Fulton Financial (NASDAQ:FULT) Stock Dropped to Market Perform by Raymond James Financial

Key Points

• Raymond James downgraded Fulton Financial from “outperform” to “market perform,” while the broader analyst consensus remains “hold” with a $24.75 price target.
• Fulton Financial’s latest quarterly results exceeded expectations, with earnings per share of $0.60 versus the $0.53 consensus estimate and revenue of $367.87 million, up 12.2% year over year.
• Two company directors recently sold shares, while institutional investors own approximately 72.02% of Fulton Financial’s stock.

Fulton Financial (NASDAQ:FULT - Get Free Report) was downgraded by stock analysts at Raymond James Financial from an "outperform" rating to a "market perform" rating in a research note issued on Tuesday, Marketbeat.com reports.

FULT has been the topic of several other reports. Wall Street Zen upgraded Fulton Financial from a "sell" rating to a "hold" rating in a research report on Saturday, July 25th. DA Davidson upped their price target on Fulton Financial from $24.00 to $25.00 and gave the stock a "neutral" rating in a research report on Friday, July 24th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Fulton Financial in a research report on Wednesday, July 29th. Finally, 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. One analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, Fulton Financial presently has a consensus rating of "Hold" and a consensus price target of $24.75.

Fulton Financial Price Performance

NASDAQ FULT opened at $22.69 on Tuesday. Fulton Financial has a 52 week low of $16.60 and a 52 week high of $25.23. The firm has a market capitalization of $4.33 billion, a P/E ratio of 10.86 and a beta of 0.79. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.15. The company has a 50-day moving average price of $23.73 and a 200-day moving average price of $22.74.

Fulton Financial (NASDAQ:FULT - Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.60 earnings per share 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 net margin of 20.63% and a return on equity of 12.68%. The business's quarterly revenue was up 12.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.55 EPS. Equities research analysts anticipate that Fulton Financial will post 2.22 earnings per share for the current year.

Insider Activity

In other Fulton Financial news, Director Lisa Crutchfield sold 4,100 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were 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 of the company's stock, valued at $194,382.40. This trade represents a 34.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director E. Wenger sold 5,000 shares of Fulton Financial stock in a transaction that occurred 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 sale, the director owned 75,477 shares in the company, valued at approximately $1,822,014.78. The trade was a 6.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.01% of the company's stock.

Hedge Funds Weigh In On Fulton Financial

Institutional investors have recently bought and sold shares of the stock. Root Financial Partners LLC boosted its holdings in shares of Fulton Financial by 89.9% during the 1st quarter. Root Financial Partners LLC now owns 1,282 shares of the bank's stock valued at $26,000 after purchasing an additional 607 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Fulton Financial in the fourth quarter worth about $28,000. Axiom Investment Management LLC bought a new position in Fulton Financial during the first quarter valued at approximately $28,000. Cassaday & Co Wealth Management LLC bought a new position in Fulton Financial during the first quarter valued at approximately $53,000. Finally, Compass Financial Management LLC purchased a new position in Fulton Financial during the 2nd quarter valued at approximately $66,000. 72.02% of the stock is owned by hedge funds and other institutional investors.

Fulton Financial Company Profile

Fulton Financial Corporation is a regional bank holding company headquartered in Lancaster, Pennsylvania. Its principal subsidiary, Fulton Bank, provides banking and financial services to individuals, families, businesses and institutions.

Fulton Bank offers consumer and commercial deposit accounts, residential and commercial lending, mortgages, credit cards, treasury management and other financial services. Through its wealth management and investment services, the company also provides trust, fiduciary, investment management and financial planning solutions.

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