Fulton Financial (NASDAQ:FULT) Upgraded at Raymond James Financial

Key Points

• Fulton Financial was upgraded from a "market perform" to an "outperform" rating by Raymond James Financial, with a new price target of $21.00, suggesting a potential upside of 12.36% from its previous close.
• Analysts' ratings for Fulton Financial vary, with three rating it as a Buy, six as Hold, and a consensus average price target of $21.10.
• In the most recent quarter, Fulton Financial reported earnings per share of $0.55, exceeding analysts' expectations of $0.43, alongside a net margin of 17.00% and revenue of $328.45 million.

Fulton Financial (NASDAQ:FULT - Get Free Report) was upgraded by research analysts at Raymond James Financial from a "market perform" rating to an "outperform" rating in a research report issued to clients and investors on Tuesday,Finviz reports. The brokerage currently has a $21.00 price target on the bank's stock. Raymond James Financial's target price would suggest a potential upside of 12.36% from the company's previous close.

A number of other analysts also recently weighed in on FULT. DA Davidson increased their price target on Fulton Financial from $17.00 to $20.00 and gave the stock 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. Zacks Research downgraded Fulton Financial from a "strong-buy" rating to a "hold" rating in a report on Monday, September 15th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Fulton Financial in a report on Saturday, September 27th. Finally, Jefferies Financial Group reiterated a "hold" rating on shares of Fulton Financial in a report on Wednesday, July 9th. Three analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $21.10.

Fulton Financial Stock Performance

NASDAQ FULT opened at $18.69 on Tuesday. The company has a market capitalization of $3.40 billion, a price-to-earnings ratio of 10.93 and a beta of 0.82. Fulton Financial has a twelve month low of $14.32 and a twelve month high of $22.49. The stock has a fifty day simple moving average of $18.82 and a 200 day simple moving average of $17.99. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.37.

Fulton Financial (NASDAQ:FULT - Get Free Report) last issued its quarterly earnings results on Tuesday, July 15th. The bank reported $0.55 earnings per share for the quarter, topping analysts' consensus estimates of $0.43 by $0.12. Fulton Financial had a return on equity of 12.64% and a net margin of 17.00%.The firm had revenue of $328.45 million during the quarter, compared to the consensus estimate of $320.47 million. During the same period last year, the business posted $0.52 EPS. Sell-side analysts expect that Fulton Financial will post 1.91 EPS for the current year.

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 shares were 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 of the company's stock, valued at approximately $1,744,396.56. This trade represents a 5.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.07% of the stock is owned by company insiders.

Hedge Funds Weigh In On Fulton Financial

Large investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC lifted its position in 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 acquiring an additional 1,311 shares in the last quarter. State of Wyoming bought a new position in Fulton Financial in the 2nd quarter valued at about $30,000. Quarry LP lifted its position in Fulton Financial by 1,669.6% in the 1st quarter. Quarry LP now owns 1,982 shares of the bank's stock valued at $36,000 after acquiring an additional 1,870 shares in the last quarter. GAMMA Investing LLC lifted its position in Fulton Financial by 42.2% in the 1st quarter. GAMMA Investing LLC now owns 3,072 shares of the bank's stock valued at $56,000 after acquiring an additional 911 shares in the last quarter. Finally, Byrne Asset Management LLC lifted its position in Fulton Financial by 114.5% in the 1st quarter. Byrne Asset Management LLC now owns 3,217 shares of the bank's stock valued at $58,000 after acquiring an additional 1,717 shares in the last quarter. Institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.