Fulton Financial (NASDAQ:FULT) Upgraded to "Hold" at Wall Street Zen

Key Points

• Wall Street Zen upgraded Fulton Financial from “sell” to “hold,” adding to a mixed analyst picture that currently averages a Hold rating with a $23.50 price target.
• The company beat quarterly earnings expectations, reporting $0.60 EPS versus the $0.53 estimate, while revenue rose 12.2% year over year to $363.56 million.
• Fulton Financial stock was up 1.3% and recently traded near its 52-week high; meanwhile, director E Philip Wenger sold 5,000 shares, and institutional investors continue to own about 72% of the company.

Fulton Financial (NASDAQ:FULT - Get Free Report) was upgraded by Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued on Saturday.

Several other analysts have also recently commented on FULT. Weiss Ratings upgraded Fulton Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, May 1st. Raymond James Financial raised their target price on shares of Fulton Financial from $24.00 to $26.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 1st. Finally, Piper Sandler set a $23.00 target price on shares of Fulton Financial and gave the company a "neutral" rating in a report on Friday, June 12th. Two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Fulton Financial currently has an average rating of "Hold" and an average price target of $23.50.

Fulton Financial Trading Up 1.3%

Fulton Financial stock opened at $24.57 on Friday. The stock has a 50-day moving average price of $23.12 and a 200 day moving average price of $21.67. Fulton Financial has a 52 week low of $16.60 and a 52 week high of $25.23. The stock has a market cap of $4.70 billion, a PE ratio of 11.76 and a beta of 0.79. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.06.

Fulton Financial (NASDAQ:FULT - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.07. Fulton Financial had a net margin of 20.63% and a return on equity of 12.50%. The business had revenue of $363.56 million for the quarter, compared to the consensus estimate of $358.83 million. During the same quarter in the prior year, the firm posted $0.55 earnings per share. The company's quarterly revenue was up 12.2% compared to the same quarter last year. Equities research analysts predict that Fulton Financial will post 2.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fulton Financial news, Director E Philip Wenger sold 5,000 shares of Fulton Financial stock in a transaction that occurred on Monday, July 13th. The shares were sold at an average price of $24.14, for a total transaction of $120,700.00. Following the transaction, the director directly owned 75,477 shares of the company's stock, valued at $1,822,014.78. The trade was a 6.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.01% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fulton Financial

Hedge funds have recently made changes to their positions in the business. Keybank National Association OH increased its holdings in Fulton Financial by 1.5% in the 1st quarter. Keybank National Association OH now owns 32,887 shares of the bank's stock valued at $669,000 after purchasing an additional 485 shares in the last quarter. Cetera Investment Advisers raised its position in Fulton Financial by 2.6% in the first quarter. Cetera Investment Advisers now owns 21,829 shares of the bank's stock valued at $444,000 after purchasing an additional 557 shares during the period. State of Wyoming lifted its stake in shares of Fulton Financial by 13.4% during the first quarter. State of Wyoming now owns 4,829 shares of the bank's stock worth $98,000 after purchasing an additional 570 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of Fulton Financial by 2.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 23,924 shares of the bank's stock worth $467,000 after purchasing an additional 580 shares in the last quarter. Finally, Root Financial Partners LLC boosted its position in shares of Fulton Financial by 89.9% in the first quarter. Root Financial Partners LLC now owns 1,282 shares of the bank's stock worth $26,000 after buying an additional 607 shares during the period. Hedge funds and other institutional investors own 72.02% of the company's stock.

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.

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