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

Fulton Financial Corporation (NASDAQ:FULT) has been assigned an average rating of “Hold” from the six research firms that are covering the firm, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $24.75.

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

Insider Activity at Fulton Financial

In other news, Director E Philip Wenger sold 5,000 shares of the business’s stock in a transaction on Monday, July 13th. The shares were sold at an average price of $24.14, for a total transaction of $120,700.00. Following the completion of the transaction, the director owned 75,477 shares of the company’s stock, valued at approximately $1,822,014.78. The trade was a 6.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Lisa Crutchfield sold 4,100 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $24.80, for a total transaction of $101,680.00. Following the completion of the sale, the director directly owned 7,838 shares in the company, valued at approximately $194,382.40. This trade represents a 34.34% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.01% of the company’s stock.

Institutional Investors Weigh In On Fulton Financial

Large investors have recently made changes to their positions in the company. BlackRock Inc. bought a new position in Fulton Financial in the 2nd quarter worth approximately $676,732,000. California State Teachers Retirement System boosted its position in Fulton Financial by 2,255.5% during the 2nd quarter. California State Teachers Retirement System now owns 5,234,353 shares of the bank’s stock worth $126,619,000 after acquiring an additional 5,012,137 shares during the period. Norges Bank acquired a new position in Fulton Financial during the 4th quarter worth $44,271,000. Goldman Sachs Group Inc. grew its stake in shares of Fulton Financial by 219.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,822,385 shares of the bank’s stock worth $54,557,000 after purchasing an additional 1,939,260 shares in the last quarter. Finally, First Trust Advisors LP grew its stake in shares of Fulton Financial by 31.2% in the first quarter. First Trust Advisors LP now owns 8,050,923 shares of the bank’s stock worth $163,756,000 after purchasing an additional 1,912,709 shares in the last quarter. Institutional investors and hedge funds own 72.02% of the company’s stock.

Fulton Financial Price Performance

Shares of NASDAQ FULT opened at $23.67 on Monday. Fulton Financial has a twelve month low of $16.60 and a twelve 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 company has a market capitalization of $4.52 billion, a price-to-earnings ratio of 11.33 and a beta of 0.79. The business has a 50 day simple moving average of $24.22 and a 200-day simple moving average of $22.32.

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

Fulton Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st were given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Wednesday, July 1st. Fulton Financial’s dividend payout ratio is presently 36.36%.

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.