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

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

Fulton Financial has a payout ratio of 35.8% meaning its dividend is sufficiently covered by earnings. 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 Price Performance

Fulton Financial stock traded up $0.03 during mid-day trading on Friday, hitting $17.13. 3,401,460 shares of the company were exchanged, compared to its average volume of 1,430,740. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.92 and a quick ratio of 0.92. The business's 50 day simple moving average is $17.14 and its two-hundred day simple moving average is $18.54. The company has a market capitalization of $3.11 billion, a P/E ratio of 10.08 and a beta of 0.77. Fulton Financial has a 12-month low of $14.33 and a 12-month high of $22.49.

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Keefe, Bruyette & Woods lowered their price objective on Fulton Financial from $24.00 to $21.00 and set a "market perform" rating for the company in a research report on Thursday, April 17th. DA Davidson reaffirmed a "neutral" rating and issued a $20.00 price objective on shares of Fulton Financial in a research report on Wednesday, April 16th. Finally, Piper Sandler lowered their price objective on Fulton Financial from $22.00 to $20.00 and set a "neutral" rating for the company in a research report on Thursday, April 17th. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $20.30.

Institutional Investors Weigh In On Fulton Financial

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