Emerald Mutual Fund Advisers Trust Purchases 630,152 Shares of Fulton Financial Co. (NASDAQ:FULT)

Emerald Mutual Fund Advisers Trust boosted its position in Fulton Financial Co. (NASDAQ:FULT) by 272.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 861,691 shares of the bank’s stock after acquiring an additional 630,152 shares during the period. Emerald Mutual Fund Advisers Trust’s holdings in Fulton Financial were worth $15,622,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Millennium Management LLC lifted its stake in shares of Fulton Financial by 511.1% in the 2nd quarter. Millennium Management LLC now owns 3,256,000 shares of the bank’s stock valued at $55,287,000 after purchasing an additional 2,723,170 shares during the period. American Century Companies Inc. lifted its stake in shares of Fulton Financial by 18.6% in the 2nd 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 period. Bank of New York Mellon Corp boosted its holdings in shares of 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 buying an additional 567,771 shares during the last quarter. Fulton Bank N.A. increased its holdings in Fulton Financial by 0.9% during the second quarter. Fulton Bank N.A. now owns 2,057,813 shares of the bank’s stock valued at $34,942,000 after buying an additional 17,955 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in Fulton Financial by 6.4% in the second quarter. Principal Financial Group Inc. now owns 1,008,894 shares of the bank’s stock worth $17,131,000 after acquiring an additional 60,575 shares during the period. Hedge funds and other institutional investors own 72.02% of the company’s stock.

Fulton Financial Price Performance

FULT opened at $18.06 on Friday. The business has a fifty day moving average of $18.10 and a 200 day moving average of $17.47. The stock has a market cap of $3.29 billion, a P/E ratio of 11.43 and a beta of 0.73. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.26. Fulton Financial Co. has a 52-week low of $13.19 and a 52-week high of $20.33.

Fulton Financial (NASDAQ:FULT) last issued its earnings results 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. The firm had revenue of $487.33 million during the quarter, compared to analyst estimates of $321.00 million. Fulton Financial had a net margin of 16.37% and a return on equity of 11.14%. During the same period in the previous year, the firm earned $0.43 earnings per share. As a group, sell-side analysts anticipate that Fulton Financial Co. will post 1.75 EPS for the current year.

Fulton Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st were paid a $0.17 dividend. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $0.68 dividend on an annualized basis and a yield of 3.77%. Fulton Financial’s dividend payout ratio is currently 43.04%.

Wall Street Analyst Weigh In

FULT has been the subject of several analyst reports. StockNews.com upgraded Fulton Financial from a “sell” rating to a “hold” rating in a research note on Thursday, July 18th. Piper Sandler set a $21.00 target price on shares of Fulton Financial in a research report on Thursday, October 17th. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $18.83.

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.