Edgestream Partners L.P. Increases Holdings in Fulton Financial Co. (NASDAQ:FULT)

Edgestream Partners L.P. raised its stake in shares of Fulton Financial Co. (NASDAQ:FULT) by 203.9% in the third quarter, Holdings Channel reports. The institutional investor owned 252,900 shares of the bank’s stock after buying an additional 169,684 shares during the quarter. Edgestream Partners L.P.’s holdings in Fulton Financial were worth $4,585,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in FULT. Millennium Management LLC raised its stake in Fulton Financial by 511.1% during the second quarter. Millennium Management LLC now owns 3,256,000 shares of the bank’s stock valued at $55,287,000 after buying an additional 2,723,170 shares during the last quarter. Emerald Advisers LLC raised its stake in Fulton Financial by 213.6% during the third quarter. Emerald Advisers LLC now owns 1,307,559 shares of the bank’s stock valued at $23,706,000 after buying an additional 890,630 shares during the last quarter. Emerald Mutual Fund Advisers Trust raised its stake in Fulton Financial by 272.2% during the third quarter. Emerald Mutual Fund Advisers Trust now owns 861,691 shares of the bank’s stock valued at $15,622,000 after buying an additional 630,152 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in Fulton Financial by 710.0% during the second quarter. The Manufacturers Life Insurance Company now owns 699,652 shares of the bank’s stock valued at $11,880,000 after buying an additional 613,272 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Fulton Financial by 28.8% during the second quarter. Bank of New York Mellon Corp now owns 2,542,068 shares of the bank’s stock valued at $43,164,000 after buying an additional 567,771 shares during the last quarter. Hedge funds and other institutional investors own 72.02% of the company’s stock.

Fulton Financial Stock Down 0.4 %

FULT stock opened at $21.58 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.93 and a quick ratio of 0.93. Fulton Financial Co. has a 1-year low of $13.87 and a 1-year high of $22.49. The stock has a market capitalization of $3.93 billion, a P/E ratio of 13.66 and a beta of 0.73. The business has a fifty day moving average price of $19.06 and a 200-day moving average price of $18.13.

Fulton Financial (NASDAQ:FULT) last issued its quarterly earnings data on Tuesday, October 15th. The bank reported $0.50 EPS for the quarter, topping the consensus estimate of $0.44 by $0.06. Fulton Financial had a return on equity of 11.33% and a net margin of 16.37%. The company had revenue of $487.33 million during the quarter, compared to analyst estimates of $321.00 million. During the same quarter in the previous year, the company posted $0.43 earnings per share. Equities analysts forecast that Fulton Financial Co. will post 1.74 earnings per share for the current fiscal year.

Fulton Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st were issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 3.15%. The ex-dividend date of this dividend was Tuesday, October 1st. Fulton Financial’s payout ratio is currently 43.04%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on FULT. Piper Sandler set a $21.00 price target on Fulton Financial in a research note on Thursday, October 17th. StockNews.com cut Fulton Financial from a “hold” rating to a “sell” rating in a research note on Monday, November 11th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, Fulton Financial has an average rating of “Hold” and a consensus price target of $18.83.

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.