Brokerages Set Fulton Financial Co. (NASDAQ:FULT) Target Price at $18.83

Fulton Financial Co. (NASDAQ:FULT) has earned an average rating of “Hold” from the five ratings firms that are currently covering the stock, Marketbeat.com reports. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $18.83.

Several equities research analysts recently commented on the stock. StockNews.com downgraded shares of Fulton Financial from a “hold” rating to a “sell” rating in a research report on Monday, November 11th. Piper Sandler set a $21.00 target price on Fulton Financial in a research report on Thursday, October 17th.

Fulton Financial Stock Performance

FULT opened at $21.99 on Tuesday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.32. The firm has a market cap of $4.00 billion, a PE ratio of 13.92 and a beta of 0.73. The business has a fifty day simple moving average of $18.82 and a 200-day simple moving average of $18.02. Fulton Financial has a fifty-two week low of $13.84 and a fifty-two week high of $22.49.

Fulton Financial (NASDAQ:FULT) last issued its quarterly earnings results on Tuesday, October 15th. The bank reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.06. Fulton Financial had a return on equity of 11.33% and a net margin of 16.37%. The firm had revenue of $487.33 million for the quarter, compared to analysts’ expectations of $321.00 million. During the same quarter last year, the business posted $0.43 EPS. As a group, equities analysts predict that Fulton Financial will post 1.74 EPS for the current fiscal year.

Fulton Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st were issued a dividend of $0.17 per share. The ex-dividend date was Tuesday, October 1st. This represents a $0.68 annualized dividend and a dividend yield of 3.09%. Fulton Financial’s dividend payout ratio is 43.04%.

Institutional Investors Weigh In On Fulton Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. State Street Corp lifted its stake in Fulton Financial by 4.4% in the third quarter. State Street Corp now owns 10,544,159 shares of the bank’s stock valued at $191,166,000 after acquiring an additional 444,219 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Fulton Financial by 2.0% in the third quarter. Geode Capital Management LLC now owns 4,371,223 shares of the bank’s stock worth $79,264,000 after buying an additional 85,574 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Fulton Financial by 511.1% during the 2nd quarter. Millennium Management LLC now owns 3,256,000 shares of the bank’s stock worth $55,287,000 after acquiring an additional 2,723,170 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Fulton Financial by 18.6% in the 2nd quarter. American Century Companies Inc. now owns 3,022,534 shares of the bank’s stock valued at $51,323,000 after acquiring an additional 474,099 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Fulton Financial by 28.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,542,068 shares of the bank’s stock worth $43,164,000 after purchasing an additional 567,771 shares during the last quarter. 72.02% of the stock is owned by hedge funds and other institutional investors.

About Fulton Financial

Fulton Financial Corporation operates as a financial holding company that provides consumer and commercial banking products and services in Pennsylvania, Delaware, Maryland, New Jersey, and Virginia. It accepts various checking accounts and savings deposit products, certificates of deposit, and individual retirement accounts.