Fulton Financial Corporation (NASDAQ:FULT) Receives Average Rating of "Hold" from Analysts

Key Points

• Fulton Financial Corporation (NASDAQ:FULT) has received a consensus rating of "Hold" from six rating firms, with one analyst recommending a buy; the average twelve-month target price is $21.1250.
• During a recent transaction, Director E Philip Wenger sold 5,000 shares at an average price of $18.41, decreasing his position by 0.83% but still holding 599,102 shares valued at over $11 million.
• The company announced a quarterly dividend of $0.18 per share, resulting in a dividend yield of 3.9% and a payout ratio of 42.11%.

Fulton Financial Corporation (NASDAQ:FULT - Get Free Report) has earned an average rating of "Hold" from the six analysts that are currently covering the company, MarketBeat reports. Five research analysts have rated the stock with a hold recommendation and one has issued a buy recommendation on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $21.1250.

Several equities analysts have recently issued reports on the company. Keefe, Bruyette & Woods boosted their price objective on Fulton Financial from $21.00 to $22.00 and gave the company a "market perform" rating in a report on Thursday, July 17th. Piper Sandler reiterated a "neutral" rating on shares of Fulton Financial in a research note on Wednesday, July 9th. DA Davidson boosted their price objective on Fulton Financial from $17.00 to $20.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Finally, Jefferies Financial Group reiterated a "hold" rating on shares of Fulton Financial in a research note on Wednesday, July 9th.

Insider Buying and Selling

In other news, Director E Philip Wenger sold 5,000 shares of the stock in a transaction on Friday, July 25th. The stock was sold at an average price of $18.41, for a total value of $92,050.00. Following the sale, the director directly owned 599,102 shares in the company, valued at approximately $11,029,467.82. This trade represents a 0.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.08% of the stock is owned by company insiders.

Institutional Investors Weigh In On Fulton Financial

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. LPL Financial LLC acquired a new position in shares of Fulton Financial during the 4th quarter worth approximately $289,000. Wells Fargo & Company MN grew its stake in shares of Fulton Financial by 23.3% during the fourth quarter. Wells Fargo & Company MN now owns 123,937 shares of the bank's stock valued at $2,390,000 after acquiring an additional 23,445 shares in the last quarter. Bank of Montreal Can raised its stake in shares of Fulton Financial by 10.8% in the 4th quarter. Bank of Montreal Can now owns 21,013 shares of the bank's stock valued at $405,000 after purchasing an additional 2,047 shares in the last quarter. Raymond James Financial Inc. bought a new position in Fulton Financial in the fourth quarter worth about $1,676,000. Finally, Sterling Capital Management LLC lifted its holdings in Fulton Financial by 850.1% in the fourth quarter. Sterling Capital Management LLC now owns 5,843 shares of the bank's stock worth $113,000 after acquiring an additional 5,228 shares during the last quarter. 72.02% of the stock is currently owned by institutional investors and hedge funds.

Fulton Financial Price Performance

Fulton Financial stock traded down $0.0950 during midday trading on Thursday, reaching $19.5450. 376,314 shares of the stock traded hands, compared to its average volume of 1,444,751. Fulton Financial has a 12 month low of $14.32 and a 12 month high of $22.49. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.37. The stock has a market cap of $3.56 billion, a P/E ratio of 11.42 and a beta of 0.82. The stock's fifty day moving average is $18.45 and its 200-day moving average is $18.01.

Fulton Financial (NASDAQ:FULT - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The bank reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.12. The firm had revenue of $328.45 million during the quarter, compared to analysts' expectations of $320.47 million. Fulton Financial had a return on equity of 12.64% and a net margin of 17.00%.During the same period last year, the business posted $0.52 earnings per share. As a group, equities research analysts anticipate that Fulton Financial will post 1.91 EPS for the current year.

Fulton Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st were given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 3.7%. The ex-dividend date was Tuesday, July 1st. Fulton Financial's dividend payout ratio is presently 42.11%.

About Fulton Financial

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.