Zacks Investment Research Downgrades Fulton Financial Corp. (FULT) to Sell
Fulton Financial Corp. (NASDAQ:FULT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Thursday.
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. “
Several other research analysts have also recently commented on the company. Hovde Group initiated coverage on 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. Keefe, Bruyette & Woods reiterated a “market perform” rating on shares of Fulton Financial Corp. in a research note on Wednesday, October 12th. Finally, FBR & Co reiterated a “hold” rating on shares of Fulton Financial Corp. in a research note on Wednesday, July 20th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $14.25.
Fulton Financial Corp. (NASDAQ:FULT) opened at 14.26 on Thursday. The stock has a market capitalization of $2.47 billion, a P/E ratio of 16.43 and a beta of 1.19. The firm has a 50 day moving average price of $14.44 and a 200 day moving average price of $13.89. Fulton Financial Corp. has a 52 week low of $11.48 and a 52 week high of $14.86.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 14th. Shareholders of record on Friday, September 30th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.81%. The ex-dividend date was Wednesday, September 28th. Fulton Financial Corp.’s payout ratio is currently 45.98%.
In other news, Director James R. Moxley III acquired 9,896 shares of the business’s stock in a transaction on Wednesday, July 27th. The shares were purchased at an average price of $13.71 per share, for a total transaction of $135,674.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Philmer H. Rohrbaugh acquired 14,000 shares of the business’s stock in a transaction on Tuesday, August 16th. The shares were purchased at an average price of $13.96 per share, for a total transaction of $195,440.00. The disclosure for this purchase can be found here. Company insiders own 0.75% of the company’s stock.
A number of hedge funds have recently made changes to their positions in FULT. Fulton Bank N.A. boosted its stake in shares of Fulton Financial Corp. by 5,663.8% in the second quarter. Fulton Bank N.A. now owns 1,803,660 shares of the company’s stock valued at $24,350,000 after buying an additional 1,772,367 shares during the last quarter. Foundry Partners LLC purchased a new stake in shares of Fulton Financial Corp. during the second quarter valued at about $12,236,000. Clark Capital Management Group Inc. purchased a new stake in shares of Fulton Financial Corp. during the first quarter valued at about $9,932,000. Dimensional Fund Advisors LP boosted its stake in shares of Fulton Financial Corp. by 5.2% in the second quarter. Dimensional Fund Advisors LP now owns 13,548,422 shares of the company’s stock valued at $182,902,000 after buying an additional 673,829 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Fulton Financial Corp. by 3.8% in the second quarter. Vanguard Group Inc. now owns 13,009,839 shares of the company’s stock valued at $175,633,000 after buying an additional 480,635 shares during 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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