Fulton Financial (NASDAQ:FULT) Sets New 52-Week High – Time to Buy?

Shares of Fulton Financial Corporation (NASDAQ:FULT) reached a new 52-week high during trading on Monday . The stock traded as high as $22.90 and last traded at $22.8440, with a volume of 307288 shares traded. The stock had previously closed at $22.75.

Analyst Upgrades and Downgrades

FULT has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods upped their price objective on Fulton Financial from $20.00 to $21.00 and gave the stock a “market perform” rating in a report on Wednesday, November 26th. Weiss Ratings restated a “hold (c+)” rating on shares of Fulton Financial in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $20.50.

Fulton Financial Stock Performance

The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.14. The stock’s 50 day moving average price is $20.27 and its two-hundred day moving average price is $19.02. The firm has a market capitalization of $4.01 billion, a PE ratio of 10.66 and a beta of 0.86.

Fulton Financial (NASDAQ:FULT) last released its quarterly earnings results on Wednesday, January 21st. The bank reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.03. Fulton Financial had a return on equity of 12.59% and a net margin of 20.68%.The company had revenue of $336.02 million during the quarter, compared to the consensus estimate of $336.80 million. During the same quarter last year, the business posted $0.48 earnings per share. On average, equities analysts expect that Fulton Financial Corporation will post 1.91 earnings per share for the current year.

Fulton Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.4%. This is a boost from Fulton Financial’s previous quarterly dividend of $0.18. The ex-dividend date was Wednesday, December 31st. Fulton Financial’s payout ratio is presently 36.54%.

Fulton Financial declared that its board has authorized a share repurchase plan on Tuesday, December 16th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the bank to reacquire up to 4.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Fulton Financial

In related news, Director E Philip Wenger sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, January 12th. The shares were sold at an average price of $19.55, for a total transaction of $97,750.00. Following the sale, the director owned 85,477 shares in the company, valued at approximately $1,671,075.35. This trade represents a 5.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.08% of the company’s stock.

Institutional Trading of Fulton Financial

Institutional investors and hedge funds have recently made changes to their positions in the company. Royal Bank of Canada boosted its holdings in Fulton Financial by 4.9% in the first quarter. Royal Bank of Canada now owns 220,706 shares of the bank’s stock valued at $3,992,000 after acquiring an additional 10,242 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Fulton Financial by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,096 shares of the bank’s stock worth $1,955,000 after purchasing an additional 4,727 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Fulton Financial by 5.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 448,832 shares of the bank’s stock valued at $8,119,000 after purchasing an additional 21,596 shares in the last quarter. Jane Street Group LLC grew its holdings in shares of Fulton Financial by 914.9% during the 1st quarter. Jane Street Group LLC now owns 308,243 shares of the bank’s stock worth $5,576,000 after purchasing an additional 277,871 shares during the period. Finally, Strs Ohio purchased a new stake in shares of Fulton Financial during the 1st quarter worth about $152,000. 72.02% of the stock is currently owned by institutional investors and hedge funds.

About Fulton Financial

Fulton Financial Corporation, trading on the NASDAQ under the ticker FULT, is the financial holding company for Fulton Bank, headquartered in Lancaster, Pennsylvania. The company delivers a broad range of banking and financial services through its subsidiary, Fulton Bank, targeting both individual and corporate clients. Fulton Financial’s offerings include deposit accounts, lending solutions, treasury management, and specialized banking services designed to support personal wealth goals and business growth initiatives.

Through Fulton Bank, the company provides retail banking services such as checking and savings accounts, consumer and residential mortgage loans, and home equity products.