Hsbc Holdings PLC Acquires New Position in Fulton Financial Corporation $FULT

Hsbc Holdings PLC acquired a new stake in shares of Fulton Financial Corporation (NASDAQ:FULT) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 112,359 shares of the bank’s stock, valued at approximately $2,726,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Fulton Financial in the 4th quarter valued at approximately $44,271,000. First Trust Advisors LP lifted its position in shares of Fulton Financial by 31.2% during the first quarter. First Trust Advisors LP now owns 8,050,923 shares of the bank’s stock worth $163,756,000 after acquiring an additional 1,912,709 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of Fulton Financial by 132.4% in the first quarter. Bank of America Corp DE now owns 1,576,996 shares of the bank’s stock worth $32,076,000 after acquiring an additional 898,435 shares during the period. Jefferies Financial Group Inc. bought a new position in shares of Fulton Financial in the fourth quarter worth $4,580,000. Finally, UBS Group AG grew its position in shares of Fulton Financial by 78.0% in the fourth quarter. UBS Group AG now owns 666,449 shares of the bank’s stock valued at $12,882,000 after purchasing an additional 291,975 shares in the last quarter. Institutional investors own 72.02% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Raymond James Financial boosted their price objective on Fulton Financial from $24.00 to $26.00 and gave the company an “outperform” rating in a research note on Wednesday, July 1st. Wall Street Zen raised Fulton Financial from a “sell” rating to a “hold” rating in a report on Saturday, July 25th. Piper Sandler reiterated a “neutral” rating and set a $27.00 price target (up from $23.00) on shares of Fulton Financial in a research report on Monday, August 3rd. Weiss Ratings restated a “buy (b)” rating on shares of Fulton Financial in a research report on Wednesday, July 29th. Finally, DA Davidson boosted their price objective on shares of Fulton Financial from $24.00 to $25.00 and gave the company a “neutral” rating in a research note on Friday, July 24th. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $24.75.

Fulton Financial Price Performance

NASDAQ:FULT opened at $23.67 on Monday. Fulton Financial Corporation has a 52-week low of $16.60 and a 52-week high of $25.23. The stock has a fifty day moving average of $24.22 and a 200 day moving average of $22.32. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.92 and a current ratio of 0.92. The firm has a market capitalization of $4.52 billion, a price-to-earnings ratio of 11.33 and a beta of 0.79.

Fulton Financial (NASDAQ:FULT) last announced its earnings results on Wednesday, July 22nd. The bank reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.07. Fulton Financial had a return on equity of 12.68% and a net margin of 20.63%.The business had revenue of $367.87 million for the quarter, compared to analyst estimates of $358.83 million. During the same period in the prior year, the company earned $0.55 EPS. The company’s quarterly revenue was up 12.2% compared to the same quarter last year. On average, research analysts expect that Fulton Financial Corporation will post 2.23 EPS for the current fiscal year.

Fulton Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st were given a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Wednesday, July 1st. Fulton Financial’s dividend payout ratio is 36.36%.

Insider Buying and Selling

In other Fulton Financial news, Director Lisa Crutchfield sold 4,100 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $24.80, for a total value of $101,680.00. Following the completion of the transaction, the director owned 7,838 shares of the company’s stock, valued at $194,382.40. The trade was a 34.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director E Philip Wenger sold 5,000 shares of the stock in a transaction on Monday, July 13th. The stock was sold at an average price of $24.14, for a total transaction of $120,700.00. Following the completion of the transaction, the director directly owned 75,477 shares in the company, valued at $1,822,014.78. The trade was a 6.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.01% of the company’s stock.

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.