Zacks Investment Research upgraded shares of Fulton Financial Corp. (NASDAQ:FULT) from a hold rating to a buy rating in a research report released on Tuesday. Zacks Investment Research currently has $16.00 price objective on the stock.
According to Zacks, “Fulton Financial Corp. is a bank holding company. It provides retail and commercial banking and investment management and trust services in central and eastern Pennsylvania, southern New Jersey, northern Maryland and southern Delaware through its wholly-owned subsidiaries: Fulton Bank, Lebanon Valley Farmers Bank, Swineford National Bank, Lafayette Ambassador Bank, FNB Bank, N.A., Great Valley Bank, Hagerstown Trust Company, Delaware National Bank, The Bank of Gloucester County, The Woodstown National Bank & Trust Company, and The Peoples Bank of Elkton. “
Other analysts also recently issued reports about the stock. FBR & Co reaffirmed a hold rating on shares of Fulton Financial Corp. in a research report on Wednesday, July 20th. Hovde Group began coverage on shares of Fulton Financial Corp. in a research report on Monday, September 12th. They issued an outperform rating and a $16.00 target price on the stock. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $13.89.
Shares of Fulton Financial Corp. (NASDAQ:FULT) opened at 14.70 on Tuesday. The stock has a market cap of $2.54 billion, a P/E ratio of 16.94 and a beta of 1.28. The company’s 50-day moving average is $14.23 and its 200-day moving average is $13.78. Fulton Financial Corp. has a 12-month low of $11.48 and a 12-month high of $14.86.
Fulton Financial Corp. (NASDAQ:FULT) last released its earnings results on Tuesday, July 19th. The company reported $0.23 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.01. Fulton Financial Corp. had a net margin of 19.52% and a return on equity of 7.31%. On average, equities research analysts anticipate that Fulton Financial Corp. will post $0.91 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date of this dividend is Wednesday, September 28th. Fulton Financial Corp.’s payout ratio is 45.98%.
In other Fulton Financial Corp. news, EVP Curtis J. Myers sold 15,580 shares of the company’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $14.34, for a total transaction of $223,417.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director James R. Moxley III bought 9,896 shares of the stock in a transaction on Wednesday, July 27th. The shares were bought at an average price of $13.71 per share, for a total transaction of $135,674.16. The disclosure for this purchase can be found here. 0.75% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of the stock. Wagner Bowman Management Corp boosted its position in Fulton Financial Corp. by 0.6% in the second quarter. Wagner Bowman Management Corp now owns 11,878 shares of the company’s stock valued at $160,000 after buying an additional 74 shares in the last quarter. RKL Wealth Management LLC boosted its position in Fulton Financial Corp. by 0.4% in the first quarter. RKL Wealth Management LLC now owns 29,600 shares of the company’s stock valued at $396,000 after buying an additional 126 shares in the last quarter. Hsbc Holdings PLC boosted its position in 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 in the last quarter. State Treasurer State of Michigan boosted its position in Fulton Financial Corp. by 0.4% in the second quarter. State Treasurer State of Michigan now owns 69,600 shares of the company’s stock valued at $940,000 after buying an additional 300 shares in the last quarter. Finally, United Services Automobile Association boosted its position in Fulton Financial Corp. by 2.9% in the second quarter. United Services Automobile Association now owns 24,470 shares of the company’s stock valued at $330,000 after buying an additional 700 shares in the last quarter. Institutional investors and hedge funds own 59.12% of the company’s stock.
Fulton Financial Corp. Company Profile
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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