Victory Capital Management Inc. Sells 115,863 Shares of Fulton Financial Co. (NASDAQ:FULT)

Victory Capital Management Inc. cut its holdings in shares of Fulton Financial Co. (NASDAQ:FULT) by 15.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 657,019 shares of the bank’s stock after selling 115,863 shares during the period. Victory Capital Management Inc.’s holdings in Fulton Financial were worth $11,912,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. State Board of Administration of Florida Retirement System boosted its holdings in Fulton Financial by 70.9% during the first quarter. State Board of Administration of Florida Retirement System now owns 79,410 shares of the bank’s stock worth $1,262,000 after purchasing an additional 32,941 shares during the last quarter. Tidal Investments LLC purchased a new position in Fulton Financial during the first quarter worth about $807,000. Seven Eight Capital LP purchased a new position in Fulton Financial during the second quarter worth about $485,000. American Century Companies Inc. boosted its holdings in Fulton Financial by 18.6% during the second quarter. American Century Companies Inc. now owns 3,022,534 shares of the bank’s stock worth $51,323,000 after purchasing an additional 474,099 shares during the last quarter. Finally, Good Life Advisors LLC purchased a new position in Fulton Financial during the third quarter worth about $830,000. 72.02% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

Fulton Financial Price Performance

Shares of NASDAQ:FULT opened at $20.84 on Thursday. The company’s fifty day moving average price is $18.59 and its 200-day moving average price is $17.92. The firm has a market capitalization of $3.79 billion, a price-to-earnings ratio of 13.19 and a beta of 0.73. Fulton Financial Co. has a one year low of $13.84 and a one year high of $21.65. 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 (NASDAQ:FULT) last announced its quarterly earnings data on Tuesday, October 15th. The bank reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.06. Fulton Financial had a net margin of 16.37% and a return on equity of 11.33%. The company had revenue of $487.33 million during the quarter, compared to analysts’ expectations of $321.00 million. During the same quarter in the prior year, the company earned $0.43 EPS. On average, equities research analysts anticipate that Fulton Financial Co. will post 1.74 earnings per share for the current fiscal year.

Fulton Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st were paid a $0.17 dividend. The ex-dividend date was Tuesday, October 1st. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.26%. Fulton Financial’s dividend payout ratio (DPR) is 43.04%.

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.