Fulton Financial Corporation (NASDAQ:FULT) Receives Consensus Recommendation of "Hold" from Brokerages

Key Points

• Fulton Financial Corporation (NASDAQ:FULT) has received a consensus recommendation of "Hold" from six brokerages, with an average one-year price target of $21.1250.
• The company reported an EPS of $0.55 for the quarter, surpassing analysts' estimates, and had a quarterly revenue of $328.45 million.
• Fulton Financial declared a quarterly dividend of $0.18 per share, which results in an annualized yield of 3.7%.

Fulton Financial Corporation (NASDAQ:FULT - Get Free Report) has been given a consensus rating of "Hold" by the seven analysts that are presently covering the stock, MarketBeat Ratings reports. Six research analysts have rated the stock with a hold recommendation and one has assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $21.1250.

Several analysts have weighed in on FULT shares. Piper Sandler reissued a "neutral" rating on shares of Fulton Financial in a research note on Wednesday, July 9th. Keefe, Bruyette & Woods upped their price objective on shares of Fulton Financial from $21.00 to $22.00 and gave the company a "market perform" rating in a research note on Thursday, July 17th. DA Davidson upped their price objective on shares of Fulton Financial from $17.00 to $20.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Zacks Research downgraded shares of Fulton Financial from a "strong-buy" rating to a "hold" rating in a research note on Monday. Finally, Jefferies Financial Group reaffirmed a "hold" rating on shares of Fulton Financial in a research note on Wednesday, July 9th.

Insider Activity at Fulton Financial

In other news, Director E Philip Wenger sold 5,000 shares of the company's stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $19.28, for a total transaction 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.08% of the company's stock.

Hedge Funds Weigh In On Fulton Financial

Institutional investors have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC raised its stake in Fulton Financial by 1.9% in 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 in the last quarter. Oppenheimer Asset Management Inc. bought a new position in Fulton Financial in the first quarter worth about $287,000. Silver Oak Securities Incorporated bought a new position in Fulton Financial in the first quarter worth about $333,000. New York State Teachers Retirement System raised its stake in Fulton Financial by 1.3% in the first quarter. New York State Teachers Retirement System now owns 240,935 shares of the bank's stock worth $4,359,000 after buying an additional 2,985 shares in the last quarter. Finally, Deutsche Bank AG raised its stake in Fulton Financial by 50.1% in the fourth quarter. Deutsche Bank AG now owns 154,894 shares of the bank's stock worth $2,986,000 after buying an additional 51,670 shares in the last quarter. 72.02% of the stock is owned by institutional investors.

Fulton Financial Trading Down 1.6%

Fulton Financial stock traded down $0.32 during mid-day trading on Monday, hitting $19.16. The company's stock had a trading volume of 521,214 shares, compared to its average volume of 1,430,460. 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 $3.49 billion, a price-to-earnings ratio of 11.20 and a beta of 0.85. The business has a 50 day moving average price of $18.92 and a 200-day moving average price of $17.94. Fulton Financial has a 12 month low of $14.32 and a 12 month high of $22.49.

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

Fulton Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, October 1st will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend 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.