Fulton Financial Corporation (NASDAQ:FULT) Stock Has Consensus Target Price of $24.75 According to Brokerages

Key Points

• Analysts hold a neutral outlook: Fulton Financial has a consensus “Hold” rating from five analysts, with an average 12-month price target of $24.75.
• Quarterly results exceeded expectations: The bank reported earnings of $0.60 per share versus the $0.53 consensus estimate, while revenue rose 12.2% year over year to $367.87 million.
• Shareholder returns remain notable: Fulton declared a quarterly dividend of $0.19 per share, equating to a 3.3% annualized yield; institutional investors own 72.02% of the stock, while two directors recently sold shares.

Fulton Financial Corporation (NASDAQ:FULT - Get Free Report) has earned a consensus rating of "Hold" from the five analysts that are currently covering the firm, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $24.75.

A number of equities analysts recently issued reports on the stock. DA Davidson increased their target price on shares of Fulton Financial from $24.00 to $25.00 and gave the company a "neutral" rating in a research report on Friday, July 24th. Raymond James Financial upped their price target on shares of Fulton Financial from $24.00 to $26.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 1st. Weiss Ratings reiterated a "buy (b)" rating on shares of Fulton Financial in a 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, Wall Street Zen raised Fulton Financial from a "sell" rating to a "hold" rating in a report on Saturday, July 25th.

Fulton Financial Stock Up 1.3%

Shares of Fulton Financial stock opened at $23.05 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.92 and a quick ratio of 0.92. Fulton Financial has a 1-year low of $16.60 and a 1-year high of $25.23. The business's fifty day moving average price is $23.98 and its two-hundred day moving average price is $22.59. The company has a market capitalization of $4.40 billion, a P/E ratio of 11.03 and a beta of 0.78.

Fulton Financial (NASDAQ:FULT - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.60 EPS for the quarter, beating analysts' consensus estimates of $0.53 by $0.07. Fulton Financial had a return on equity of 12.68% and a net margin of 20.63%.The company had revenue of $367.87 million for the quarter, compared to analyst estimates of $358.83 million. During the same period last year, the company earned $0.55 earnings per share. The company's quarterly revenue was up 12.2% compared to the same quarter last year. As a group, research analysts forecast that Fulton Financial will post 2.23 EPS for the current year.

Fulton Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, October 1st will be given a dividend of $0.19 per share. The ex-dividend date is Thursday, October 1st. This represents a $0.76 annualized dividend and a dividend yield of 3.3%. Fulton Financial's dividend payout ratio (DPR) is 36.36%.

Insiders Place Their Bets

In other news, Director Lisa Crutchfield sold 4,100 shares of the business's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $24.80, for a total value of $101,680.00. Following the sale, the director owned 7,838 shares of the company's stock, valued at approximately $194,382.40. The trade was a 34.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director E. Wenger sold 5,000 shares of the company's stock in a transaction on Monday, July 13th. The shares were sold at an average price of $24.14, for a total value of $120,700.00. Following the completion of the sale, the director owned 75,477 shares of the company's stock, valued at approximately $1,822,014.78. This trade represents a 6.21% decrease in their position. The SEC filing for this sale provides additional information. 0.01% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fulton Financial

Several large investors have recently made changes to their positions in the business. QRG Capital Management Inc. raised its holdings in shares of Fulton Financial by 13.8% in the 2nd quarter. QRG Capital Management Inc. now owns 126,249 shares of the bank's stock worth $3,054,000 after purchasing an additional 15,336 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its holdings in Fulton Financial by 13.1% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 13,578 shares of the bank's stock worth $328,000 after buying an additional 1,576 shares in the last quarter. Squarepoint Ops LLC bought a new stake in Fulton Financial during the second quarter worth approximately $2,466,000. Waverly Advisors LLC acquired a new position in Fulton Financial in the second quarter worth approximately $733,000. Finally, Nykredit A S acquired a new position in Fulton Financial in the second quarter worth approximately $235,000. Institutional investors own 72.02% of the company's stock.

About Fulton Financial

Fulton Financial Corporation NASDAQ: FULT is a bank holding company headquartered in Lancaster, Pennsylvania. Its primary subsidiary, Fulton Bank, provides banking and financial services to consumers, businesses and institutions.

The company offers deposit accounts, residential and commercial lending, mortgages, treasury management, cash management and other commercial banking services. Through its broader financial services platform, Fulton also provides wealth management, investment services and insurance solutions.

Fulton serves customers through branches and digital channels across Pennsylvania, Delaware, Maryland, New Jersey and Virginia.

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