Fulton Financial Corporation (NASDAQ:FULT) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Fulton Financial Corporation (NASDAQ:FULT) have earned an average recommendation of “Hold” from the six analysts that are covering the firm, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $24.75.

Several equities analysts have recently issued reports on the company. Raymond James Financial lifted their price target on Fulton Financial from $24.00 to $26.00 and gave the company an “outperform” rating in a research report on Wednesday, July 1st. DA Davidson raised their target price on Fulton Financial from $24.00 to $25.00 and gave the company a “neutral” rating in a research note on Friday, July 24th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fulton Financial in a report on Wednesday, July 29th. Wall Street Zen upgraded shares of Fulton Financial from a “sell” rating to a “hold” rating in a research report on Saturday, July 25th. Finally, Piper Sandler reissued a “neutral” rating and issued a $27.00 price target (up from $23.00) on shares of Fulton Financial in a report on Monday, August 3rd.

Fulton Financial Trading Down 0.0%

Shares of NASDAQ:FULT opened at $23.67 on Monday. The company has a 50 day moving average of $24.22 and a 200-day moving average of $22.32. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.15. The firm has a market cap of $4.52 billion, a P/E ratio of 11.33 and a beta of 0.79. Fulton Financial has a twelve month low of $16.60 and a twelve month high of $25.23.

Fulton Financial (NASDAQ:FULT) last posted its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.07. The business had revenue of $367.87 million for the quarter, compared to analyst estimates of $358.83 million. Fulton Financial had a net margin of 20.63% and a return on equity of 12.68%. The business’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same quarter last year, the business earned $0.55 earnings per share. As a group, analysts anticipate that Fulton Financial will post 2.23 earnings per share for the current fiscal year.

Fulton Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st were paid a dividend of $0.19 per share. The ex-dividend date of this dividend was Wednesday, July 1st. This represents a $0.76 annualized dividend and a yield of 3.2%. Fulton Financial’s dividend payout ratio is currently 36.36%.

Insider Buying and Selling

In other Fulton Financial news, Director E Philip Wenger sold 5,000 shares of the company’s stock in a transaction on Monday, July 13th. The stock was sold at an average price of $24.14, for a total value of $120,700.00. Following the transaction, the director owned 75,477 shares of the company’s stock, valued at approximately $1,822,014.78. This represents a 6.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lisa Crutchfield sold 4,100 shares of the stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $24.80, for a total value of $101,680.00. Following the sale, the director owned 7,838 shares of the company’s stock, valued at $194,382.40. This trade represents a 34.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.01% of the company’s stock.

Institutional Investors Weigh In On Fulton Financial

Hedge funds have recently modified their holdings of the stock. Corient Private Wealth LP acquired a new position in shares of Fulton Financial in the 2nd quarter valued at $356,000. Amundi lifted its stake in Fulton Financial by 18.4% during the second quarter. Amundi now owns 64,114 shares of the bank’s stock valued at $1,551,000 after buying an additional 9,986 shares in the last quarter. HighTower Advisors LLC lifted its stake in Fulton Financial by 14.9% during the second quarter. HighTower Advisors LLC now owns 85,495 shares of the bank’s stock valued at $2,068,000 after buying an additional 11,105 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Fulton Financial in the second quarter worth about $300,000. Finally, California State Teachers Retirement System boosted its holdings in shares of Fulton Financial by 2,255.5% in the second quarter. California State Teachers Retirement System now owns 5,234,353 shares of the bank’s stock worth $126,619,000 after buying an additional 5,012,137 shares during the period. 72.02% of the stock is owned by hedge funds and other institutional investors.

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.