Fulton Financial Corporation (FULT) Earns “Hold” Rating from Piper Jaffray Companies
Fulton Financial Corporation (NASDAQ:FULT)‘s stock had its “hold” rating reaffirmed by research analysts at Piper Jaffray Companies in a research note issued to investors on Thursday. They presently have a $18.00 price target on the bank’s stock. Piper Jaffray Companies’ price objective points to a potential downside of 2.96% from the stock’s current price.
A number of other research firms also recently commented on FULT. Stephens started coverage on Fulton Financial Corporation in a report on Thursday, July 13th. They issued an “equal weight” rating on the stock. Jefferies Group LLC restated a “hold” rating and issued a $20.00 price objective on shares of Fulton Financial Corporation in a report on Friday, July 14th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $18.00 price objective on shares of Fulton Financial Corporation in a report on Friday, June 23rd. ValuEngine upgraded Fulton Financial Corporation from a “hold” rating to a “buy” rating in a report on Thursday, August 3rd. Finally, Boenning Scattergood restated a “hold” rating on shares of Fulton Financial Corporation in a report on Wednesday, July 19th. Two analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $18.14.
Shares of Fulton Financial Corporation (NASDAQ:FULT) traded up 0.54% during mid-day trading on Thursday, hitting $18.55. The company had a trading volume of 757,719 shares. The company has a market cap of $3.25 billion, a PE ratio of 18.74 and a beta of 1.17. Fulton Financial Corporation has a 12 month low of $14.45 and a 12 month high of $19.90. The firm has a 50-day moving average of $18.19 and a 200-day moving average of $18.16.
Fulton Financial Corporation (NASDAQ:FULT) last released its earnings results on Tuesday, October 17th. The bank reported $0.28 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.01. The firm had revenue of $194.19 million for the quarter, compared to the consensus estimate of $200.00 million. Fulton Financial Corporation had a return on equity of 8.34% and a net margin of 21.15%. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.24 earnings per share. On average, analysts expect that Fulton Financial Corporation will post $1.06 EPS for the current year.
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In other news, Director R Scott Smith, Jr. sold 5,539 shares of the stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $18.35, for a total value of $101,640.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael J. Deporter sold 1,500 shares of the stock in a transaction dated Friday, July 21st. The shares were sold at an average price of $18.00, for a total value of $27,000.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,348 shares of company stock valued at $484,312. Insiders own 0.68% of the company’s stock.
Several hedge funds have recently bought and sold shares of FULT. BlackRock Inc. grew its stake in shares of Fulton Financial Corporation by 17,543.0% in the first quarter. BlackRock Inc. now owns 18,627,957 shares of the bank’s stock valued at $332,509,000 after buying an additional 18,522,374 shares in the last quarter. State Street Corp grew its stake in shares of Fulton Financial Corporation by 10.2% in the first quarter. State Street Corp now owns 8,886,263 shares of the bank’s stock valued at $158,622,000 after buying an additional 821,236 shares in the last quarter. Hillcrest Asset Management LLC acquired a new stake in shares of Fulton Financial Corporation in the second quarter valued at about $11,673,000. Vanguard Group Inc. grew its stake in shares of Fulton Financial Corporation by 3.5% in the first quarter. Vanguard Group Inc. now owns 14,775,213 shares of the bank’s stock valued at $263,738,000 after buying an additional 499,352 shares in the last quarter. Finally, Koch Industries Inc. acquired a new stake in shares of Fulton Financial Corporation in the second quarter valued at about $425,000. Institutional investors and hedge funds own 62.98% 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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