Fulton Financial (NASDAQ:FULT) Posts Earnings Results, Beats Estimates By $0.03 EPS

Fulton Financial (NASDAQ:FULT) released its quarterly earnings results on Wednesday. The bank reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.03, Zacks reports. Fulton Financial had a net margin of 19.01% and a return on equity of 12.75%.

Fulton Financial Trading Up 4.3%

Shares of NASDAQ FULT traded up $0.84 during trading on Wednesday, hitting $20.51. 3,283,417 shares of the company were exchanged, compared to its average volume of 1,814,467. The company has a fifty day moving average price of $19.17 and a 200-day moving average price of $18.78. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a market capitalization of $3.70 billion, a PE ratio of 10.74 and a beta of 0.85. Fulton Financial has a 12-month low of $14.32 and a 12-month high of $21.40.

Fulton Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were issued a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 3.7%. The ex-dividend date was Wednesday, December 31st. This is an increase from Fulton Financial’s previous quarterly dividend of $0.18. Fulton Financial’s dividend payout ratio (DPR) is currently 39.79%.

Insider Transactions at Fulton Financial

In other Fulton Financial news, Director E Philip Wenger sold 5,000 shares of Fulton Financial stock in a transaction dated Monday, January 12th. The shares were sold at an average price of $19.55, for a total transaction of $97,750.00. Following the transaction, the director directly owned 85,477 shares of the company’s stock, valued at $1,671,075.35. The trade was a 5.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.07% of the company’s stock.

Institutional Investors Weigh In On Fulton Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State of Wyoming acquired a new position in shares of Fulton Financial in the 2nd quarter valued at $30,000. EverSource Wealth Advisors LLC raised its holdings in Fulton Financial by 373.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,662 shares of the bank’s stock valued at $30,000 after buying an additional 1,311 shares during the period. Parallel Advisors LLC boosted its stake in Fulton Financial by 69.0% during the third quarter. Parallel Advisors LLC now owns 1,903 shares of the bank’s stock worth $35,000 after buying an additional 777 shares during the period. Advisory Services Network LLC acquired a new stake in shares of Fulton Financial during the third quarter valued at about $38,000. Finally, Quarry LP acquired a new stake in shares of Fulton Financial during the third quarter valued at about $38,000. Institutional investors and hedge funds own 72.02% of the company’s stock.

Analyst Upgrades and Downgrades

FULT has been the subject of a number of research reports. Weiss Ratings cut shares of Fulton Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Keefe, Bruyette & Woods lifted their price objective on Fulton Financial from $20.00 to $21.00 and gave the stock a “market perform” rating in a report on Wednesday, November 26th. Finally, Raymond James Financial upgraded Fulton Financial from a “market perform” rating to an “outperform” rating and set a $21.00 price objective for the company in a research note on Tuesday, October 7th. One research analyst has rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $20.90.

Fulton Financial announced that its Board of Directors has initiated a share repurchase program on Tuesday, December 16th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the bank to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Fulton Financial Company Profile

Fulton Financial Corporation, trading on the NASDAQ under the ticker FULT, is the financial holding company for Fulton Bank, headquartered in Lancaster, Pennsylvania. The company delivers a broad range of banking and financial services through its subsidiary, Fulton Bank, targeting both individual and corporate clients. Fulton Financial’s offerings include deposit accounts, lending solutions, treasury management, and specialized banking services designed to support personal wealth goals and business growth initiatives.

Through Fulton Bank, the company provides retail banking services such as checking and savings accounts, consumer and residential mortgage loans, and home equity products.