Fulton Financial (NASDAQ:FULT) Posts Earnings Results, Beats Estimates By $0.03 EPS

Fulton Financial (NASDAQ:FULT) announced its quarterly earnings results on Wednesday. The bank reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.03, Zacks reports. Fulton Financial had a return on equity of 12.75% and a net margin of 19.01%.

Fulton Financial Stock Performance

NASDAQ:FULT traded up $0.84 during trading hours on Wednesday, hitting $20.51. 3,279,378 shares of the company were exchanged, compared to its average volume of 1,814,467. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.90 and a quick ratio of 0.90. Fulton Financial has a 52-week low of $14.32 and a 52-week high of $21.40. The stock has a market capitalization of $3.70 billion, a price-to-earnings ratio of 10.74 and a beta of 0.85. The company’s 50 day moving average price is $19.17 and its 200-day moving average price is $18.78.

Fulton Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were paid a $0.19 dividend. This is a boost from Fulton Financial’s previous quarterly dividend of $0.18. The ex-dividend date was Wednesday, December 31st. This represents a $0.76 dividend on an annualized basis and a yield of 3.7%. Fulton Financial’s dividend payout ratio (DPR) is 39.79%.

Analysts Set New Price Targets

FULT has been the topic of several analyst reports. Keefe, Bruyette & Woods lifted their target price on Fulton Financial from $20.00 to $21.00 and gave the company a “market perform” rating in a research note on Wednesday, November 26th. Raymond James Financial upgraded shares of Fulton Financial from a “market perform” rating to an “outperform” rating and set a $21.00 price target on the stock in a report on Tuesday, October 7th. Finally, Weiss Ratings lowered shares of Fulton Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. One investment analyst has rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $20.90.

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, January 12th. The shares were sold at an average price of $19.55, for a total transaction of $97,750.00. Following the sale, the director directly owned 85,477 shares of the company’s stock, valued at $1,671,075.35. The trade was a 5.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.07% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Measured Wealth Private Client Group LLC acquired a new position in Fulton Financial in the 3rd quarter valued at about $41,000. Zacks Investment Management acquired a new stake in shares of Fulton Financial during the 3rd quarter worth approximately $241,000. Entropy Technologies LP raised its position in shares of Fulton Financial by 20.6% during the 3rd quarter. Entropy Technologies LP now owns 18,195 shares of the bank’s stock valued at $339,000 after buying an additional 3,107 shares during the period. Magnetar Financial LLC acquired a new position in Fulton Financial in the third quarter valued at approximately $339,000. Finally, Tower Research Capital LLC TRC grew its position in Fulton Financial by 215.3% in the second quarter. Tower Research Capital LLC TRC now owns 19,204 shares of the bank’s stock worth $346,000 after acquiring an additional 13,114 shares during the period. 72.02% of the stock is owned by institutional investors and hedge funds.

Fulton Financial announced that its board has approved a share repurchase program on Tuesday, December 16th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the bank to repurchase up to 4.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

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.