Fulton Financial Co. (NASDAQ:FULT) Receives Average Rating of “Hold” from Analysts

Fulton Financial Co. (NASDAQ:FULT) has received an average recommendation of “Hold” from the six ratings firms that are covering the company, Marketbeat reports. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $20.30.

Several analysts recently issued reports on the stock. Piper Sandler cut their target price on shares of Fulton Financial from $22.00 to $20.00 and set a “neutral” rating for the company in a research report on Thursday, April 17th. Keefe, Bruyette & Woods dropped their price target on shares of Fulton Financial from $24.00 to $21.00 and set a “market perform” rating for the company in a research report on Thursday, April 17th. Finally, DA Davidson reiterated a “neutral” rating and issued a $20.00 price target on shares of Fulton Financial in a research report on Wednesday, April 16th.

Fulton Financial Stock Performance

Shares of FULT stock opened at $17.16 on Friday. The company has a 50 day moving average price of $16.99 and a 200-day moving average price of $18.69. Fulton Financial has a 52 week low of $14.33 and a 52 week high of $22.49. The firm has a market capitalization of $3.12 billion, a PE ratio of 10.93 and a beta of 0.77. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.32.

Fulton Financial (NASDAQ:FULT) last announced its earnings results on Tuesday, April 15th. The bank reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.08. The company had revenue of $322.64 million during the quarter, compared to analyst estimates of $315.07 million. Fulton Financial had a net margin of 15.87% and a return on equity of 11.41%. During the same period in the previous year, the business posted $0.40 earnings per share. As a group, equities research analysts expect that Fulton Financial will post 1.91 earnings per share for the current year.

Fulton Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 4.20%. The ex-dividend date was Tuesday, April 1st. Fulton Financial’s payout ratio is 42.35%.

Institutional Investors Weigh In On Fulton Financial

A number of hedge funds have recently bought and sold shares of FULT. Norges Bank purchased a new stake in Fulton Financial during the fourth quarter valued at $38,010,000. Nuveen LLC purchased a new stake in Fulton Financial during the first quarter valued at $17,263,000. Millennium Management LLC raised its stake in Fulton Financial by 149.9% during the fourth quarter. Millennium Management LLC now owns 1,478,735 shares of the bank’s stock valued at $28,510,000 after purchasing an additional 886,991 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Fulton Financial by 137.3% during the fourth quarter. JPMorgan Chase & Co. now owns 1,322,616 shares of the bank’s stock valued at $25,500,000 after purchasing an additional 765,313 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its stake in Fulton Financial by 133.7% during the fourth quarter. Nuveen Asset Management LLC now owns 1,239,500 shares of the bank’s stock valued at $23,898,000 after purchasing an additional 709,015 shares in the last quarter. Hedge funds and other institutional investors own 72.02% of the company’s stock.

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.