Fulton Financial Corporation to Issue Quarterly Dividend of $0.18 (NASDAQ:FULT)

Fulton Financial Corporation (NASDAQ:FULT - Get Free Report) announced a quarterly dividend on Tuesday, June 17th, RTT News reports. Shareholders of record on Tuesday, July 1st will be paid a dividend of 0.18 per share by the bank on Tuesday, July 15th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.20%.

Fulton Financial has a payout ratio of 35.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Fulton Financial to earn $2.10 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 34.3%.

Fulton Financial Stock Up 1.3%

Shares of Fulton Financial stock traded up $0.22 during trading on Wednesday, hitting $17.15. 149,976 shares of the stock were exchanged, compared to its average volume of 1,413,084. The stock has a market cap of $3.12 billion, a price-to-earnings ratio of 10.08 and a beta of 0.77. The firm's 50-day moving average price is $17.05 and its 200 day moving average price is $18.61. Fulton Financial has a 12-month low of $14.33 and a 12-month high of $22.49. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.92 and a quick ratio of 0.92.

Fulton Financial (NASDAQ:FULT - Get Free Report) last posted its quarterly earnings results on Tuesday, April 15th. The bank reported $0.52 earnings per share for the quarter, beating analysts' consensus estimates of $0.44 by $0.08. The company had revenue of $322.64 million for the quarter, compared to analysts' expectations of $315.07 million. Fulton Financial had a return on equity of 12.19% and a net margin of 16.59%. During the same period last year, the firm earned $0.40 earnings per share. As a group, analysts forecast that Fulton Financial will post 1.91 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on FULT shares. DA Davidson restated a "neutral" rating and set a $20.00 target price on shares of Fulton Financial in a research note on Wednesday, April 16th. Keefe, Bruyette & Woods cut their price objective on shares of Fulton Financial from $24.00 to $21.00 and set a "market perform" rating on the stock in a report on Thursday, April 17th. Finally, Piper Sandler lowered their target price on shares of Fulton Financial from $22.00 to $20.00 and set a "neutral" rating for the company in a report on Thursday, April 17th. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, Fulton Financial has an average rating of "Hold" and an average target price of $20.30.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Strs Ohio purchased a new position in shares of Fulton Financial during the first quarter worth about $152,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Fulton Financial by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,096 shares of the bank's stock valued at $1,955,000 after buying an additional 4,727 shares during the last quarter. Royal Bank of Canada raised its position in Fulton Financial by 4.9% during the 1st quarter. Royal Bank of Canada now owns 220,706 shares of the bank's stock worth $3,992,000 after buying an additional 10,242 shares during the last quarter. Jane Street Group LLC boosted its holdings in shares of Fulton Financial by 914.9% in the first quarter. Jane Street Group LLC now owns 308,243 shares of the bank's stock valued at $5,576,000 after acquiring an additional 277,871 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Fulton Financial by 5.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 448,832 shares of the bank's stock worth $8,119,000 after purchasing an additional 21,596 shares in the last quarter. Institutional investors and hedge funds own 72.02% of the company's stock.

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.

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