Wellington Management Group LLP Sells 809,757 Shares of Fulton Financial Co. (NASDAQ:FULT)

Wellington Management Group LLP lessened its stake in Fulton Financial Co. (NASDAQ:FULT - Free Report) by 55.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 650,656 shares of the bank's stock after selling 809,757 shares during the quarter. Wellington Management Group LLP owned about 0.36% of Fulton Financial worth $11,796,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp grew its holdings in shares of 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. Millennium Management LLC increased its holdings in shares of Fulton Financial by 511.1% in the second quarter. Millennium Management LLC now owns 3,256,000 shares of the bank's stock worth $55,287,000 after acquiring an additional 2,723,170 shares in the last quarter. American Century Companies Inc. raised its position in shares of 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 period. Bank of New York Mellon Corp lifted its holdings in shares of Fulton Financial by 28.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,542,068 shares of the bank's stock valued at $43,164,000 after purchasing an additional 567,771 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of 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 purchasing an additional 31,754 shares during the period. Institutional investors and hedge funds own 72.02% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on FULT shares. Piper Sandler set a $21.00 target price on shares of Fulton Financial in a report on Thursday, October 17th. StockNews.com cut shares of Fulton Financial from a "hold" rating to a "sell" rating in a research report on Monday, November 11th. Stephens upgraded Fulton Financial from an "equal weight" rating to an "overweight" rating in a report on Monday, December 9th. Finally, Keefe, Bruyette & Woods boosted their price target on Fulton Financial from $20.00 to $23.00 and gave the company a "market perform" rating in a report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $19.50.

Fulton Financial Stock Up 0.9 %

Fulton Financial stock traded up $0.18 during mid-day trading on Monday, reaching $21.12. The company's stock had a trading volume of 866,845 shares, compared to its average volume of 1,436,023. The business's 50 day simple moving average is $19.82 and its 200 day simple moving average is $18.46. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.93 and a current ratio of 0.93. Fulton Financial Co. has a 12 month low of $13.87 and a 12 month high of $22.49. The company has a market capitalization of $3.84 billion, a price-to-earnings ratio of 13.37 and a beta of 0.78.

Fulton Financial (NASDAQ:FULT - Get Free Report) last announced its quarterly earnings data on Tuesday, October 15th. The bank reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.06. Fulton Financial had a return on equity of 11.33% and a net margin of 16.37%. The company had revenue of $487.33 million during the quarter, compared to analysts' expectations of $321.00 million. During the same quarter last year, the company earned $0.43 EPS. As a group, research analysts anticipate that Fulton Financial Co. will post 1.74 earnings per share for the current year.

Fulton Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 3.22%. The ex-dividend date was Tuesday, October 1st. Fulton Financial's dividend payout ratio (DPR) is 43.04%.

Insider Transactions at Fulton Financial

In other news, CEO Curtis J. Myers sold 24,192 shares of the company's stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $21.16, for a total value of $511,902.72. Following the sale, the chief executive officer now directly owns 155,946 shares of the company's stock, valued at approximately $3,299,817.36. This represents a 13.43 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company 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.