Fulton Financial (NASDAQ:FULT) Posts Earnings Results, Beats Estimates By $0.03 EPS

Fulton Financial (NASDAQ:FULT) released its earnings results on Wednesday. The bank reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.03, Zacks reports. Fulton Financial had a net margin of 19.01% and a return on equity of 12.75%.

Fulton Financial Price Performance

NASDAQ FULT traded up $0.84 during trading on Wednesday, hitting $20.51. 3,279,378 shares of the stock traded hands, compared to its average volume of 1,814,467. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.14. Fulton Financial has a 12-month low of $14.32 and a 12-month high of $21.40. The firm has a 50-day simple moving average of $19.17 and a 200-day simple moving average of $18.78. The company has a market capitalization of $3.70 billion, a P/E ratio of 10.74 and a beta of 0.85.

Fulton Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were given a $0.19 dividend. This is an increase from Fulton Financial’s previous quarterly dividend of $0.18. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date was Wednesday, December 31st. Fulton Financial’s dividend payout ratio (DPR) is presently 39.79%.

Insider Activity at Fulton Financial

In other news, Director E Philip Wenger sold 5,000 shares of the stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $19.55, for a total transaction of $97,750.00. Following the completion of the transaction, the director directly owned 85,477 shares in the company, valued at approximately $1,671,075.35. This represents a 5.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.07% of the company’s stock.

Hedge Funds Weigh In On Fulton Financial

A number of large investors have recently made changes to their positions in the company. Balyasny Asset Management L.P. purchased a new position in shares of Fulton Financial during the second quarter valued at $22,069,000. Millennium Management LLC raised its holdings in shares of Fulton Financial by 2,825.4% in the 3rd quarter. Millennium Management LLC now owns 1,021,992 shares of the bank’s stock valued at $19,040,000 after purchasing an additional 987,057 shares in the last quarter. Two Sigma Investments LP lifted its position in shares of Fulton Financial by 1,377.2% in the 3rd quarter. Two Sigma Investments LP now owns 300,072 shares of the bank’s stock worth $5,590,000 after purchasing an additional 279,759 shares during the period. Jane Street Group LLC lifted its position in shares of Fulton Financial by 914.9% in the 1st quarter. Jane Street Group LLC now owns 308,243 shares of the bank’s stock worth $5,576,000 after purchasing an additional 277,871 shares during the period. Finally, Legacy Advisors LLC boosted its stake in shares of Fulton Financial by 5,443.4% during the third quarter. Legacy Advisors LLC now owns 281,104 shares of the bank’s stock valued at $5,237,000 after purchasing an additional 276,033 shares in the last quarter. 72.02% of the stock is owned by hedge funds and other institutional investors.

Fulton Financial declared that its Board of Directors has approved a share repurchase plan on Tuesday, December 16th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the bank to repurchase up to 4.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

A number of equities analysts have weighed in on FULT shares. Weiss Ratings lowered shares of Fulton Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Raymond James Financial raised shares of Fulton Financial from a “market perform” rating to an “outperform” rating and set a $21.00 target price for the company in a report on Tuesday, October 7th. Finally, Keefe, Bruyette & Woods increased their price target on Fulton Financial from $20.00 to $21.00 and gave the stock a “market perform” rating in a research note on Wednesday, November 26th. One research analyst has rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $20.90.

About Fulton Financial

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.