Fulton Financial (NASDAQ:FULT) Hits New 1-Year High – Here’s Why

Fulton Financial Corporation (NASDAQ:FULT) hit a new 52-week high during trading on Tuesday . The company traded as high as $23.67 and last traded at $23.66, with a volume of 2512763 shares changing hands. The stock had previously closed at $23.05.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Raymond James Financial reiterated an “outperform” rating and issued a $24.00 price target on shares of Fulton Financial in a report on Monday, April 27th. Wall Street Zen cut shares of Fulton Financial from a “hold” rating to a “sell” rating in a research note on Sunday, May 3rd. Weiss Ratings raised shares of Fulton Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Piper Sandler set a $23.00 price objective on shares of Fulton Financial and gave the stock a “neutral” rating in a research note on Friday, June 12th. Finally, DA Davidson began coverage on shares of Fulton Financial in a report on Wednesday, February 25th. They set a “neutral” rating and a $24.00 target price for the company. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $23.00.

Fulton Financial Stock Performance

The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.06. The firm’s fifty day moving average price is $21.89 and its two-hundred day moving average price is $20.98. The stock has a market capitalization of $4.61 billion, a PE ratio of 11.50 and a beta of 0.80.

Fulton Financial (NASDAQ:FULT) last announced its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.05. The firm had revenue of $331.86 million for the quarter, compared to the consensus estimate of $359.36 million. Fulton Financial had a net margin of 20.85% and a return on equity of 12.69%. During the same period in the prior year, the firm posted $0.52 earnings per share. As a group, equities research analysts forecast that Fulton Financial Corporation will post 2.18 EPS for the current year.

Fulton Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st will be given a dividend of $0.19 per share. The ex-dividend date is Wednesday, July 1st. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.2%. Fulton Financial’s dividend payout ratio (DPR) is 36.19%.

Insider Buying and Selling at Fulton Financial

In other Fulton Financial news, Director E Philip Wenger sold 5,000 shares of the stock in a transaction that occurred on Monday, April 13th. The stock was sold at an average price of $21.42, for a total transaction of $107,100.00. Following the transaction, the director owned 80,477 shares in the company, valued at approximately $1,723,817.34. This represents a 5.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.01% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Fulton Financial

Institutional investors have recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of Fulton Financial in the fourth quarter valued at about $44,271,000. Goldman Sachs Group Inc. boosted its holdings in Fulton Financial by 219.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,822,385 shares of the bank’s stock worth $54,557,000 after buying an additional 1,939,260 shares during the last quarter. First Trust Advisors LP increased its stake in Fulton Financial by 31.2% during the 1st quarter. First Trust Advisors LP now owns 8,050,923 shares of the bank’s stock worth $163,756,000 after buying an additional 1,912,709 shares in the last quarter. Balyasny Asset Management L.P. acquired a new position in shares of Fulton Financial during the second quarter valued at approximately $22,069,000. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Fulton Financial by 29.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,590,883 shares of the bank’s stock valued at $88,743,000 after acquiring an additional 1,054,321 shares during the last quarter. Institutional investors and hedge funds own 72.02% of the company’s stock.

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.