Fulton Financial (NASDAQ:FULT) Sees Large Volume Increase Following Analyst Upgrade

Shares of Fulton Financial Co. (NASDAQ:FULT) saw an uptick in trading volume on Tuesday after DA Davidson raised their price target on the stock from $15.00 to $18.00. DA Davidson currently has a neutral rating on the stock. 3,366,850 shares traded hands during mid-day trading, an increase of 163% from the previous session’s volume of 1,280,533 shares.The stock last traded at $16.62 and had previously closed at $16.80.

Other equities research analysts have also issued reports about the stock. Stephens dropped their target price on shares of Fulton Financial from $16.00 to $15.50 and set an “equal weight” rating for the company in a research report on Thursday, April 18th. Jefferies Financial Group dropped their target price on shares of Fulton Financial from $17.00 to $16.00 and set a “hold” rating for the company in a research report on Monday, April 8th. Keefe, Bruyette & Woods lifted their target price on shares of Fulton Financial from $17.00 to $19.00 and gave the company a “market perform” rating in a research report on Tuesday. StockNews.com lowered shares of Fulton Financial from a “hold” rating to a “sell” rating in a research report on Friday, April 26th. Finally, Janney Montgomery Scott upgraded shares of Fulton Financial from a “neutral” rating to a “buy” rating and set a $19.50 target price for the company in a research report on Monday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $17.60.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Morton Brown Family Wealth LLC purchased a new position in shares of Fulton Financial during the fourth quarter worth approximately $26,000. Blue Trust Inc. raised its stake in shares of Fulton Financial by 82.8% during the fourth quarter. Blue Trust Inc. now owns 1,724 shares of the bank’s stock worth $28,000 after acquiring an additional 781 shares in the last quarter. Strs Ohio purchased a new position in shares of Fulton Financial in the fourth quarter worth $29,000. Disciplined Equity Management Inc. purchased a new position in shares of Fulton Financial in the fourth quarter worth $32,000. Finally, YHB Investment Advisors Inc. purchased a new position in shares of Fulton Financial in the first quarter worth $36,000. 72.02% of the stock is owned by hedge funds and other institutional investors.

Fulton Financial Trading Up 2.1 %

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 firm’s 50 day moving average is $15.34 and its 200 day moving average is $15.11. The company has a market capitalization of $2.74 billion, a PE ratio of 10.50 and a beta of 0.81.

Fulton Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, April 1st were paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 4.02%. The ex-dividend date was Thursday, March 28th. Fulton Financial’s payout ratio is 42.24%.

About Fulton Financial

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.