E Philip Wenger Sells 5,000 Shares of Fulton Financial (NASDAQ:FULT) Stock
E Philip Wenger, Director of Fulton Financial Corporation (NASDAQ:FULT), sold 5,000 shares at an average price of $19.55, totaling $97,750. Post-sale, he holds 85,477 shares, reflecting a 5.53% decrease in his ownership. The transaction was filed with the SEC. Fulton Financial's stock rose 1.3% to $19.57, with a market cap of $3.53 billion. The company recently announced a quarterly dividend increase to $0.19 per share and a $150 million share buyback plan. Analysts have mixed ratings, with a consensus rating of "Hold" and a price target of $20.90.
Fulton Financial Corporation (NASDAQ:FULT - Get Free Report) Director E Philip Wenger sold 5,000 shares of the firm's stock in a transaction dated Monday, January 12th. The shares were sold at an average price of $19.55, for a total transaction of $97,750.00. Following the sale, the director owned 85,477 shares of the company's stock, valued at approximately $1,671,075.35. This represents a 5.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.
Get Fulton Financial alerts:
Fulton Financial Stock Up 1.3%
Shares of NASDAQ:FULT traded up $0.25 during trading on Wednesday, reaching $19.57. 540,109 shares of the stock traded hands, compared to its average volume of 1,448,302. The stock has a market cap of $3.53 billion, a P/E ratio of 10.24 and a beta of 0.85. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a 50-day moving average of $18.95 and a two-hundred day moving average of $18.74. Fulton Financial Corporation has a 52-week low of $14.32 and a 52-week high of $21.40.
Fulton Financial (NASDAQ:FULT - Get Free Report) last released its quarterly earnings data on Tuesday, October 21st. The bank reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.07. The business had revenue of $264.20 million for the quarter, compared to analysts' expectations of $332.51 million. Fulton Financial had a return on equity of 12.75% and a net margin of 19.01%.During the same period in the prior year, the firm posted $0.50 EPS. As a group, sell-side analysts expect that Fulton Financial Corporation will post 1.91 earnings per share for the current fiscal year.
Fulton Financial declared that its Board of Directors has authorized a share buyback plan on Tuesday, December 16th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the bank to buy up to 4.2% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its shares are undervalued.
Fulton Financial Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be paid a dividend of $0.19 per share. The ex-dividend date is Wednesday, December 31st. This represents a $0.76 annualized dividend and a yield of 3.9%. This is an increase from Fulton Financial's previous quarterly dividend of $0.18. Fulton Financial's dividend payout ratio (DPR) is currently 39.79%.
Wall Street Analysts Forecast Growth
A number of equities research analysts have weighed in on the stock. Weiss Ratings lowered shares of Fulton Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Saturday, October 25th. Keefe, Bruyette & Woods upped their price objective on Fulton Financial from $20.00 to $21.00 and gave the company a "market perform" rating in a research report on Wednesday, November 26th. Finally, Raymond James Financial raised Fulton Financial from a "market perform" rating to an "outperform" rating and set a $21.00 target price on the stock in a report on Tuesday, October 7th. One equities research analyst has rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $20.90.
Read Our Latest Research Report on FULT
Institutional Trading of Fulton Financial
Institutional investors and hedge funds have recently modified their holdings of the company. Byrne Asset Management LLC lifted its holdings in Fulton Financial by 169.0% in the 4th quarter. Byrne Asset Management LLC now owns 9,580 shares of the bank's stock worth $185,000 after purchasing an additional 6,019 shares in the last quarter. SG Americas Securities LLC raised its position in shares of Fulton Financial by 28.2% during the fourth quarter. SG Americas Securities LLC now owns 138,588 shares of the bank's stock valued at $2,679,000 after buying an additional 30,512 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Fulton Financial by 3.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 40,211 shares of the bank's stock worth $803,000 after buying an additional 1,154 shares in the last quarter. Nordea Investment Management AB boosted its position in shares of Fulton Financial by 25.2% during the fourth quarter. Nordea Investment Management AB now owns 737,737 shares of the bank's stock worth $14,327,000 after acquiring an additional 148,399 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in Fulton Financial by 16.8% during the fourth quarter. GAMMA Investing LLC now owns 4,262 shares of the bank's stock valued at $82,000 after acquiring an additional 613 shares in the last quarter. 72.02% of the stock is currently owned by institutional investors.
Fulton Financial Company Profile
(Get Free Report)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.
Further Reading
- Five stocks we like better than Fulton Financial
- Punch these codes into your ordinary brokerage account
- Do not delete, read immediately
- More than 2 million ounces defined - and still early in their story
- If You Keep Cash In A U.S. Bank Account… Read This NOW
- What Expenses Can Be Deducted From Capital Gains Tax?
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Should You Invest $1,000 in Fulton Financial Right Now?
Before you consider Fulton Financial, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Fulton Financial wasn't on the list.
While Fulton Financial currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
