Bank of New York Mellon Corp Has $36.28 Million Holdings in Fulton Financial Co. (NASDAQ:FULT)

Bank of New York Mellon Corp reduced its stake in shares of Fulton Financial Co. (NASDAQ:FULT) by 32.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,881,863 shares of the bank’s stock after selling 888,442 shares during the quarter. Bank of New York Mellon Corp’s holdings in Fulton Financial were worth $36,282,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. State Street Corp increased its holdings in Fulton Financial by 4.4% in the 3rd quarter. State Street Corp now owns 10,544,159 shares of the bank’s stock valued at $191,166,000 after buying an additional 444,219 shares during the period. Geode Capital Management LLC increased its holdings in Fulton Financial by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 4,371,223 shares of the bank’s stock valued at $79,264,000 after buying an additional 85,574 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Fulton Financial by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,358,099 shares of the bank’s stock valued at $42,752,000 after buying an additional 31,754 shares during the period. Fisher Asset Management LLC increased its holdings in Fulton Financial by 4.2% in the 3rd quarter. Fisher Asset Management LLC now owns 1,908,477 shares of the bank’s stock valued at $34,601,000 after buying an additional 77,072 shares during the period. Finally, Principal Financial Group Inc. grew its holdings in shares of Fulton Financial by 4.4% in the 4th quarter. Principal Financial Group Inc. now owns 1,051,823 shares of the bank’s stock worth $20,279,000 after purchasing an additional 44,237 shares during the last quarter. 72.02% of the stock is currently owned by institutional investors and hedge funds.

Fulton Financial Price Performance

NASDAQ FULT opened at $18.40 on Friday. The business has a 50 day simple moving average of $20.02 and a 200 day simple moving average of $19.49. Fulton Financial Co. has a 52-week low of $13.87 and a 52-week high of $22.49. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market cap of $3.35 billion, a price-to-earnings ratio of 11.72 and a beta of 0.79.

Fulton Financial (NASDAQ:FULT) last issued its quarterly earnings results on Tuesday, January 21st. The bank reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.06. Fulton Financial had a net margin of 15.87% and a return on equity of 11.41%. During the same quarter in the previous year, the company posted $0.42 earnings per share. Analysts anticipate that Fulton Financial Co. will post 1.91 earnings per share for the current fiscal year.

Fulton Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a dividend of $0.18 per share. This is an increase from Fulton Financial’s previous quarterly dividend of $0.17. The ex-dividend date was Tuesday, December 31st. This represents a $0.72 annualized dividend and a yield of 3.91%. Fulton Financial’s dividend payout ratio (DPR) is currently 45.86%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on FULT. Stephens raised shares of Fulton Financial from an “equal weight” rating to an “overweight” rating in a report on Monday, December 9th. DA Davidson upped their target price on shares of Fulton Financial from $21.00 to $22.00 and gave the stock a “neutral” rating in a report on Friday, January 24th. Keefe, Bruyette & Woods upped their target price on shares of Fulton Financial from $23.00 to $24.00 and gave the stock a “market perform” rating in a report on Thursday, January 23rd. Hovde Group upped their target price on shares of Fulton Financial from $22.00 to $22.50 and gave the stock a “market perform” rating in a report on Monday, January 27th. Finally, StockNews.com raised shares of Fulton Financial from a “sell” rating to a “hold” rating in a report on Thursday, January 23rd. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $20.64.

Insider Buying and Selling at Fulton Financial

In other news, President Angela M. Snyder sold 13,322 shares of Fulton Financial stock in a transaction on Monday, January 27th. The stock was sold at an average price of $20.69, for a total transaction of $275,632.18. Following the completion of the sale, the president now owns 63,682 shares of the company’s stock, valued at approximately $1,317,580.58. This trade represents a 17.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.07% of the company’s stock.

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.