DA Davidson Equities Analysts Reduce Earnings Estimates for Fulton Financial Co. (NASDAQ:FULT)

Fulton Financial Co. (NASDAQ:FULT) – Equities researchers at DA Davidson decreased their Q2 2024 earnings per share (EPS) estimates for shares of Fulton Financial in a note issued to investors on Wednesday, May 1st. DA Davidson analyst M. Navas now anticipates that the bank will earn $0.14 per share for the quarter, down from their previous estimate of $0.38. DA Davidson currently has a “Neutral” rating and a $18.00 target price on the stock. The consensus estimate for Fulton Financial’s current full-year earnings is $1.52 per share. DA Davidson also issued estimates for Fulton Financial’s FY2024 earnings at $1.30 EPS and FY2025 earnings at $1.70 EPS.

FULT has been the topic of several other research reports. Jefferies Financial Group reduced their target price on shares of Fulton Financial from $17.00 to $16.00 and set a “hold” rating on the stock in a research note on Monday, April 8th. StockNews.com lowered Fulton Financial from a “hold” rating to a “sell” rating in a research report on Friday, April 26th. Keefe, Bruyette & Woods boosted their price objective on Fulton Financial from $17.00 to $19.00 and gave the stock a “market perform” rating in a research note on Tuesday, April 30th. Stephens lowered their target price on Fulton Financial from $16.00 to $15.50 and set an “equal weight” rating for the company in a research note on Thursday, April 18th. Finally, Janney Montgomery Scott raised shares of Fulton Financial from a “neutral” rating to a “buy” rating and set a $19.50 price objective on the stock in a report on Monday, April 29th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $17.60.

Fulton Financial Price Performance

Shares of FULT stock opened at $17.03 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. The stock’s fifty day simple moving average is $15.45 and its 200 day simple moving average is $15.17. Fulton Financial has a one year low of $9.64 and a one year high of $17.34. The firm has a market cap of $2.76 billion, a price-to-earnings ratio of 10.58 and a beta of 0.77.

Hedge Funds Weigh In On Fulton Financial

Large investors have recently bought and sold shares of the business. BNP Paribas Financial Markets grew its stake in shares of Fulton Financial by 78.8% during the first quarter. BNP Paribas Financial Markets now owns 83,162 shares of the bank’s stock worth $1,321,000 after purchasing an additional 36,663 shares during the period. Fortis Group Advisors LLC bought a new position in shares of Fulton Financial during the first quarter worth $185,000. Commonwealth Equity Services LLC grew its holdings in shares of Fulton Financial by 34.5% in the 1st quarter. Commonwealth Equity Services LLC now owns 198,185 shares of the bank’s stock valued at $3,149,000 after buying an additional 50,842 shares during the period. Principal Financial Group Inc. increased its position in shares of Fulton Financial by 10.9% in the 1st quarter. Principal Financial Group Inc. now owns 948,319 shares of the bank’s stock valued at $15,069,000 after buying an additional 92,992 shares in the last quarter. Finally, YHB Investment Advisors Inc. acquired a new stake in Fulton Financial during the 1st quarter worth $36,000. 72.02% of the stock is currently owned by institutional investors and hedge funds.

Fulton Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, April 1st were paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.99%. The ex-dividend date of this dividend was Thursday, March 28th. Fulton Financial’s dividend payout ratio (DPR) is 42.24%.

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.