Fulton Financial (NASDAQ:FULT) Issues Earnings Results, Beats Expectations By $0.12 EPS

Fulton Financial (NASDAQ:FULT - Get Free Report) released its quarterly earnings results on Tuesday. The bank reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.12, Zacks reports. Fulton Financial had a net margin of 17.00% and a return on equity of 12.44%. The firm had revenue of $328.45 million during the quarter, compared to analyst estimates of $320.47 million. During the same quarter last year, the business earned $0.52 EPS.

Fulton Financial Stock Down 0.4%

FULT traded down $0.07 during mid-day trading on Friday, reaching $19.67. 961,522 shares of the stock were exchanged, compared to its average volume of 1,410,607. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.92 and a current ratio of 0.89. The stock has a market capitalization of $3.58 billion, a PE ratio of 11.50 and a beta of 0.77. The company has a 50 day moving average price of $17.97 and a two-hundred day moving average price of $18.33. Fulton Financial has a 1 year low of $14.33 and a 1 year 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 issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 3.66%. The ex-dividend date of this dividend was Tuesday, July 1st. Fulton Financial's dividend payout ratio is 42.35%.

Wall Street Analyst Weigh In

Several research firms have issued reports on FULT. Keefe, Bruyette & Woods raised their price target on shares of Fulton Financial from $21.00 to $22.00 and gave the stock a "market perform" rating in a report on Thursday. Piper Sandler reiterated a "neutral" rating on shares of Fulton Financial in a research note on Wednesday, July 9th. DA Davidson lifted their price objective on shares of Fulton Financial from $17.00 to $20.00 and gave the company a "neutral" rating in a research note on Thursday. Finally, Jefferies Financial Group reissued a "hold" rating on shares of Fulton Financial in a research report on Wednesday, July 9th. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, Fulton Financial presently has an average rating of "Hold" and an average target price of $21.13.

Institutional Investors Weigh In On Fulton Financial

A number of hedge funds have recently made changes to their positions in the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of 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 period. Jane Street Group LLC raised its stake in shares of 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 period. Royal Bank of Canada raised its stake in shares of 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 period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of 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 period. Finally, Strs Ohio bought a new stake in Fulton Financial in the 1st quarter valued at about $152,000. 72.02% of the stock is currently owned by 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.