Fulton Financial Corp. (FULT) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Fulton Financial Corp. (NASDAQ:FULT) from a hold rating to a buy rating in a research note released on Tuesday morning. Zacks Investment Research currently has $16.00 price target on the stock.
According to Zacks, “Fulton Financial Corp. is a bank holding company. It provides retail and commercial banking and investment management and trust services in central and eastern Pennsylvania, southern New Jersey, northern Maryland and southern Delaware through its wholly-owned subsidiaries: Fulton Bank, Lebanon Valley Farmers Bank, Swineford National Bank, Lafayette Ambassador Bank, FNB Bank, N.A., Great Valley Bank, Hagerstown Trust Company, Delaware National Bank, The Bank of Gloucester County, The Woodstown National Bank & Trust Company, and The Peoples Bank of Elkton. “
A number of other brokerages have also weighed in on FULT. Hovde Group initiated coverage on shares of Fulton Financial Corp. in a research note on Monday, September 12th. They issued an outperform rating and a $16.00 price target on the stock. FBR & Co reissued a hold rating on shares of Fulton Financial Corp. in a research report on Wednesday, July 20th. Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $13.89.
Shares of Fulton Financial Corp. (NASDAQ:FULT) opened at 14.80 on Tuesday. Fulton Financial Corp. has a 52-week low of $11.48 and a 52-week high of $14.82. The firm has a 50-day moving average of $14.20 and a 200 day moving average of $13.77. The firm has a market capitalization of $2.56 billion, a price-to-earnings ratio of 17.05 and a beta of 1.28.
Fulton Financial Corp. (NASDAQ:FULT) last announced its quarterly earnings results on Tuesday, July 19th. The company reported $0.23 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.22 by $0.01. Fulton Financial Corp. had a net margin of 19.52% and a return on equity of 7.31%. Analysts predict that Fulton Financial Corp. will post $0.91 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.70%. The ex-dividend date is Wednesday, September 28th. Fulton Financial Corp.’s dividend payout ratio (DPR) is currently 45.98%.
In related news, COO Philmer H. Rohrbaugh acquired 14,000 shares of the firm’s stock in a transaction on Tuesday, August 16th. The shares were purchased at an average cost of $13.96 per share, for a total transaction of $195,440.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James R. Moxley III acquired 9,896 shares of the firm’s stock in a transaction on Wednesday, July 27th. The stock was bought at an average price of $13.71 per share, for a total transaction of $135,674.16. The disclosure for this purchase can be found here. Company insiders own 0.75% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in FULT. Alpha Windward LLC increased its position in Fulton Financial Corp. by 3.8% in the first quarter. Alpha Windward LLC now owns 31,440 shares of the company’s stock valued at $421,000 after buying an additional 1,140 shares in the last quarter. CrestPoint Capital Management LLC bought a new position in Fulton Financial Corp. during the first quarter valued at approximately $381,000. RKL Wealth Management LLC increased its position in Fulton Financial Corp. by 0.4% in the first quarter. RKL Wealth Management LLC now owns 29,600 shares of the company’s stock valued at $396,000 after buying an additional 126 shares in the last quarter. Commonwealth Equity Services Inc increased its position in Fulton Financial Corp. by 4.1% in the first quarter. Commonwealth Equity Services Inc now owns 99,353 shares of the company’s stock valued at $1,329,000 after buying an additional 3,932 shares in the last quarter. Finally, Nisa Investment Advisors L.L.C. increased its position in Fulton Financial Corp. by 1.2% in the first quarter. Nisa Investment Advisors L.L.C. now owns 85,100 shares of the company’s stock valued at $1,139,000 after buying an additional 1,000 shares in the last quarter. Hedge funds and other institutional investors own 59.12% of the company’s stock.
About Fulton Financial Corp.
Fulton Financial Corporation is a multi-bank financial holding company. The Company provides a range of banking and financial services to businesses and consumers through its banking subsidiaries: Fulton Bank, N.A., Fulton Bank of New Jersey, The Columbia Bank, Lafayette Ambassador Bank, FNB Bank, N.A.
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