Fulton Financial (NASDAQ:FULT) Posts Quarterly Earnings Results, Beats Estimates By $0.19 EPS

Key Points

• Fulton Financial beat quarterly expectations, reporting EPS of $0.60 versus analysts’ estimate of $0.41. Revenue also came in ahead of forecasts at $363.56 million.
• The stock was slightly lower after the earnings release, trading down 0.7% to $24.44 during the session despite the earnings beat.
• The company also highlighted its quarterly dividend of $0.19 per share, equal to an annualized yield of about 3.1%.

Fulton Financial (NASDAQ:FULT - Get Free Report) announced its quarterly earnings data on Wednesday. The bank reported $0.60 EPS for the quarter, topping analysts' consensus estimates of $0.41 by $0.19, FiscalAI reports. The business had revenue of $363.56 million during the quarter, compared to analysts' expectations of $358.83 million. Fulton Financial had a return on equity of 12.69% and a net margin of 20.85%.

Fulton Financial Stock Down 0.7%

Shares of NASDAQ FULT traded down $0.18 during mid-day trading on Wednesday, reaching $24.44. 1,480,239 shares of the company's stock were exchanged, compared to its average volume of 1,999,405. Fulton Financial has a twelve month low of $16.60 and a twelve month high of $25.23. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $4.67 billion, a price-to-earnings ratio of 11.64 and a beta of 0.79. The business has a fifty day simple moving average of $22.90 and a 200 day simple moving average of $21.58.

Fulton Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st were given a dividend of $0.19 per share. The ex-dividend date of this dividend was Wednesday, July 1st. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.1%. Fulton Financial's dividend payout ratio (DPR) is currently 36.19%.

Insider Activity

In related news, Director E Philip Wenger sold 5,000 shares of the stock in a transaction that occurred on Monday, July 13th. The stock was sold at an average price of $24.14, for a total transaction of $120,700.00. Following the completion of the sale, the director directly owned 75,477 shares of the company's stock, valued at approximately $1,822,014.78. This represents a 6.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.01% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Kestra Advisory Services LLC bought a new stake in Fulton Financial in the 4th quarter valued at $25,000. State of Wyoming acquired a new stake in shares of Fulton Financial in the 2nd quarter valued at about $30,000. EverSource Wealth Advisors LLC raised its stake in shares of Fulton Financial by 373.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,662 shares of the bank's stock valued at $30,000 after purchasing an additional 1,311 shares during the period. Parallel Advisors LLC lifted its holdings in shares of Fulton Financial by 69.0% in the third quarter. Parallel Advisors LLC now owns 1,903 shares of the bank's stock valued at $35,000 after purchasing an additional 777 shares in the last quarter. Finally, Advisory Services Network LLC bought a new stake in shares of Fulton Financial in the third quarter valued at about $38,000. Institutional investors and hedge funds own 72.02% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on FULT shares. Wall Street Zen lowered Fulton Financial from a "hold" rating to a "sell" rating in a research report on Sunday, May 3rd. Raymond James Financial lifted their price objective on shares of Fulton Financial from $24.00 to $26.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 1st. Piper Sandler set a $23.00 price objective on shares of Fulton Financial and gave the company a "neutral" rating in a report on Friday, June 12th. Finally, Weiss Ratings raised shares of Fulton Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, May 1st. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $23.50.

Fulton Financial Company Profile

Fulton Financial Corporation, trading on the NASDAQ under the ticker FULT, is the financial holding company for Fulton Bank, headquartered in Lancaster, Pennsylvania. The company delivers a broad range of banking and financial services through its subsidiary, Fulton Bank, targeting both individual and corporate clients. Fulton Financial's offerings include deposit accounts, lending solutions, treasury management, and specialized banking services designed to support personal wealth goals and business growth initiatives.

Through Fulton Bank, the company provides retail banking services such as checking and savings accounts, consumer and residential mortgage loans, and home equity products.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.