Keefe, Bruyette & Woods Boosts Fulton Financial (NASDAQ:FULT) Price Target to $24.00

Fulton Financial (NASDAQ:FULT) had its price objective boosted by Keefe, Bruyette & Woods from $23.00 to $24.00 in a research note published on Thursday morning,Benzinga reports. They currently have a market perform rating on the bank’s stock.

Several other brokerages have also weighed in on FULT. StockNews.com lowered shares of Fulton Financial from a “hold” rating to a “sell” rating in a report on Monday, November 11th. Piper Sandler set a $21.00 price target on shares of Fulton Financial in a research note on Thursday, October 17th. Finally, Stephens raised shares of Fulton Financial from an “equal weight” rating to an “overweight” rating in a research note on Monday, December 9th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $19.67.

Fulton Financial Stock Down 0.2 %

FULT stock opened at $20.58 on Thursday. Fulton Financial has a one year low of $13.87 and a one year high of $22.49. The stock has a market capitalization of $3.75 billion, a P/E ratio of 13.11 and a beta of 0.79. The company has a 50 day moving average price of $20.47 and a two-hundred day moving average price of $19.11. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.93 and a current ratio of 0.93.

Fulton Financial (NASDAQ:FULT) last released its earnings results on Tuesday, January 21st. The bank reported $0.48 EPS for the quarter, beating the consensus estimate of $0.42 by $0.06. Fulton Financial had a return on equity of 11.78% and a net margin of 15.87%. During the same period last year, the company earned $0.42 earnings per share. As a group, sell-side analysts expect that Fulton Financial will post 1.79 EPS for the current year.

Fulton Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 3.50%. This is a boost from Fulton Financial’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Tuesday, December 31st. Fulton Financial’s payout ratio is 45.86%.

Insider Transactions at Fulton Financial

In other Fulton Financial news, CEO Curtis J. Myers sold 24,192 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $21.16, for a total transaction of $511,902.72. Following the transaction, the chief executive officer now owns 155,946 shares in the company, valued at $3,299,817.36. The trade was a 13.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 1.07% of the company’s stock.

Institutional Investors Weigh In On Fulton Financial

Several hedge funds have recently modified their holdings of the stock. Nordea Investment Management AB boosted its holdings in Fulton Financial by 6.5% in the 4th quarter. Nordea Investment Management AB now owns 567,790 shares of the bank’s stock worth $11,007,000 after acquiring an additional 34,844 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Fulton Financial by 130.4% in the third quarter. JPMorgan Chase & Co. now owns 557,303 shares of the bank’s stock valued at $10,104,000 after purchasing an additional 315,435 shares during the period. Segall Bryant & Hamill LLC purchased a new position in shares of Fulton Financial in the third quarter valued at $3,489,000. Geode Capital Management LLC grew its holdings in Fulton Financial by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 4,371,223 shares of the bank’s stock valued at $79,264,000 after purchasing an additional 85,574 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its stake in Fulton Financial by 145.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 89,378 shares of the bank’s stock worth $1,620,000 after buying an additional 52,997 shares during the period. 72.02% of the stock is currently owned by hedge funds and other institutional investors.

Fulton Financial Company Profile

Fulton Financial Corporation operates as a financial holding company that provides consumer and commercial banking products and services in Pennsylvania, Delaware, Maryland, New Jersey, and Virginia. It accepts various checking accounts and savings deposit products, certificates of deposit, and individual retirement accounts.