Fulton Financial (NASDAQ:FULT) Releases Earnings Results, Beats Expectations By $0.09 EPS

Key Points

• Fulton Financial exceeded earnings expectations: Quarterly EPS came in at $0.62, beating the $0.53 consensus by $0.09, while revenue of $367.26 million was slightly above estimates.
• The stock edged lower despite the earnings beat: Shares fell 0.4% to $22.53, with the company valued at approximately $4.30 billion and trading at a price-to-earnings ratio of 10.78.
• Fulton maintained its dividend: The quarterly payout was $0.19 per share, equivalent to $0.76 annually and a 3.4% yield; analysts overall maintained a “Hold” consensus with an average price target of $24.75.

Fulton Financial (NASDAQ:FULT - Get Free Report) announced its quarterly earnings results on Wednesday. The bank reported $0.62 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.09, FiscalAI reports. The business had revenue of $367.26 million for the quarter, compared to the consensus estimate of $366.71 million. Fulton Financial had a net margin of 20.63% and a return on equity of 12.68%.

Fulton Financial Stock Down 0.4%

FULT stock traded down $0.10 during trading hours on Wednesday, reaching $22.53. 1,789,520 shares of the stock were exchanged, compared to its average volume of 1,886,284. The firm's 50-day moving average is $23.24 and its 200-day moving average is $22.92. The company has a market cap of $4.30 billion, a price-to-earnings ratio of 10.78 and a beta of 0.79. 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 12 month low of $16.91 and a 12 month high of $25.23.

Fulton Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Thursday, October 1st were issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date was Thursday, October 1st. Fulton Financial's dividend payout ratio is 36.36%.

Insider Activity

In other news, Director Lisa Crutchfield sold 4,100 shares of the business's stock in a transaction dated 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 directly owned 7,838 shares in the company, valued at $194,382.40. The trade was a 34.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.01% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

FULT has been the subject of several research analyst reports. Raymond James Financial lowered shares of Fulton Financial from an "outperform" rating to a "market perform" rating in a report on Tuesday, October 6th. Wall Street Zen raised Fulton Financial from a "sell" rating to a "hold" rating in a research report on Saturday, July 25th. DA Davidson boosted their price objective on Fulton Financial from $24.00 to $25.00 and gave the company a "neutral" rating in a research report on Friday, July 24th. Weiss Ratings reissued a "buy (b)" rating on shares of Fulton Financial in a research note on Wednesday, July 29th. Finally, Piper Sandler restated a "neutral" rating and set a $27.00 target price (up from $23.00) on shares of Fulton Financial in a report on Monday, August 3rd. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $24.75.

Fulton Financial Company Profile

Fulton Financial Corporation is a regional bank holding company headquartered in Lancaster, Pennsylvania. Through its principal subsidiary, Fulton Bank, N.A., the company provides banking and financial services to individuals, businesses, and institutions.

Fulton Bank offers deposit accounts, consumer and commercial lending, residential mortgages, and cash-management and treasury services. Its other offerings include wealth management, trust and investment services, financial planning, and insurance solutions.

Founded in 1882, Fulton Financial serves customers through banking offices and digital channels in Pennsylvania, Delaware, Maryland, New Jersey, and Virginia.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.