Fulton Financial (NASDAQ:FULT) Releases Earnings Results, Beats Expectations By $0.07 EPS

Key Points

• Fulton Financial reported earnings of $0.55 EPS, exceeding estimates by $0.07 and showcasing a return on equity of 12.64% and a net margin of 17.00%.
• The company declared a quarterly dividend of $0.18, resulting in an annualized dividend of $0.72 and a yield of 4.0%.
• Analysts have a consensus rating of "Hold" for Fulton Financial, with a price target averaging $21.10, and recent upgrades from firms like Raymond James and DA Davidson hint at expected growth.

Fulton Financial (NASDAQ:FULT - Get Free Report) released its quarterly earnings data on Tuesday. The bank reported $0.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.48 by $0.07, Zacks reports. Fulton Financial had a return on equity of 12.64% and a net margin of 17.00%.

Fulton Financial Price Performance

Shares of Fulton Financial stock traded up $0.27 during trading on Tuesday, reaching $17.92. The company's stock had a trading volume of 3,296,458 shares, compared to its average volume of 1,467,935. The stock has a 50-day moving average price of $18.81 and a two-hundred day moving average price of $18.00. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.37. Fulton Financial has a one year low of $14.32 and a one year high of $22.49. The stock has a market capitalization of $3.26 billion, a P/E ratio of 10.48 and a beta of 0.82.

Fulton Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Wednesday, October 1st were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend was Wednesday, October 1st. Fulton Financial's payout ratio is currently 42.11%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on FULT. Jefferies Financial Group restated a "hold" rating on shares of Fulton Financial in a research report on Wednesday, July 9th. DA Davidson upped their price target on Fulton Financial from $17.00 to $20.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Raymond James Financial upgraded Fulton Financial from a "market perform" rating to an "outperform" rating and set a $21.00 price target on the stock in a research report on Tuesday, October 7th. Keefe, Bruyette & Woods upped their price target on Fulton Financial from $21.00 to $22.00 and gave the company a "market perform" rating in a research report on Thursday, July 17th. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of Fulton Financial in a research report on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, Fulton Financial has a consensus rating of "Hold" and an average target price of $21.10.

Insider Activity

In related news, Director E Philip Wenger sold 5,000 shares of the firm's stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $19.28, for a total value of $96,400.00. Following the transaction, the director owned 90,477 shares in the company, valued at $1,744,396.56. This trade represents a 5.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.07% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fulton Financial

Hedge funds have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its holdings in Fulton Financial by 373.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,662 shares of the bank's stock valued at $30,000 after acquiring an additional 1,311 shares during the last quarter. State of Wyoming bought a new position in Fulton Financial in the second quarter valued at about $30,000. Strs Ohio bought a new position in Fulton Financial in the first quarter valued at about $152,000. Sei Investments Co. boosted its holdings in Fulton Financial by 8.0% in the second quarter. Sei Investments Co. now owns 18,673 shares of the bank's stock valued at $337,000 after acquiring an additional 1,380 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its holdings in Fulton Financial by 215.3% in the second quarter. Tower Research Capital LLC TRC now owns 19,204 shares of the bank's stock valued at $346,000 after acquiring an additional 13,114 shares during the last quarter. 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.

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