Fulton Financial (NASDAQ:FULT) Reaches New 52-Week High – Here’s What Happened

Fulton Financial Corporation (NASDAQ:FULT) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $24.46 and last traded at $24.4560, with a volume of 521138 shares. The stock had previously closed at $24.19.

Analyst Upgrades and Downgrades

FULT has been the topic of several analyst reports. Raymond James Financial upped their target price on Fulton Financial from $24.00 to $26.00 and gave the company an “outperform” rating in a report on Wednesday. Piper Sandler set a $23.00 price target on shares of Fulton Financial and gave the stock a “neutral” rating in a report on Friday, June 12th. Weiss Ratings upgraded shares of Fulton Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Finally, Wall Street Zen lowered shares of Fulton Financial from a “hold” rating to a “sell” rating in a research note on Sunday, May 3rd. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $23.50.

Fulton Financial Price Performance

The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.90 and a current ratio of 0.90. The business has a 50 day moving average price of $22.18 and a 200-day moving average price of $21.18. The company has a market capitalization of $4.61 billion, a price-to-earnings ratio of 11.48 and a beta of 0.79.

Fulton Financial (NASDAQ:FULT) last released its earnings results on Wednesday, April 22nd. The bank reported $0.55 EPS for the quarter, topping the consensus estimate of $0.50 by $0.05. Fulton Financial had a return on equity of 12.69% and a net margin of 20.85%.The business had revenue of $331.86 million during the quarter, compared to analysts’ expectations of $359.36 million. During the same quarter last year, the firm posted $0.52 earnings per share. Research analysts predict that Fulton Financial Corporation will post 2.18 EPS for the current fiscal year.

Fulton Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st will be given a dividend of $0.19 per share. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $0.76 annualized dividend and a dividend yield of 3.2%. Fulton Financial’s dividend payout ratio (DPR) is 36.19%.

Insider Buying and Selling at Fulton Financial

In related news, Director E Philip Wenger sold 5,000 shares of the business’s stock in a transaction on Monday, April 13th. The shares were sold at an average price of $21.42, for a total transaction of $107,100.00. Following the transaction, the director owned 80,477 shares in the company, valued at $1,723,817.34. The trade was a 5.85% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.01% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fulton Financial

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Kestra Advisory Services LLC bought a new position in shares of Fulton Financial during the 4th quarter worth about $25,000. Root Financial Partners LLC increased its position in Fulton Financial by 89.9% in the 1st quarter. Root Financial Partners LLC now owns 1,282 shares of the bank’s stock valued at $26,000 after buying an additional 607 shares in the last quarter. Eurizon Capital SGR S.p.A. acquired a new position in Fulton Financial during the 4th quarter worth approximately $27,000. V Square Quantitative Management LLC acquired a new position in Fulton Financial during the 4th quarter worth approximately $28,000. Finally, Torren Management LLC bought a new position in Fulton Financial in the fourth quarter worth approximately $28,000. 72.02% of the stock is owned by institutional investors.

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.