Fulton Financial Corp. (NASDAQ:FULT) announced its quarterly earnings results on Tuesday. The company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.01. The firm had revenue of $130.57 million for the quarter, compared to analysts’ expectations of $136.49 million. Fulton Financial Corp. had a net margin of 19.52% and a return on equity of 7.31%. Fulton Financial Corp.’s revenue was down 23.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.20 earnings per share.
Shares of Fulton Financial Corp. (NASDAQ:FULT) traded up 0.70% during mid-day trading on Tuesday, hitting $14.30. 843,476 shares of the company were exchanged. The stock has a market cap of $2.47 billion, a PE ratio of 16.47 and a beta of 1.19. The stock’s 50-day moving average price is $14.43 and its 200 day moving average price is $13.90. Fulton Financial Corp. has a 12-month low of $11.48 and a 12-month high of $14.86.
The business also recently declared a quarterly dividend, which was paid on Friday, October 14th. Investors of record on Friday, September 30th were paid a $0.10 dividend. The ex-dividend date of this dividend was Wednesday, September 28th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.80%. Fulton Financial Corp.’s dividend payout ratio (DPR) is presently 45.98%.
A number of research firms have recently issued reports on FULT. Hovde Group began coverage on shares of Fulton Financial Corp. in a research note on Monday, September 12th. They set an “outperform” rating and a $16.00 price objective on the stock. Zacks Investment Research upgraded shares of Fulton Financial Corp. from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a research note on Tuesday, September 20th. Keefe, Bruyette & Woods reiterated a “market perform” rating on shares of Fulton Financial Corp. in a research note on Wednesday, October 12th. Finally, FBR & Co reiterated a “hold” rating on shares of Fulton Financial Corp. in a research note on Wednesday, July 20th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. Fulton Financial Corp. presently has a consensus rating of “Hold” and an average price target of $14.25.
In other news, Director James R. Moxley III purchased 9,896 shares of the stock in a transaction that occurred on Wednesday, July 27th. The stock was acquired at an average price of $13.71 per share, with a total value of $135,674.16. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Curtis J. Myers sold 15,580 shares of the business’s stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of $14.34, for a total value of $223,417.20. The disclosure for this sale can be found here. 0.75% of the stock is owned by corporate insiders.
Several large investors have recently made changes to their positions in the stock. Sei Investments Co. boosted its stake in shares of Fulton Financial Corp. by 33,879.3% in the second quarter. Sei Investments Co. now owns 9,854 shares of the company’s stock valued at $133,000 after buying an additional 9,825 shares during the last quarter. SevenBridge Financial Group LLC purchased a new stake in shares of Fulton Financial Corp. during the second quarter valued at approximately $154,000. Hsbc Holdings PLC boosted its stake in shares of Fulton Financial Corp. by 1.6% in the second quarter. Hsbc Holdings PLC now owns 11,892 shares of the company’s stock valued at $161,000 after buying an additional 184 shares during the last quarter. TFS Capital LLC purchased a new stake in shares of Fulton Financial Corp. during the second quarter valued at approximately $218,000. Finally, Paloma Partners Management Co boosted its stake in shares of Fulton Financial Corp. by 8.9% in the second quarter. Paloma Partners Management Co now owns 18,305 shares of the company’s stock valued at $247,000 after buying an additional 1,503 shares during the last quarter. 59.15% of the stock is owned by institutional investors and hedge funds.
About Fulton Financial Corp.
Fulton Financial Corporation is a multi-bank financial holding company. The Company provides a range of banking and financial services to businesses and consumers through its banking subsidiaries: Fulton Bank, N.A., Fulton Bank of New Jersey, The Columbia Bank, Lafayette Ambassador Bank, FNB Bank, N.A.
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