Fulton Financial (NASDAQ:FULT) Issues Earnings Results

Fulton Financial (NASDAQ:FULT - Get Free Report) announced its earnings results on Tuesday. The bank reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.12, Zacks reports. The business had revenue of $328.45 million for the quarter, compared to analyst estimates of $320.47 million. Fulton Financial had a net margin of 16.59% and a return on equity of 12.19%. During the same quarter last year, the business earned $0.52 earnings per share.

Fulton Financial Stock Down 1.8%

Shares of NASDAQ FULT traded down $0.33 during mid-day trading on Wednesday, reaching $18.69. The company had a trading volume of 1,313,297 shares, compared to its average volume of 1,418,671. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.36. The firm has a 50 day simple moving average of $17.89 and a two-hundred day simple moving average of $18.32. The stock has a market cap of $3.40 billion, a P/E ratio of 10.99 and a beta of 0.77. Fulton Financial has a 52-week low of $14.33 and a 52-week high of $22.49.

Fulton Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st were given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.85%. The ex-dividend date was Tuesday, July 1st. Fulton Financial's dividend payout ratio is presently 42.35%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on FULT shares. Piper Sandler restated a "neutral" rating on shares of Fulton Financial in a report on Wednesday, July 9th. Keefe, Bruyette & Woods reissued a "market perform" rating on shares of Fulton Financial in a research note on Wednesday, July 9th. Jefferies Financial Group reissued a "hold" rating on shares of Fulton Financial in a research note on Wednesday, July 9th. Finally, DA Davidson reissued a "neutral" rating and set a $20.00 target price on shares of Fulton Financial in a research note on Wednesday, April 16th. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $20.88.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of FULT. Strs Ohio purchased a new position in shares of Fulton Financial in the 1st quarter valued at $152,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Fulton Financial by 4.6% during the 1st 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 during the last quarter. Royal Bank of Canada grew its position in Fulton Financial by 4.9% during the 1st 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 during the last quarter. Jane Street Group LLC grew its position in Fulton Financial by 914.9% during the 1st 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 during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Fulton Financial by 5.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 448,832 shares of the bank's stock worth $8,119,000 after purchasing an additional 21,596 shares during the last quarter. 72.02% of the stock is owned by hedge funds and other institutional investors.

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.