Fulton Financial (NASDAQ:FULT) Announces Earnings Results

Fulton Financial (NASDAQ:FULT) issued its quarterly earnings results on Tuesday. The bank reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.07, Zacks reports. Fulton Financial had a return on equity of 12.64% and a net margin of 17.00%.The business had revenue of $338.90 million during the quarter, compared to analyst estimates of $332.51 million. During the same quarter in the prior year, the business posted $0.50 EPS.

Fulton Financial Stock Up 1.3%

Shares of NASDAQ FULT opened at $17.88 on Wednesday. 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 company has a market cap of $3.26 billion, a P/E ratio of 10.46 and a beta of 0.82. Fulton Financial has a 1 year low of $14.32 and a 1 year high of $22.49. The firm has a 50-day simple moving average of $18.79 and a two-hundred day simple moving average of $18.00.

Fulton Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Wednesday, October 1st were paid a $0.18 dividend. The ex-dividend date of this dividend was Wednesday, October 1st. This represents a $0.72 annualized dividend and a yield of 4.0%. Fulton Financial’s dividend payout ratio (DPR) is presently 42.11%.

Insider Transactions at Fulton Financial

In other Fulton Financial news, Director E Philip Wenger sold 5,000 shares of the firm’s stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $19.28, for a total value of $96,400.00. Following the completion of the sale, the director owned 90,477 shares of the company’s stock, valued at $1,744,396.56. This trade represents a 5.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.07% of the stock is currently owned by insiders.

Institutional Trading of Fulton Financial

Several institutional investors have recently added to or reduced their stakes in the company. Raymond James Financial Inc. increased its position in shares of Fulton Financial by 0.8% during the second quarter. Raymond James Financial Inc. now owns 88,351 shares of the bank’s stock worth $1,594,000 after acquiring an additional 741 shares during the period. EverSource Wealth Advisors LLC raised its stake in shares of Fulton Financial by 373.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,662 shares of the bank’s stock valued at $30,000 after acquiring an additional 1,311 shares in the last quarter. Sei Investments Co. raised its stake in shares of Fulton Financial by 8.0% during the second quarter. Sei Investments Co. now owns 18,673 shares of the bank’s stock valued at $337,000 after acquiring an additional 1,380 shares in the last quarter. State of Wyoming bought a new stake in shares of Fulton Financial during the second quarter valued at approximately $30,000. Finally, Federated Hermes Inc. raised its stake in shares of Fulton Financial by 0.8% during the second quarter. Federated Hermes Inc. now owns 250,036 shares of the bank’s stock valued at $4,511,000 after acquiring an additional 1,867 shares in the last quarter. Institutional investors own 72.02% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on FULT. Zacks Research lowered Fulton Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 15th. Jefferies Financial Group restated a “hold” rating on shares of Fulton Financial in a research report on Wednesday, July 9th. Piper Sandler restated a “neutral” rating on shares of Fulton Financial in a research report on Wednesday, July 9th. DA Davidson raised their price objective on Fulton Financial from $17.00 to $20.00 and gave the company a “neutral” rating in a research report on Thursday, July 17th. Finally, Raymond James Financial upgraded Fulton Financial from a “market perform” rating to an “outperform” rating and set a $21.00 price objective for the company in a research report on Tuesday, October 7th. Three equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $21.10.

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.