Fulton Financial Co. (NASDAQ:FULT) Given Consensus Recommendation of “Hold” by Brokerages

Fulton Financial Co. (NASDAQ:FULT) has earned a consensus recommendation of “Hold” from the five ratings firms that are covering the company, MarketBeat reports. Four equities research analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $18.83.

Several brokerages have issued reports on FULT. StockNews.com raised Fulton Financial from a “sell” rating to a “hold” rating in a research note on Thursday, July 18th. Jefferies Financial Group dropped their target price on shares of Fulton Financial from $18.50 to $18.00 and set a “hold” rating on the stock in a research report on Wednesday, July 3rd. Finally, Piper Sandler set a $21.00 price target on shares of Fulton Financial in a report on Thursday, October 17th.

Fulton Financial Price Performance

Shares of NASDAQ FULT opened at $17.76 on Friday. The company has a market capitalization of $3.23 billion, a PE ratio of 11.03 and a beta of 0.73. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.26. Fulton Financial has a twelve month low of $11.99 and a twelve month high of $20.33. The firm has a fifty day simple moving average of $18.14 and a 200 day simple moving average of $17.35.

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 11.29% and a net margin of 17.93%. The firm had revenue of $487.33 million during the quarter, compared to the consensus estimate of $321.00 million. During the same period last year, the business posted $0.43 EPS. On average, sell-side analysts forecast that Fulton Financial will post 1.73 EPS for the current year.

Fulton Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st were given a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 3.83%. The ex-dividend date of this dividend was Tuesday, October 1st. Fulton Financial’s payout ratio is currently 42.24%.

Institutional Investors Weigh In On Fulton Financial

Several hedge funds and other institutional investors have recently made changes to their positions in FULT. Miller Howard Investments Inc. NY boosted its stake in Fulton Financial by 2.4% during the 2nd quarter. Miller Howard Investments Inc. NY now owns 22,132 shares of the bank’s stock valued at $376,000 after purchasing an additional 527 shares during the last quarter. CIBC Asset Management Inc boosted its position in shares of Fulton Financial by 3.7% during the second quarter. CIBC Asset Management Inc now owns 16,883 shares of the bank’s stock valued at $287,000 after buying an additional 605 shares during the last quarter. Blue Trust Inc. grew its holdings in Fulton Financial by 21.9% during the second quarter. Blue Trust Inc. now owns 3,840 shares of the bank’s stock worth $61,000 after buying an additional 691 shares in the last quarter. Meridian Wealth Partners LLC raised its position in Fulton Financial by 4.7% in the 2nd quarter. Meridian Wealth Partners LLC now owns 27,557 shares of the bank’s stock valued at $468,000 after buying an additional 1,230 shares during the last quarter. Finally, Texas Permanent School Fund Corp lifted its stake in Fulton Financial by 1.1% during the 1st quarter. Texas Permanent School Fund Corp now owns 143,357 shares of the bank’s stock valued at $2,278,000 after acquiring an additional 1,538 shares in the last quarter. 72.02% of the stock is owned by 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.