Wedge Capital Management L L P NC Raises Position in Fulton Financial Corp (FULT)
Wedge Capital Management L L P NC increased its stake in Fulton Financial Corp (NASDAQ:FULT) by 3.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 740,898 shares of the bank’s stock after purchasing an additional 24,297 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Fulton Financial were worth $13,262,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Prudential Financial Inc. boosted its holdings in Fulton Financial by 1.2% in the third quarter. Prudential Financial Inc. now owns 909,943 shares of the bank’s stock worth $17,061,000 after purchasing an additional 10,730 shares during the last quarter. American International Group Inc. boosted its holdings in Fulton Financial by 2.8% in the third quarter. American International Group Inc. now owns 472,913 shares of the bank’s stock worth $8,867,000 after purchasing an additional 12,812 shares during the last quarter. Legacy Advisors LLC purchased a new stake in Fulton Financial in the third quarter worth approximately $4,641,000. RKL Wealth Management LLC boosted its stake in shares of Fulton Financial by 13.2% during the 3rd quarter. RKL Wealth Management LLC now owns 57,300 shares of the bank’s stock worth $1,074,000 after acquiring an additional 6,661 shares during the last quarter. Finally, Dalton Greiner Hartman Maher & Co. boosted its stake in shares of Fulton Financial by 3.4% during the 4th quarter. Dalton Greiner Hartman Maher & Co. now owns 1,209,098 shares of the bank’s stock worth $21,643,000 after acquiring an additional 40,242 shares during the last quarter. Institutional investors own 62.83% of the company’s stock.
Several research analysts have recently weighed in on the stock. Piper Jaffray Companies reiterated a “hold” rating and set a $18.00 price target on shares of Fulton Financial in a research note on Thursday, October 19th. BidaskClub upgraded shares of Fulton Financial from a “strong sell” rating to a “sell” rating in a research note on Wednesday, January 31st. Zacks Investment Research upgraded shares of Fulton Financial from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a research note on Wednesday, January 3rd. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $17.00 price target on shares of Fulton Financial in a research note on Thursday, October 19th. Finally, Barclays lifted their price target on shares of Fulton Financial from $18.00 to $19.00 and gave the stock an “underweight” rating in a research note on Tuesday, January 2nd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $18.80.
Fulton Financial (NASDAQ:FULT) last issued its quarterly earnings results on Monday, January 22nd. The bank reported $0.28 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.28. The business had revenue of $206.37 million for the quarter, compared to analysts’ expectations of $201.30 million. Fulton Financial had a net margin of 19.59% and a return on equity of 8.51%. The company’s revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.24 EPS. equities research analysts forecast that Fulton Financial Corp will post 1.25 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 16th. Stockholders of record on Tuesday, January 2nd were given a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, December 29th. This represents a $0.44 annualized dividend and a dividend yield of 2.41%. Fulton Financial’s payout ratio is 44.90%.
About Fulton Financial
Fulton Financial Corporation is a financial holding company. The Company is the bank holding company of Fulton Bank N.A. (the Bank). As of December 31, 2016, the Company’s six subsidiary banks were located primarily in suburban or semi-rural geographic markets throughout a five-state region (Pennsylvania, Delaware, Maryland, New Jersey and Virginia).
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