Fulton Financial (NASDAQ:FULT) Stock Rating Lowered by Zacks Research

Key Points

• Fulton Financial was downgraded by Zacks Research from a "strong-buy" rating to a "hold" rating, reflecting a shift in analysts' sentiment.
• The company recently reported an EPS of $0.55 for the latest quarter, surpassing the consensus estimate by $0.12, with a revenue of $328.45 million.
• Institutional ownership of Fulton Financial stands at 72.02%, with several large investors, like Norges Bank and First Trust Advisors LP, expanding their stakes in the company.

Fulton Financial (NASDAQ:FULT - Get Free Report) was downgraded by Zacks Research from a "strong-buy" rating to a "hold" rating in a report issued on Monday,Zacks.com reports.

Several other equities analysts have also recently commented on the stock. Keefe, Bruyette & Woods increased their price target on shares of Fulton Financial from $21.00 to $22.00 and gave the stock a "market perform" rating in a research report on Thursday, July 17th. DA Davidson increased their price target on shares of Fulton Financial from $17.00 to $20.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Jefferies Financial Group reaffirmed a "hold" rating on shares of Fulton Financial in a research report on Wednesday, July 9th. Finally, Piper Sandler reaffirmed a "neutral" rating on shares of Fulton Financial in a research report on Wednesday, July 9th. One equities research analyst has rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $21.13.

Fulton Financial Price Performance

FULT traded down $0.09 during trading on Monday, reaching $19.38. 4,244,803 shares of the stock were exchanged, compared to its average volume of 1,451,416. The business's 50 day moving average price is $18.92 and its two-hundred day moving average price is $17.94. 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 company has a market capitalization of $3.53 billion, a price-to-earnings ratio of 11.33 and a beta of 0.85. Fulton Financial has a 1 year low of $14.32 and a 1 year high of $22.49.

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

Insider Activity

In other Fulton Financial news, Director E Philip Wenger sold 5,000 shares of the business's stock in a transaction on 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 owned 90,477 shares of the company's stock, valued at $1,744,396.56. The trade was a 5.24% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.08% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Squarepoint Ops LLC acquired a new position in Fulton Financial during the 2nd quarter worth $647,000. Thrivent Financial for Lutherans lifted its position in Fulton Financial by 16.3% during the 2nd quarter. Thrivent Financial for Lutherans now owns 421,379 shares of the bank's stock worth $7,526,000 after acquiring an additional 59,112 shares during the last quarter. State of Wyoming acquired a new position in Fulton Financial during the 2nd quarter worth $30,000. Public Sector Pension Investment Board lifted its position in Fulton Financial by 7.4% during the 2nd quarter. Public Sector Pension Investment Board now owns 620,113 shares of the bank's stock worth $11,187,000 after acquiring an additional 42,621 shares during the last quarter. Finally, Tower Research Capital LLC TRC lifted its position in Fulton Financial by 215.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 19,204 shares of the bank's stock worth $346,000 after acquiring an additional 13,114 shares during the last quarter. Institutional investors and hedge funds own 72.02% of the company's stock.

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.