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

Key Points

• Broker sentiment is cautious: Fulton Financial has a consensus rating of "Hold" from six analysts, with four holds and two buys. The average 12-month price target is $23.50.
• Recent results were mixed: The company reported quarterly EPS of $0.55, topping estimates by $0.05, but revenue of $331.86 million came in below expectations. Analysts currently expect full-year EPS of 2.18.
• Dividend and stock details: Fulton Financial declared a quarterly dividend of $0.19 per share, implying a 3.1% annual yield. The stock recently traded near $24.18, close to its 52-week high of $24.71.

Shares of Fulton Financial Corporation (NASDAQ:FULT - Get Free Report) have been assigned a consensus rating of "Hold" from the six ratings firms that are presently covering the stock, Marketbeat reports. Four research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $23.50.

Several analysts have issued reports on FULT shares. Piper Sandler set a $23.00 target price on shares of Fulton Financial and gave the company a "neutral" rating in a research note on Friday, June 12th. Raymond James Financial raised their target price on Fulton Financial from $24.00 to $26.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 1st. Wall Street Zen downgraded Fulton Financial from a "hold" rating to a "sell" rating in a report on Sunday, May 3rd. Finally, Weiss Ratings raised Fulton Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, May 1st.

Fulton Financial Trading Up 0.2%

FULT stock traded up $0.06 during mid-day trading on Friday, reaching $24.18. 1,538,305 shares of the stock traded hands, compared to its average volume of 2,166,514. Fulton Financial has a 52-week low of $16.60 and a 52-week high of $24.71. The stock's fifty day moving average is $22.47 and its 200-day moving average is $21.34. The company has a market cap of $4.62 billion, a P/E ratio of 11.51 and a beta of 0.79. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.06.

Fulton Financial (NASDAQ:FULT - Get Free Report) last released its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.50 by $0.05. Fulton Financial had a net margin of 20.85% and a return on equity of 12.69%. The business had revenue of $331.86 million for the quarter, compared to analyst estimates of $359.36 million. During the same quarter in the previous year, the business earned $0.52 earnings per share. As a group, sell-side analysts expect that Fulton Financial will post 2.18 earnings per share for the current year.

Fulton Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Wednesday, July 1st. Fulton Financial's payout ratio is 36.19%.

Insider Buying and Selling at Fulton Financial

In other news, Director E Philip Wenger sold 5,000 shares of the stock in a transaction that occurred on Monday, April 13th. The shares were sold at an average price of $21.42, for a total value of $107,100.00. Following the completion of the sale, the director directly owned 80,477 shares of the company's stock, valued at $1,723,817.34. This represents a 5.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.01% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FULT. Dimensional Fund Advisors LP lifted its position in Fulton Financial by 0.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 11,177,001 shares of the bank's stock worth $227,333,000 after buying an additional 87,813 shares in the last quarter. First Trust Advisors LP increased its stake in shares of Fulton Financial by 31.2% in the first quarter. First Trust Advisors LP now owns 8,050,923 shares of the bank's stock worth $163,756,000 after acquiring an additional 1,912,709 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Fulton Financial by 29.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,590,883 shares of the bank's stock worth $88,743,000 after acquiring an additional 1,054,321 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Fulton Financial by 219.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,822,385 shares of the bank's stock worth $54,557,000 after acquiring an additional 1,939,260 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Fulton Financial during the fourth quarter worth $44,271,000. 72.02% of the stock is owned by hedge funds and other institutional investors.

About Fulton Financial

Fulton Financial Corporation, trading on the NASDAQ under the ticker FULT, is the financial holding company for Fulton Bank, headquartered in Lancaster, Pennsylvania. The company delivers a broad range of banking and financial services through its subsidiary, Fulton Bank, targeting both individual and corporate clients. Fulton Financial's offerings include deposit accounts, lending solutions, treasury management, and specialized banking services designed to support personal wealth goals and business growth initiatives.

Through Fulton Bank, the company provides retail banking services such as checking and savings accounts, consumer and residential mortgage loans, and home equity products.

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