Vanguard Amends Fulton Financial Stake: 20M Shares, 12.3% Passive Hold

TL;DR

**Vanguard still owns a huge chunk of Fulton Financial, but they're just holding, not actively trying to run the show.**

AI Summary

The Vanguard Group, a major investment firm, filed an amended SC 13G/A on February 13, 2024, indicating its ownership of Fulton Financial Corp's common stock. As of December 29, 2023, Vanguard reported having sole voting power over 0 shares, shared voting power over 19,099,997 shares, sole dispositive power over 0 shares, and shared dispositive power over 20,094,303 shares. This filing shows Vanguard's continued significant, albeit passive, stake in Fulton Financial, which is important for investors as large institutional holdings can influence stock stability and liquidity.

Why It Matters

This filing confirms Vanguard's substantial, passive ownership in Fulton Financial, representing 12.3% of the company's common stock. Large institutional ownership can provide stability but also means a significant portion of shares are held by an entity with limited direct influence on company operations.

Risk Assessment

Risk Level: low — The filing indicates a passive investment by a large, diversified institutional investor, which generally reduces volatility risk compared to active, activist stakes.

Analyst Insight

Investors should note that a large, passive institutional holder like Vanguard provides a stable base of ownership, but this filing itself doesn't signal any immediate operational changes or activist pressure on Fulton Financial. It's a routine update of a significant, but non-influential, stake.

Key Numbers

• 19,099,997 — Shared Voting Power Shares (Number of shares Vanguard can vote in conjunction with others.)
• 20,094,303 — Shared Dispositive Power Shares (Number of shares Vanguard can decide to sell in conjunction with others.)
• 12.3% — Percentage of Class (Vanguard's total beneficial ownership percentage of Fulton Financial's common stock.)

Key Players & Entities

• The Vanguard Group (company) — reporting person and institutional investor
• Fulton Financial Corp (company) — subject company whose securities are being reported
• 19,099,997 (dollar_amount) — number of shares with shared voting power
• 20,094,303 (dollar_amount) — number of shares with shared dispositive power
• December 29, 2023 (date) — date of event requiring the filing
• February 13, 2024 (date) — filing date of the SC 13G/A

Forward-Looking Statements

• Vanguard will maintain a significant, passive stake in Fulton Financial Corp. (The Vanguard Group) — high confidence, target: December 2024
• Fulton Financial's stock price will not be significantly impacted by this passive filing alone. (Fulton Financial Corp) — medium confidence, target: March 2024

FAQ

Filing Documents

• tv0990-fultonfinancialcorp.htm (SC 13G/A) — 11KB
• 0001104659-24-020990.txt ( ) — 13KB

(a) - Name of Issuer

Item 1(a) - Name of Issuer: Fulton Financial Corp

(b) - Address of Issuer's Principal Executive Offices

Item 1(b) - Address of Issuer's Principal Executive Offices: One Penn Square Lancaster, PA 17602-2853

(a) - Name of Person Filing

Item 2(a) - Name of Person Filing: The Vanguard Group - 23-1945930

(b) – Address of Principal Business Office or, if none, residence

Item 2(b) – Address of Principal Business Office or, if none, residence: 100 Vanguard Blvd. Malvern, PA 19355

(c) – Citizenship

Item 2(c) – Citizenship: Pennsylvania

(d) - Title of Class of Securities

Item 2(d) - Title of Class of Securities: Common Stock

(e) - CUSIP Number

Item 2(e) - CUSIP Number 360271100

- Type of Filing

Item 3 - Type of Filing: This statement is being filed pursuant to Rule 13d-1. An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E).

- Ownership

Item 4 - Ownership: (a) Amount Beneficially Owned: (b) Percent of Class: (c) Number of shares as to which such person has: (i) sole power to vote or direct to vote: (ii) shared power to vote or direct to vote: (iii) sole power to dispose of or to direct the disposition of: (iv) shared power to dispose or to direct the disposition of: Comments: The responses to questions 5 through 9 and 11 on the cover page(s) are incorporated by reference into this Item 4.

- Ownership of Five Percent or Less of a Class

Item 5 - Ownership of Five Percent or Less of a Class: If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following

- Ownership of More Than Five Percent on Behalf of Another Person

Item 6 - Ownership of More Than Five Percent on Behalf of Another Person: The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%. Item 7 - Identification and Classification of the Subsidiary Which Acquired The Security Being Reported on by the Parent Holding Company: Not applicable

- Identification and Classification of Members of Group

Item 8 - Identification and Classification of Members of Group: Not applicable

- Notice of Dissolution of Group

Item 9 - Notice of Dissolution of Group: Not applicable

- Certification

Item 10 - Certification: By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11. Signature After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: February 13, 2024 By /s/ Ashley Grim Name: Ashley Grim Title: Head of Global Fund Administration

View Full Filing

View this SC 13G/A filing on SEC EDGAR