Fulton Financial Corporation (FULT) Downgraded by Zacks Investment Research
Zacks Investment Research cut shares of Fulton Financial Corporation (NASDAQ:FULT) from a buy rating to a hold rating in a report released on Tuesday morning.
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 brokerages also recently weighed in on FULT. Stephens initiated coverage on Fulton Financial Corporation in a report on Thursday, July 13th. They issued an equal weight rating on the stock. Keefe, Bruyette & Woods reiterated a hold rating and issued a $18.00 price target on shares of Fulton Financial Corporation in a report on Thursday, April 20th. Jefferies Group LLC reiterated a hold rating and issued a $20.00 price target on shares of Fulton Financial Corporation in a report on Friday, July 14th. Boenning Scattergood reiterated a hold rating on shares of Fulton Financial Corporation in a report on Wednesday, July 19th. Finally, BidaskClub downgraded Fulton Financial Corporation from a hold rating to a sell rating in a report on Thursday, July 27th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the stock. Fulton Financial Corporation currently has a consensus rating of Hold and an average price target of $18.33.
Shares of Fulton Financial Corporation (NASDAQ FULT) traded up 0.56% during midday trading on Tuesday, hitting $18.10. The stock had a trading volume of 780,911 shares. Fulton Financial Corporation has a 52-week low of $13.46 and a 52-week high of $19.90. The company’s 50 day moving average is $18.73 and its 200 day moving average is $18.37. The company has a market cap of $3.16 billion, a PE ratio of 18.28 and a beta of 1.16.
Fulton Financial Corporation (NASDAQ:FULT) last issued its quarterly earnings results on Tuesday, July 18th. The bank reported $0.26 earnings per share for the quarter, hitting the consensus estimate of $0.26. Fulton Financial Corporation had a return on equity of 8.02% and a net margin of 20.86%. The firm had revenue of $193.93 million for the quarter, compared to the consensus estimate of $194.02 million. During the same period in the prior year, the business posted $0.23 earnings per share. On average, analysts anticipate that Fulton Financial Corporation will post $1.06 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Monday, July 3rd were issued a dividend of $0.11 per share. The ex-dividend date of this dividend was Thursday, June 29th. This represents a $0.44 annualized dividend and a yield of 2.43%. Fulton Financial Corporation’s payout ratio is currently 44.44%.
In other Fulton Financial Corporation news, insider Michael J. Deporter sold 1,500 shares of the firm’s stock in a transaction on Friday, July 21st. The stock was sold at an average price of $18.00, for a total transaction of $27,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Craig A. Roda sold 19,309 shares of the firm’s stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $18.42, for a total value of $355,671.78. The disclosure for this sale can be found here. Insiders have sold a total of 26,348 shares of company stock worth $484,312 over the last 90 days. 0.68% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Fulton Financial Corporation by 64.5% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,202 shares of the bank’s stock valued at $129,000 after buying an additional 2,824 shares during the last quarter. River Wealth Advisors LLC bought a new stake in shares of Fulton Financial Corporation during the first quarter valued at about $182,000. Capital Fund Management S.A. bought a new stake in shares of Fulton Financial Corporation during the first quarter valued at about $184,000. Jane Street Group LLC bought a new stake in shares of Fulton Financial Corporation during the first quarter valued at about $184,000. Finally, Invictus RG bought a new stake in shares of Fulton Financial Corporation during the first quarter valued at about $186,000. Institutional investors own 62.05% of the company’s stock.
Fulton Financial Corporation Company Profile
Fulton Financial Corporation is a financial holding company. The Company is the bank holding company of Fulton Bank N.A. (the Bank). As of December 31, 2016, the Company’s six subsidiary banks were located primarily in suburban or semi-rural geographic markets throughout a five-state region (Pennsylvania, Delaware, Maryland, New Jersey and Virginia).
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