Fulton Financial (NASDAQ:FULT) Hits New 12-Month High Following Earnings Beat

Fulton Financial Corporation (NASDAQ:FULT)’s share price hit a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The stock traded as high as $21.09 and last traded at $21.15, with a volume of 1099744 shares. The stock had previously closed at $20.51.

The bank reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.03. The business had revenue of $336.02 million for the quarter, compared to analysts’ expectations of $336.80 million. Fulton Financial had a net margin of 19.01% and a return on equity of 12.75%. During the same period last year, the business earned $0.48 earnings per share.

Fulton Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 3.6%. This is a positive change from Fulton Financial’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Wednesday, December 31st. Fulton Financial’s payout ratio is currently 39.79%.

Fulton Financial declared that its Board of Directors has initiated a share repurchase plan on Tuesday, December 16th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the bank to reacquire up to 4.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

FULT has been the topic of a number of recent research reports. Raymond James Financial raised shares of Fulton Financial from a “market perform” rating to an “outperform” rating and set a $21.00 target price on the stock in a research report on Tuesday, October 7th. Weiss Ratings downgraded shares of Fulton Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Fulton Financial from $20.00 to $21.00 and gave the company a “market perform” rating in a research note on Wednesday, November 26th. One equities research analyst has rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $20.90.

Insider Buying and Selling at Fulton Financial

In other news, Director E Philip Wenger sold 5,000 shares of Fulton Financial 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 $1,671,075.35. This trade represents a 5.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.08% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fulton Financial

Several institutional investors have recently made changes to their positions in FULT. V Square Quantitative Management LLC acquired a new stake in shares of Fulton Financial during the fourth quarter worth $28,000. EverSource Wealth Advisors LLC raised its stake in Fulton Financial by 373.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,662 shares of the bank’s stock worth $30,000 after acquiring an additional 1,311 shares during the last quarter. State of Wyoming acquired a new stake in Fulton Financial during the 2nd quarter worth about $30,000. Parallel Advisors LLC lifted its position in Fulton Financial by 69.0% during the 3rd quarter. Parallel Advisors LLC now owns 1,903 shares of the bank’s stock worth $35,000 after acquiring an additional 777 shares during the period. Finally, Jones Financial Companies Lllp grew its stake in Fulton Financial by 48.0% during the 3rd quarter. Jones Financial Companies Lllp now owns 1,995 shares of the bank’s stock valued at $38,000 after purchasing an additional 647 shares during the last quarter. Hedge funds and other institutional investors own 72.02% of the company’s stock.

Fulton Financial Stock Up 3.1%

The business has a fifty day moving average price of $19.23 and a two-hundred day moving average price of $18.79. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market capitalization of $3.82 billion, a price-to-earnings ratio of 11.07 and a beta of 0.85.

Fulton Financial Company Profile

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.