June 12th. Raymond James Financial increased their target price on Fulton Financial from $24.00 to $26.00 and gave the company an “outperform” rating in a report on Wednesday, July 1st. Weiss Ratings raised Fulton Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Finally, Wall Street Zen downgraded Fulton Financial from a “hold” rating to a “sell” rating in a research note on Sunday, May 3rd. Two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Fulton Financial currently has an average rating of “Hold” and an average price target of $23.50.

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.