Meridian Wealth Partners LLC Increases Position in Fulton Financial Co. (NASDAQ:FULT)

Meridian Wealth Partners LLC increased its stake in Fulton Financial Co. (NASDAQ:FULT) by 4.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 27,557 shares of the bank’s stock after acquiring an additional 1,230 shares during the period. Meridian Wealth Partners LLC’s holdings in Fulton Financial were worth $468,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in Fulton Financial in the fourth quarter worth $27,805,000. Hsbc Holdings PLC lifted its stake in Fulton Financial by 36.0% in the fourth quarter. Hsbc Holdings PLC now owns 2,593,793 shares of the bank’s stock worth $43,043,000 after purchasing an additional 686,269 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Fulton Financial by 28.8% in the second quarter. Bank of New York Mellon Corp now owns 2,542,068 shares of the bank’s stock worth $43,164,000 after purchasing an additional 567,771 shares during the last quarter. American Century Companies Inc. lifted its stake in Fulton Financial by 18.6% in 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, Jupiter Asset Management Ltd. bought a new stake in Fulton Financial in the second quarter worth $7,292,000. 72.02% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FULT has been the subject of several recent research reports. Jefferies Financial Group lowered their price target on shares of Fulton Financial from $18.50 to $18.00 and set a “hold” rating for the company in a research note on Wednesday, July 3rd. StockNews.com raised shares of Fulton Financial from a “sell” rating to a “hold” rating in a research note on Thursday, July 18th. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $18.40.

Fulton Financial Stock Performance

Shares of NASDAQ:FULT opened at $18.40 on Wednesday. The company has a market cap of $3.34 billion, a price-to-earnings ratio of 11.42 and a beta of 0.74. The company has a 50-day moving average price of $18.40 and a 200-day moving average price of $16.89. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.26. Fulton Financial Co. has a 12 month low of $11.63 and a 12 month high of $20.33.

Fulton Financial (NASDAQ:FULT) last issued its quarterly earnings data on Tuesday, July 16th. The bank reported $0.47 EPS for the quarter, beating the consensus estimate of $0.25 by $0.22. The firm had revenue of $334.71 million during the quarter, compared to the consensus estimate of $296.38 million. Fulton Financial had a net margin of 17.93% and a return on equity of 11.29%. The company’s quarterly revenue was up 22.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.47 earnings per share. As a group, equities analysts anticipate that Fulton Financial Co. will post 1.73 EPS for the current year.

Fulton Financial Profile

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.