Fulton Financial Corporation (NASDAQ:FULT) Given Average Recommendation of "Hold" by Brokerages

Key Points

• Fulton Financial Corporation has received a consensus rating of "Hold" from nine ratings firms, with six recommending hold and three suggesting buy, setting an average 12-month target price of $21.10.
• Insider selling was noted as Director E Phil Wenger sold 5,000 shares for $96,400, reducing his position by 5.24%, while institutional investors hold 72.02% of the stock.
• The company recently declared a quarterly dividend of $0.18 per share, resulting in an annualized dividend yield of 3.9%, with an upcoming payment date of October 15th.

Shares of Fulton Financial Corporation (NASDAQ:FULT - Get Free Report) have received a consensus rating of "Hold" from the nine ratings firms that are presently covering the company, MarketBeat Ratings reports. Six research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12-month target price among analysts that have covered the stock in the last year is $21.10.

A number of brokerages recently commented on FULT. Zacks Research cut Fulton Financial from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 15th. Raymond James Financial upgraded shares of Fulton Financial from a "market perform" rating to an "outperform" rating and set a $21.00 price objective for the company in a report on Tuesday. Keefe, Bruyette & Woods boosted their price objective on shares of Fulton Financial from $21.00 to $22.00 and gave the company a "market perform" rating in a report on Thursday, July 17th. Weiss Ratings reissued a "buy (b-)" rating on shares of Fulton Financial in a report on Wednesday. Finally, Piper Sandler reissued a "neutral" rating on shares of Fulton Financial in a research note on Wednesday, July 9th.

Insiders Place Their Bets

In related news, Director E Philip Wenger sold 5,000 shares of the company's stock in a transaction on Friday, September 12th. The shares were sold at an average price of $19.28, for a total value of $96,400.00. Following the completion of the transaction, the director directly owned 90,477 shares of the company's stock, valued at approximately $1,744,396.56. This represents a 5.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.08% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC boosted its position in shares of Fulton Financial by 1.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 36,303 shares of the bank's stock worth $657,000 after buying an additional 684 shares during the period. Oppenheimer Asset Management Inc. acquired a new position in Fulton Financial during the 1st quarter worth approximately $287,000. Silver Oak Securities Incorporated acquired a new position in Fulton Financial during the first quarter worth $333,000. New York State Teachers Retirement System boosted its holdings in Fulton Financial by 1.3% during the first quarter. New York State Teachers Retirement System now owns 240,935 shares of the bank's stock worth $4,359,000 after purchasing an additional 2,985 shares during the last quarter. Finally, Blue Trust Inc. boosted its holdings in Fulton Financial by 15.1% during the first quarter. Blue Trust Inc. now owns 5,728 shares of the bank's stock worth $104,000 after purchasing an additional 752 shares during the last quarter. 72.02% of the stock is owned by institutional investors and hedge funds.

Fulton Financial Stock Down 1.0%

Shares of NASDAQ:FULT opened at $18.33 on Friday. Fulton Financial has a one year low of $14.32 and a one year high of $22.49. The company has a 50 day moving average of $18.83 and a 200-day moving average of $18.00. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a market cap of $3.34 billion, a price-to-earnings ratio of 10.72 and a beta of 0.82.

Fulton Financial (NASDAQ:FULT - Get Free Report) last issued its quarterly earnings results on Tuesday, November 8th. The bank reported $0.45 EPS for the quarter. Fulton Financial had a net margin of 17.00% and a return on equity of 12.64%. The company had revenue of $236.96 million during the quarter. On average, sell-side analysts forecast that Fulton Financial will post 1.91 earnings per share for the current year.

Fulton Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, October 1st will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 3.9%. The ex-dividend date is Wednesday, October 1st. Fulton Financial's dividend payout ratio is 42.11%.

Fulton Financial Company Profile

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.

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