Fulton Financial Co. (NASDAQ:FULT - Get Rating) declared a quarterly dividend on Tuesday, June 21st, Zacks reports. Investors of record on Friday, July 1st will be paid a dividend of 0.15 per share by the bank on Friday, July 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.11%. The ex-dividend date of this dividend is Thursday, June 30th.
Fulton Financial has raised its dividend by an average of 7.2% annually over the last three years and has raised its dividend every year for the last 2 years. Fulton Financial has a dividend payout ratio of 35.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect Fulton Financial to earn $1.72 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 34.9%.
Shares of NASDAQ FULT opened at $14.61 on Thursday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.89 and a current ratio of 0.89. Fulton Financial has a 52 week low of $14.11 and a 52 week high of $19.17. The stock has a market capitalization of $2.35 billion, a P/E ratio of 9.25 and a beta of 0.74. The stock's fifty day moving average is $15.42 and its 200 day moving average is $16.74.
Fulton Financial (NASDAQ:FULT - Get Rating) last issued its quarterly earnings results on Tuesday, April 19th. The bank reported $0.38 EPS for the quarter, topping analysts' consensus estimates of $0.32 by $0.06. Fulton Financial had a return on equity of 10.77% and a net margin of 28.22%. The company had revenue of $219.85 million for the quarter, compared to analysts' expectations of $221.61 million. During the same quarter last year, the business earned $0.43 earnings per share. Equities research analysts forecast that Fulton Financial will post 1.57 earnings per share for the current year.
In other news, EVP David M. Campbell sold 5,156 shares of the business's stock in a transaction dated Monday, May 23rd. The stock was sold at an average price of $15.51, for a total transaction of $79,969.56. Following the sale, the executive vice president now directly owns 22,202 shares in the company, valued at $344,353.02. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 1.01% of the company's stock.
Several large investors have recently added to or reduced their stakes in FULT. BlackRock Inc. grew its holdings in shares of Fulton Financial by 6.0% during the first quarter. BlackRock Inc. now owns 21,821,468 shares of the bank's stock worth $362,670,000 after purchasing an additional 1,232,379 shares during the last quarter. State Street Corp grew its holdings in shares of Fulton Financial by 8.9% during the first quarter. State Street Corp now owns 8,941,860 shares of the bank's stock worth $149,945,000 after purchasing an additional 731,995 shares during the last quarter. Walleye Capital LLC bought a new stake in shares of Fulton Financial during the first quarter worth about $5,754,000. Vanguard Group Inc. grew its holdings in shares of Fulton Financial by 1.7% during the first quarter. Vanguard Group Inc. now owns 16,102,336 shares of the bank's stock worth $267,622,000 after purchasing an additional 276,162 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in shares of Fulton Financial by 38.5% in the first quarter. Invesco Ltd. now owns 711,621 shares of the bank's stock worth $11,827,000 after acquiring an additional 197,900 shares during the period. Institutional investors own 64.05% of the company's stock.
A number of research analysts have issued reports on FULT shares. StockNews.com started coverage on Fulton Financial in a research report on Thursday, March 31st. They issued a "hold" rating on the stock. Stephens upgraded Fulton Financial from an "equal weight" rating to an "overweight" rating and set a $20.50 target price on the stock in a research report on Thursday, April 21st.
Fulton Financial Company Profile (Get Rating)
Fulton Financial Corporation operates as a financial holding company that provides consumer and commercial banking products and services. It accepts various checking accounts and savings deposit products, certificates of deposit, and individual retirement accounts. The company also offers secured consumer loans, including home equity loans and lines of credit, automobile loans, personal lines of credit, and checking account overdraft protection; construction and jumbo residential mortgage loans; and commercial lending products comprising commercial real estate, commercial and industrial, and construction loans, as well as equipment lease financing loans.
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