DA Davidson Comments on Fulton Financial Co.’s Q2 2024 Earnings (NASDAQ:FULT)

Fulton Financial Co. (NASDAQ:FULT) – Equities research analysts at DA Davidson lowered their Q2 2024 earnings per share (EPS) estimates for shares of Fulton Financial in a report released on Thursday, June 27th. DA Davidson analyst M. Navas now expects that the bank will post earnings of $0.13 per share for the quarter, down from their prior forecast of $0.14. DA Davidson currently has a “Neutral” rating and a $18.00 target price on the stock. The consensus estimate for Fulton Financial’s current full-year earnings is $1.55 per share. DA Davidson also issued estimates for Fulton Financial’s FY2025 earnings at $1.75 EPS.

Fulton Financial (NASDAQ:FULT) last released its earnings results on Tuesday, April 16th. The bank reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.01. Fulton Financial had a net margin of 18.31% and a return on equity of 11.73%. The firm had revenue of $230.36 million for the quarter, compared to analysts’ expectations of $268.90 million.

Several other analysts have also issued reports on the company. Keefe, Bruyette & Woods boosted their target price on Fulton Financial from $17.00 to $19.00 and gave the company a “market perform” rating in a research note on Tuesday, April 30th. StockNews.com cut shares of Fulton Financial from a “hold” rating to a “sell” rating in a research note on Friday, April 26th. Jefferies Financial Group reduced their price objective on shares of Fulton Financial from $17.00 to $16.00 and set a “hold” rating for the company in a research note on Monday, April 8th. Stephens increased their target price on Fulton Financial from $15.50 to $17.50 and gave the stock an “equal weight” rating in a research report on Tuesday, May 7th. Finally, Janney Montgomery Scott upgraded Fulton Financial from a “neutral” rating to a “buy” rating and set a $19.50 price target for the company in a research report on Monday, April 29th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $18.00.

Fulton Financial Trading Down 1.2 %

NASDAQ:FULT opened at $16.77 on Monday. The firm’s 50 day moving average is $16.60 and its 200 day moving average is $15.99. Fulton Financial has a 12 month low of $11.47 and a 12 month high of $17.68. The stock has a market capitalization of $3.05 billion, a PE ratio of 10.42 and a beta of 0.75. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.35.

Fulton Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Monday, July 1st will be issued a $0.17 dividend. The ex-dividend date of this dividend is Monday, July 1st. This represents a $0.68 annualized dividend and a dividend yield of 4.05%. Fulton Financial’s payout ratio is currently 42.24%.

Institutional Trading of Fulton Financial

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its position in shares of Fulton Financial by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 19,444,753 shares of the bank’s stock worth $320,061,000 after purchasing an additional 216,465 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Fulton Financial by 2.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 11,918,831 shares of the bank’s stock worth $196,188,000 after buying an additional 297,923 shares during the last quarter. Hsbc Holdings PLC lifted its holdings in shares of Fulton Financial by 36.0% during the 4th quarter. Hsbc Holdings PLC now owns 2,593,793 shares of the bank’s stock worth $43,043,000 after acquiring an additional 686,269 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Fulton Financial by 5.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,062,343 shares of the bank’s stock worth $33,946,000 after acquiring an additional 100,902 shares in the last quarter. Finally, Northern Trust Corp increased its stake in Fulton Financial by 0.4% in the third quarter. Northern Trust Corp now owns 1,879,238 shares of the bank’s stock valued at $22,758,000 after acquiring an additional 8,292 shares during the last quarter. Hedge funds and other institutional investors own 72.02% of the company’s stock.

Fulton Financial Company Profile

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.