Fulton Financial (NASDAQ:FULT) Stock Breaks Above 200 Day Moving Average - Time to Sell?

Key Points

• Fulton Financial shares moved above their 200-day moving average, reaching $22.86 before last trading at $22.69, while remaining below the 50-day average of $23.73.
• Analysts maintain a consensus “Hold” rating with an average price target of $24.75; recent targets were raised to between $25 and $27, although only two of five analysts recommend buying.
• The bank reported quarterly EPS of $0.60, exceeding estimates, while revenue rose 12.2% year over year. Fulton also declared a quarterly dividend of $0.19 per share, representing a 3.3% annualized yield.

Fulton Financial Corporation (NASDAQ:FULT - Get Free Report)'s share price crossed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $22.74 and traded as high as $22.86. Fulton Financial shares last traded at $22.69, with a volume of 1,529,794 shares.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on FULT shares. Raymond James Financial upped their price objective on Fulton Financial from $24.00 to $26.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 1st. Wall Street Zen upgraded shares of Fulton Financial from a "sell" rating to a "hold" rating in a research report on Saturday, July 25th. Piper Sandler reissued a "neutral" rating and set a $27.00 target price (up from $23.00) on shares of Fulton Financial in a research note on Monday, August 3rd. Weiss Ratings restated a "buy (b)" rating on shares of Fulton Financial in a research note on Wednesday, July 29th. Finally, DA Davidson boosted their price objective on Fulton Financial from $24.00 to $25.00 and gave the stock a "neutral" rating in a research report on Friday, July 24th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $24.75.

Fulton Financial Price Performance

The business has a 50-day simple moving average of $23.73 and a two-hundred day simple moving average of $22.74. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $4.33 billion, a price-to-earnings ratio of 10.86 and a beta of 0.79.

Fulton Financial (NASDAQ:FULT - Get Free Report) last issued its quarterly earnings results 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. The company had revenue of $367.87 million for the quarter, compared to analysts' expectations of $358.83 million. Fulton Financial had a return on equity of 12.68% and a net margin of 20.63%.The firm's revenue for the quarter was up 12.2% on a year-over-year basis. During the same period last year, the firm earned $0.55 EPS. As a group, research analysts predict that Fulton Financial Corporation will post 2.22 earnings per share for the current fiscal year.

Fulton Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, October 1st will be issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend is Thursday, October 1st. Fulton Financial's payout ratio is presently 36.36%.

Insider Transactions at Fulton Financial

In other Fulton Financial news, Director Lisa Crutchfield sold 4,100 shares of the company's stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $24.80, for a total value of $101,680.00. Following the completion of the sale, the director directly owned 7,838 shares of the company's stock, valued at approximately $194,382.40. This represents a 34.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director E. Wenger sold 5,000 shares of the firm's stock in a transaction dated 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 owned 75,477 shares of the company's stock, valued at approximately $1,822,014.78. This trade represents a 6.21% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.01% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in FULT. Waverly Advisors LLC acquired a new position in shares of Fulton Financial in the 2nd quarter valued at $733,000. Norges Bank acquired a new stake in Fulton Financial during the 4th quarter worth about $44,271,000. First Trust Advisors LP lifted its stake in Fulton Financial by 31.2% during the first quarter. First Trust Advisors LP now owns 8,050,923 shares of the bank's stock valued at $163,756,000 after buying an additional 1,912,709 shares in the last quarter. Bank of America Corp DE lifted its stake in Fulton Financial by 132.4% during the first quarter. Bank of America Corp DE now owns 1,576,996 shares of the bank's stock valued at $32,076,000 after buying an additional 898,435 shares in the last quarter. Finally, Deutsche Bank AG acquired a new position in shares of Fulton Financial in the second quarter worth about $4,899,000. Institutional investors and hedge funds own 72.02% of the company's stock.

About Fulton Financial

Fulton Financial Corporation is a regional bank holding company headquartered in Lancaster, Pennsylvania. Its principal subsidiary, Fulton Bank, provides banking and financial services to individuals, families, businesses and institutions.

Fulton Bank offers consumer and commercial deposit accounts, residential and commercial lending, mortgages, credit cards, treasury management and other financial services. Through its wealth management and investment services, the company also provides trust, fiduciary, investment management and financial planning solutions.

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