Fulton Financial Corporation (FULT) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Fulton Financial Corporation (NASDAQ:FULT) from a hold rating to a buy rating in a report issued on Wednesday. They currently have $20.00 price target on the bank’s 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 equities research analysts have also recently weighed in on the company. Jefferies Group LLC reaffirmed a hold rating and set a $20.00 price target on shares of Fulton Financial Corporation in a report on Friday, September 15th. BidaskClub cut Fulton Financial Corporation from a sell rating to a strong sell rating in a report on Saturday, August 12th. ValuEngine raised Fulton Financial Corporation from a hold rating to a buy rating in a report on Thursday, August 3rd. Boenning Scattergood reaffirmed a hold rating on shares of Fulton Financial Corporation in a report on Wednesday, July 19th. Finally, Stephens began coverage on Fulton Financial Corporation in a report on Thursday, July 13th. They set an equal weight rating for the company. Two analysts have rated the stock with a sell rating, five have issued 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 target price of $18.33.
Fulton Financial Corporation (NASDAQ:FULT) opened at 18.05 on Wednesday. Fulton Financial Corporation has a 12 month low of $14.04 and a 12 month high of $19.90. The firm has a market cap of $3.16 billion, a price-to-earnings ratio of 18.23 and a beta of 1.16. The firm’s 50-day moving average price is $17.49 and its 200-day moving average price is $18.09.
Fulton Financial Corporation (NASDAQ:FULT) last released its quarterly earnings results on Tuesday, July 18th. The bank reported $0.26 earnings per share for the quarter, meeting the Zacks’ 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 during the quarter, compared to analysts’ expectations of $194.02 million. During the same period last year, the firm posted $0.23 EPS. Equities research analysts predict that Fulton Financial Corporation will post $1.06 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Monday, October 2nd will be issued a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, September 29th. This represents a $0.44 dividend on an annualized basis and a yield of 2.44%. Fulton Financial Corporation’s dividend payout ratio is 44.44%.
In other Fulton Financial Corporation news, Director R Scott Smith, Jr. sold 5,539 shares of the stock in a transaction on Monday, July 31st. The stock was sold at an average price of $18.35, for a total value of $101,640.65. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Craig A. Roda sold 19,309 shares of the stock in a transaction on Wednesday, July 26th. The shares were 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 sold a total of 26,348 shares of company stock worth $484,312 over the last quarter. Corporate insiders own 0.68% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Fulton Financial Corporation by 64.5% in the 1st 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. Advisor Group Inc. boosted its position in Fulton Financial Corporation by 5.3% in the 2nd quarter. Advisor Group Inc. now owns 8,336 shares of the bank’s stock valued at $158,000 after buying an additional 417 shares during the last quarter. Riverhead Capital Management LLC boosted its position in Fulton Financial Corporation by 56.0% in the 2nd quarter. Riverhead Capital Management LLC now owns 9,985 shares of the bank’s stock valued at $190,000 after buying an additional 3,585 shares during the last quarter. River Wealth Advisors LLC bought a new position in Fulton Financial Corporation in the 1st quarter valued at $182,000. Finally, Jane Street Group LLC bought a new position in Fulton Financial Corporation in the 1st quarter valued at $184,000. Hedge funds and other institutional investors own 62.99% of the company’s stock.
About Fulton Financial Corporation
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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