QRG Capital Management Inc. Buys 12,302 Shares of Fulton Financial Corporation $FULT

QRG Capital Management Inc. lifted its stake in Fulton Financial Corporation (NASDAQ:FULT) by 10.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 128,144 shares of the bank’s stock after purchasing an additional 12,302 shares during the quarter. QRG Capital Management Inc. owned about 0.07% of Fulton Financial worth $2,312,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Quarry LP raised its stake in Fulton Financial by 1,669.6% during the first quarter. Quarry LP now owns 1,982 shares of the bank’s stock valued at $36,000 after buying an additional 1,870 shares during the last quarter. GAMMA Investing LLC grew its position in Fulton Financial by 42.2% during the 1st quarter. GAMMA Investing LLC now owns 3,072 shares of the bank’s stock valued at $56,000 after purchasing an additional 911 shares during the last quarter. Byrne Asset Management LLC grew its position in Fulton Financial by 114.5% during the 1st quarter. Byrne Asset Management LLC now owns 3,217 shares of the bank’s stock valued at $58,000 after purchasing an additional 1,717 shares during the last quarter. Wealth Preservation Advisors LLC purchased a new stake in Fulton Financial during the 1st quarter valued at about $60,000. Finally, Blue Trust Inc. grew its position in Fulton Financial by 15.1% during the 1st quarter. Blue Trust Inc. now owns 5,728 shares of the bank’s stock valued at $104,000 after purchasing an additional 752 shares during the last quarter. Hedge funds and other 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 on Friday, September 12th. The shares were sold at an average price of $19.28, for a total transaction of $96,400.00. Following the transaction, the director owned 90,477 shares in the company, valued at $1,744,396.56. This trade represents a 5.24% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 1.07% of the company’s stock.

Analysts Set New Price Targets

FULT has been the topic of several analyst reports. Weiss Ratings reiterated a “buy (b-)” rating on shares of Fulton Financial in a research note on Saturday, September 27th. Jefferies Financial Group restated a “hold” rating on shares of Fulton Financial in a report on Wednesday, July 9th. Piper Sandler reissued a “neutral” rating on shares of Fulton Financial in a report on Wednesday, July 9th. Raymond James Financial raised Fulton Financial from a “market perform” rating to an “outperform” rating and set a $21.00 price objective on the stock in a research report on Tuesday. Finally, Zacks Research cut Fulton Financial from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 15th. Three analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $21.10.

Fulton Financial Stock Performance

FULT stock opened at $18.51 on Wednesday. The company has a market cap of $3.37 billion, a P/E ratio of 10.82 and a beta of 0.82. Fulton Financial Corporation has a 1 year low of $14.32 and a 1 year high of $22.49. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.92 and a quick ratio of 0.92. The stock’s fifty day moving average price is $18.82 and its 200-day moving average price is $18.00.

Fulton Financial (NASDAQ:FULT) last posted its earnings results on Tuesday, July 15th. The bank reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.12. Fulton Financial had a return on equity of 12.64% and a net margin of 17.00%.The company had revenue of $328.45 million for the quarter, compared to the consensus estimate of $320.47 million. During the same quarter in the prior year, the company earned $0.52 earnings per share. On average, equities analysts forecast that Fulton Financial Corporation will post 1.91 earnings per share for the current year.

Fulton Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, October 1st will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 3.9%. The ex-dividend date is Wednesday, October 1st. Fulton Financial’s payout ratio is 42.11%.

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.