Fulton Financial (NASDAQ:FULT) Downgraded by Zacks Research to Hold

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 equities research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued on Monday,Zacks.com reports.

Several other brokerages also recently weighed in on FULT. DA Davidson raised their price target on Fulton Financial from $17.00 to $20.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Piper Sandler reiterated a "neutral" rating on shares of Fulton Financial in a report on Wednesday, July 9th. Jefferies Financial Group restated a "hold" rating on shares of Fulton Financial in a research note on Wednesday, July 9th. Finally, Keefe, Bruyette & Woods boosted their price target on Fulton Financial from $21.00 to $22.00 and gave the stock a "market perform" rating in a report on Thursday, July 17th. One investment analyst has rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, Fulton Financial presently has a consensus rating of "Hold" and an average target price of $21.13.

Fulton Financial Stock Performance

NASDAQ FULT traded down $0.09 during trading on Monday, hitting $19.38. 4,244,803 shares of the company's stock traded hands, compared to its average volume of 1,257,645. The business has a 50 day moving average of $18.93 and a 200-day moving average of $17.94. Fulton Financial has a 12-month low of $14.32 and a 12-month high of $22.49. The stock has a market capitalization of $3.53 billion, a price-to-earnings ratio of 11.33 and a beta of 0.85. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.92 and a current ratio of 0.92.

Fulton Financial (NASDAQ:FULT - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $328.45 million for the quarter, compared to analysts' expectations 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 prior year, the business earned $0.52 earnings per share. As a group, equities research analysts anticipate that Fulton Financial will post 1.91 earnings per share for the current fiscal year.

Insider Buying and Selling at Fulton Financial

In other Fulton Financial news, Director E Philip Wenger sold 5,000 shares of the company's stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $19.28, for a total transaction of $96,400.00. Following the completion of the sale, the director directly owned 90,477 shares of the company's stock, valued at $1,744,396.56. This represents 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 Investors Weigh In On Fulton Financial

A number of large investors have recently bought and sold shares of the stock. EJF Capital LLC grew its holdings in Fulton Financial by 2.6% during the 2nd quarter. EJF Capital LLC now owns 22,686 shares of the bank's stock valued at $409,000 after buying an additional 582 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Fulton Financial by 1.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 36,303 shares of the bank's stock valued at $657,000 after purchasing an additional 684 shares in the last quarter. Private Advisor Group LLC increased its holdings in Fulton Financial by 2.0% in the 1st quarter. Private Advisor Group LLC now owns 35,552 shares of the bank's stock valued at $643,000 after purchasing an additional 704 shares in the last quarter. Xponance Inc. increased its holdings in Fulton Financial by 5.5% in the 1st quarter. Xponance Inc. now owns 13,775 shares of the bank's stock valued at $249,000 after purchasing an additional 717 shares in the last quarter. Finally, Raymond James Financial Inc. lifted its stake in shares of Fulton Financial by 0.8% in the second quarter. Raymond James Financial Inc. now owns 88,351 shares of the bank's stock worth $1,594,000 after acquiring an additional 741 shares in 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.