Fulton Financial (NASDAQ:FULT) Rating Lowered to “Hold” at Zacks Research

Fulton Financial (NASDAQ:FULT) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

FULT has been the topic of a number of other research reports. Keefe, Bruyette & Woods raised their price target on Fulton Financial from $21.00 to $22.00 and gave the stock a “market perform” rating in a research report on Thursday, July 17th. Jefferies Financial Group restated a “hold” rating on shares of Fulton Financial in a research report on Wednesday, July 9th. Piper Sandler reiterated a “neutral” rating on shares of Fulton Financial in a research report on Wednesday, July 9th. Finally, DA Davidson lifted their target price on Fulton Financial from $17.00 to $20.00 and gave the company a “neutral” rating in a research report on Thursday, July 17th. One equities research analyst has rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $21.13.

Fulton Financial Stock Down 1.4%

FULT stock opened at $18.81 on Monday. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a market capitalization of $3.43 billion, a price-to-earnings ratio of 11.00 and a beta of 0.85. The business’s fifty day moving average price is $18.93 and its two-hundred day moving average price is $17.94. Fulton Financial has a fifty-two week low of $14.32 and a fifty-two week high of $22.49.

Fulton Financial (NASDAQ:FULT) last posted its quarterly earnings data on Tuesday, July 15th. The bank reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.12. The firm had revenue of $328.45 million for the quarter, compared to analysts’ expectations of $320.47 million. Fulton Financial had a return on equity of 12.64% and a net margin of 17.00%.During the same quarter last year, the business earned $0.52 EPS. On average, equities analysts anticipate that Fulton Financial will post 1.91 earnings per share for the current year.

Insider Activity at Fulton Financial

In related news, Director E Philip Wenger sold 5,000 shares of Fulton Financial stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $19.28, for a total value of $96,400.00. Following the transaction, the director directly owned 90,477 shares of the company’s stock, valued at $1,744,396.56. The trade was a 5.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.07% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Fulton Financial

A number of hedge funds have recently added to or reduced their stakes in FULT. Norges Bank bought a new stake in Fulton Financial in the second quarter worth approximately $37,813,000. First Trust Advisors LP increased its holdings in Fulton Financial by 42.4% in the second quarter. First Trust Advisors LP now owns 5,626,858 shares of the bank’s stock worth $101,509,000 after purchasing an additional 1,676,495 shares in the last quarter. Balyasny Asset Management L.P. bought a new stake in Fulton Financial in the second quarter worth approximately $22,069,000. Nuveen LLC bought a new stake in Fulton Financial in the first quarter worth approximately $17,263,000. Finally, Nuveen Asset Management LLC increased its holdings in Fulton Financial by 133.7% in the fourth quarter. Nuveen Asset Management LLC now owns 1,239,500 shares of the bank’s stock worth $23,898,000 after purchasing an additional 709,015 shares in the last quarter. 72.02% of the stock is currently owned by institutional investors.

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.