Fulton Financial Corporation (FULT) Raised to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Fulton Financial Corporation (NASDAQ:FULT) from a hold rating to a buy rating in a research note published on Tuesday morning. The firm currently has $20.00 price objective on the bank’s stock.
According to Zacks, “Fulton Financial Corp. is a bank holding company. It provides retail and commercial banking and investment management and trust services in central and eastern Pennsylvania, southern New Jersey, northern Maryland and southern Delaware through its wholly-owned subsidiaries: Fulton Bank, Lebanon Valley Farmers Bank, Swineford National Bank, Lafayette Ambassador Bank, FNB Bank, N.A., Great Valley Bank, Hagerstown Trust Company, Delaware National Bank, The Bank of Gloucester County, The Woodstown National Bank & Trust Company, and The Peoples Bank of Elkton. “
A number of other analysts have also issued reports on FULT. Keefe, Bruyette & Woods set a $17.00 target price on shares of Fulton Financial Corporation and gave the company a hold rating in a research note on Monday, April 10th. Barclays PLC restated a sell rating and issued a $18.00 price objective (up from $17.00) on shares of Fulton Financial Corporation in a report on Friday, April 21st. Jefferies Group LLC restated a hold rating and issued a $20.00 price objective on shares of Fulton Financial Corporation in a report on Friday, May 5th. ValuEngine upgraded Fulton Financial Corporation from a hold rating to a buy rating in a report on Tuesday, June 6th. Finally, BidaskClub upgraded Fulton Financial Corporation from a sell rating to a hold rating in a report on Saturday, June 10th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. The stock has an average rating of Hold and a consensus price target of $18.33.
Shares of Fulton Financial Corporation (NASDAQ FULT) traded down 0.82% on Tuesday, reaching $18.05. 626,557 shares of the company’s stock traded hands. The firm has a market cap of $3.15 billion, a P/E ratio of 18.23 and a beta of 1.17. Fulton Financial Corporation has a 12-month low of $13.39 and a 12-month high of $19.90. The stock has a 50-day moving average of $18.79 and a 200 day moving average of $18.39.
Fulton Financial Corporation (NASDAQ:FULT) last issued its earnings results on Tuesday, July 18th. The bank reported $0.26 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.26. The firm had revenue of $193.93 million during the quarter, compared to analyst estimates of $194.02 million. Fulton Financial Corporation had a net margin of 20.86% and a return on equity of 8.02%. During the same period in the previous year, the firm earned $0.23 earnings per share. On average, equities research analysts expect that Fulton Financial Corporation will post $1.06 earnings per share for the current year.
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The company also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Monday, July 3rd were issued a $0.11 dividend. The ex-dividend date of this dividend was Thursday, June 29th. This represents a $0.44 annualized dividend and a dividend yield of 2.44%. Fulton Financial Corporation’s payout ratio is currently 44.44%.
In related news, insider Michael J. Deporter sold 1,500 shares of Fulton Financial Corporation stock in a transaction dated Friday, July 21st. The stock was sold at an average price of $18.00, for a total value of $27,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Craig A. Roda sold 19,309 shares of Fulton Financial Corporation stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $18.42, for a total value of $355,671.78. The disclosure for this sale can be found here. Insiders own 0.68% of the company’s stock.
A number of institutional investors have recently made changes to their positions in FULT. Thrivent Financial for Lutherans increased its position in shares of Fulton Financial Corporation by 9.9% in the fourth quarter. Thrivent Financial for Lutherans now owns 29,850 shares of the bank’s stock worth $561,000 after buying an additional 2,700 shares in the last quarter. Norges Bank purchased a new position in shares of Fulton Financial Corporation during the fourth quarter worth approximately $33,985,000. Teachers Advisors LLC increased its position in shares of Fulton Financial Corporation by 5.8% in the fourth quarter. Teachers Advisors LLC now owns 1,669,593 shares of the bank’s stock worth $31,388,000 after buying an additional 92,203 shares in the last quarter. Foundry Partners LLC increased its position in shares of Fulton Financial Corporation by 14.5% in the first quarter. Foundry Partners LLC now owns 1,070,009 shares of the bank’s stock worth $19,100,000 after buying an additional 135,314 shares in the last quarter. Finally, Bank of Montreal Can increased its position in shares of Fulton Financial Corporation by 1.3% in the first quarter. Bank of Montreal Can now owns 12,971 shares of the bank’s stock worth $231,000 after buying an additional 169 shares in the last quarter. Institutional investors and hedge funds own 61.92% of the company’s stock.
About Fulton Financial Corporation
Fulton Financial Corporation is a financial holding company. The Company is the bank holding company of Fulton Bank N.A. (the Bank). As of December 31, 2016, the Company’s six subsidiary banks were located primarily in suburban or semi-rural geographic markets throughout a five-state region (Pennsylvania, Delaware, Maryland, New Jersey and Virginia).
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