Jefferies Group Comments on Fulton Financial Corporation’s FY2018 Earnings (FULT)
Fulton Financial Corporation (NASDAQ:FULT) – Stock analysts at Jefferies Group boosted their FY2018 earnings estimates for Fulton Financial in a research report issued to clients and investors on Monday. Jefferies Group analyst C. Haire now forecasts that the bank will post earnings of $1.24 per share for the year, up from their previous estimate of $1.14. Jefferies Group has a “Hold” rating and a $20.00 price objective on the stock. Jefferies Group also issued estimates for Fulton Financial’s FY2019 earnings at $1.34 EPS.
Fulton Financial (NASDAQ:FULT) last issued its quarterly earnings results on Tuesday, October 17th. The bank reported $0.28 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.01. The company had revenue of $194.19 million for the quarter, compared to analyst estimates of $200.00 million. Fulton Financial had a net margin of 21.15% and a return on equity of 8.28%. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.24 earnings per share.
A number of other analysts have also weighed in on the stock. BidaskClub lowered shares of Fulton Financial from a “hold” rating to a “sell” rating in a research note on Saturday, December 9th. Piper Jaffray Companies restated a “hold” rating and set a $18.00 target price on shares of Fulton Financial in a research note on Thursday, October 19th. Keefe, Bruyette & Woods restated a “hold” rating and set a $17.00 target price on shares of Fulton Financial in a research note on Thursday, October 19th. Zacks Investment Research upgraded shares of Fulton Financial from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a research note on Wednesday, September 20th. Finally, Barclays upped their target price on shares of Fulton Financial from $18.00 to $19.00 and gave the stock an “underweight” rating in a research note on Tuesday, January 2nd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $18.80.
Shares of Fulton Financial (NASDAQ:FULT) traded up $0.10 during trading hours on Wednesday, reaching $18.60. 1,519,325 shares of the company’s stock were exchanged, compared to its average volume of 796,653. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.98. The stock has a market capitalization of $3,240.00, a price-to-earnings ratio of 18.24 and a beta of 1.17. Fulton Financial has a one year low of $16.45 and a one year high of $19.90.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Tuesday, January 2nd will be paid a dividend of $0.11 per share. The ex-dividend date is Friday, December 29th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.37%. Fulton Financial’s payout ratio is 43.14%.
Several hedge funds have recently added to or reduced their stakes in FULT. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Fulton Financial by 7.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,721 shares of the bank’s stock valued at $147,000 after purchasing an additional 519 shares in the last quarter. Advisor Group Inc. boosted its holdings in Fulton Financial by 5.3% in the second quarter. Advisor Group Inc. now owns 8,336 shares of the bank’s stock valued at $158,000 after purchasing an additional 417 shares in the last quarter. Riverhead Capital Management LLC boosted its holdings in Fulton Financial by 56.0% in the second quarter. Riverhead Capital Management LLC now owns 9,985 shares of the bank’s stock valued at $190,000 after purchasing an additional 3,585 shares in the last quarter. FDx Advisors Inc. acquired a new position in Fulton Financial in the third quarter valued at approximately $192,000. Finally, C M Bidwell & Associates Ltd. boosted its holdings in Fulton Financial by 121.1% in the second quarter. C M Bidwell & Associates Ltd. now owns 10,755 shares of the bank’s stock valued at $204,000 after purchasing an additional 5,890 shares in the last quarter. Hedge funds and other institutional investors own 62.73% of the company’s stock.
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About Fulton Financial
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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