Fulton Financial (NASDAQ:FULT) Upgraded by DA Davidson to “Hold” Rating

DA Davidson upgraded shares of Fulton Financial (NASDAQ:FULT) to a hold rating in a report issued on Tuesday morning,Zacks.com reports.

FULT has been the topic of several other reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Fulton Financial in a research report on Thursday, January 22nd. Keefe, Bruyette & Woods lifted their price target on Fulton Financial from $20.00 to $21.00 and gave the company a “market perform” rating in a report on Wednesday, November 26th. One analyst has rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Fulton Financial presently has an average rating of “Hold” and a consensus target price of $21.50.

Fulton Financial Trading Up 0.3%

Shares of NASDAQ FULT opened at $21.23 on Tuesday. Fulton Financial has a 12-month low of $14.32 and a 12-month high of $22.99. The company has a market cap of $3.83 billion, a price-to-earnings ratio of 10.21 and a beta of 0.86. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.14. The stock’s 50 day simple moving average is $20.72 and its 200 day simple moving average is $19.29.

Fulton Financial (NASDAQ:FULT) last issued its earnings results on Wednesday, January 21st. The bank reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.03. The firm had revenue of $336.02 million for the quarter, compared to analyst estimates of $336.80 million. Fulton Financial had a return on equity of 12.59% and a net margin of 20.68%.During the same period last year, the company earned $0.48 earnings per share. Equities research analysts expect that Fulton Financial will post 1.91 EPS for the current year.

Fulton Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were paid a $0.19 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.6%. This is an increase from Fulton Financial’s previous quarterly dividend of $0.18. Fulton Financial’s dividend payout ratio (DPR) is currently 36.54%.

Fulton Financial announced that its Board of Directors has authorized 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 an indication that the company’s management believes its stock is undervalued.

Insider Activity at Fulton Financial

In related news, Director E Philip Wenger sold 5,000 shares of the firm’s stock in a transaction that occurred on 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 owned 85,477 shares in the company, valued at $1,671,075.35. This trade represents a 5.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.08% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fulton Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Atlantic Union Bankshares Corp bought a new position in Fulton Financial during the second quarter valued at about $871,000. Prudential Financial Inc. lifted its holdings in Fulton Financial by 5.8% in the 2nd quarter. Prudential Financial Inc. now owns 337,518 shares of the bank’s stock valued at $6,089,000 after acquiring an additional 18,432 shares during the last quarter. Squarepoint Ops LLC bought a new position in shares of Fulton Financial during the 2nd quarter valued at about $647,000. American Century Companies Inc. grew its stake in shares of Fulton Financial by 10.0% in the 2nd quarter. American Century Companies Inc. now owns 2,859,152 shares of the bank’s stock worth $51,579,000 after purchasing an additional 260,016 shares during the last quarter. Finally, First Trust Advisors LP raised its holdings in shares of Fulton Financial by 42.4% in the 2nd quarter. First Trust Advisors LP now owns 5,626,858 shares of the bank’s stock worth $101,509,000 after purchasing an additional 1,676,495 shares in the last quarter. 72.02% of the stock is owned by institutional investors.

About Fulton Financial

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.