Fulton Financial (FULT) Lowered to Hold at Zacks Investment Research

Fulton Financial (NASDAQ:FULT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.

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. “

FULT has been the subject of a number of other reports. Barclays increased their target price on Fulton Financial from $18.00 to $19.00 and gave the company an “underweight” rating in a research report on Tuesday, January 2nd. BidaskClub downgraded Fulton Financial from a “sell” rating to a “strong sell” rating in a research report on Saturday, January 6th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $17.00 target price on shares of Fulton Financial in a research report on Thursday, October 19th. Finally, Piper Jaffray Companies reiterated a “hold” rating and set a $18.00 target price on shares of Fulton Financial in a research report on Thursday, October 19th. One analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $18.80.

Fulton Financial (FULT) opened at $18.50 on Tuesday. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $3,143.44, a P/E ratio of 18.88 and a beta of 1.06. Fulton Financial has a 52-week low of $16.45 and a 52-week high of $19.90.

Fulton Financial (NASDAQ:FULT) last posted its earnings results on Monday, January 22nd. The bank reported $0.28 EPS for the quarter, meeting analysts’ consensus estimates of $0.28. The firm had revenue of $206.37 million during the quarter, compared to the consensus estimate of $201.30 million. Fulton Financial had a return on equity of 8.51% and a net margin of 19.59%. The company’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.24 EPS. sell-side analysts predict that Fulton Financial will post 1.25 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Advisor Group Inc. lifted its position in Fulton Financial by 5.3% in the second quarter. Advisor Group Inc. now owns 8,336 shares of the bank’s stock worth $158,000 after buying an additional 417 shares during the last quarter. Public Employees Retirement System of Ohio lifted its position in Fulton Financial by 4.9% in the second quarter. Public Employees Retirement System of Ohio now owns 11,644 shares of the bank’s stock worth $221,000 after buying an additional 539 shares during the last quarter. Teachers Retirement System of The State of Kentucky lifted its position in Fulton Financial by 3.6% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 29,031 shares of the bank’s stock worth $552,000 after buying an additional 1,000 shares during the last quarter. Mutual of America Capital Management LLC lifted its position in Fulton Financial by 1.9% in the third quarter. Mutual of America Capital Management LLC now owns 147,983 shares of the bank’s stock worth $2,775,000 after buying an additional 2,729 shares during the last quarter. Finally, New York State Common Retirement Fund lifted its position in Fulton Financial by 1.6% in the second quarter. New York State Common Retirement Fund now owns 181,500 shares of the bank’s stock worth $3,449,000 after buying an additional 2,899 shares during the last quarter. Institutional investors own 62.59% of the company’s stock.

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Fulton Financial Company Profile

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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