Fulton Financial (NASDAQ:FULT) Stock Rating Cut to “Market Perform” at Raymond James Financial

Raymond James Financial cut shares of Fulton Financial (NASDAQ:FULT) from an outperform rating to a market perform rating in a research report report published on Tuesday, Marketbeat.com reports.

FULT has been the topic of a number of other reports. Wall Street Zen upgraded Fulton Financial from a “sell” rating to a “hold” rating in a research report on Saturday, July 25th. DA Davidson lifted their target price on shares of Fulton Financial from $24.00 to $25.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. Piper Sandler reaffirmed 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. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Fulton Financial in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, Fulton Financial has a consensus rating of “Hold” and an average price target of $24.75.

Fulton Financial Trading Down 1.3%

Shares of Fulton Financial stock opened at $22.40 on Tuesday. Fulton Financial has a 12-month low of $16.60 and a 12-month high of $25.23. 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 stock has a market cap of $4.28 billion, a PE ratio of 10.72 and a beta of 0.79. The company has a 50-day moving average of $23.69 and a two-hundred day moving average of $22.76.

Fulton Financial (NASDAQ:FULT) last announced its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.60 EPS for the quarter, topping the consensus estimate 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 return on equity of 12.68% and a net margin of 20.63%.The company’s quarterly revenue was up 12.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.55 EPS. On average, research analysts anticipate that Fulton Financial will post 2.22 EPS for the current fiscal year.

Fulton Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, October 1st will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Thursday, October 1st. Fulton Financial’s dividend payout ratio is 36.36%.

Insider Activity

In other news, Director E. Wenger sold 5,000 shares of the firm’s stock in a transaction on Monday, July 13th. The stock was sold at an average price of $24.14, for a total transaction of $120,700.00. Following the sale, the director owned 75,477 shares in the company, valued at $1,822,014.78. This trade represents a 6.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Lisa Crutchfield sold 4,100 shares of the company’s 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 completion of the transaction, the director owned 7,838 shares of the company’s stock, valued at $194,382.40. The trade was a 34.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.01% of the stock is owned by company insiders.

Institutional Investors Weigh In On Fulton Financial

A number of institutional investors have recently bought and sold shares of the stock. QRG Capital Management Inc. raised its stake in Fulton Financial by 13.8% during the second quarter. QRG Capital Management Inc. now owns 126,249 shares of the bank’s stock worth $3,054,000 after purchasing an additional 15,336 shares during the period. Envestnet Portfolio Solutions Inc. raised its position in shares of Fulton Financial by 13.1% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 13,578 shares of the bank’s stock worth $328,000 after buying an additional 1,576 shares during the period. Squarepoint Ops LLC acquired a new position in Fulton Financial in the second quarter valued at $2,466,000. Waverly Advisors LLC purchased a new stake in Fulton Financial during the second quarter valued at about $733,000. Finally, Nykredit A S acquired a new stake in Fulton Financial during the second quarter worth about $235,000. 72.02% of the stock is currently owned by hedge funds and other institutional investors.

About Fulton Financial

Fulton Financial Corporation is a regional bank holding company headquartered in Lancaster, Pennsylvania. Its principal subsidiary, Fulton Bank, provides banking and financial services to individuals, families, businesses and institutions.

Fulton Bank offers consumer and commercial deposit accounts, residential and commercial lending, mortgages, credit cards, treasury management and other financial services. Through its wealth management and investment services, the company also provides trust, fiduciary, investment management and financial planning solutions.