Fulton Financial (NASDAQ:FULT) Hits New 1-Year High – What’s Next?

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

Wall Street Analysts Forecast Growth

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

Fulton Financial Trading Up 1.3%

The firm’s 50-day simple moving average is $22.09 and its 200-day simple moving average is $21.12. The firm has a market capitalization of $4.68 billion, a P/E ratio of 11.66 and a beta of 0.80. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.06.

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

Fulton Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st will be given a dividend of $0.19 per share. The ex-dividend date is Wednesday, July 1st. This represents a $0.76 dividend on an annualized basis and a yield of 3.1%. Fulton Financial’s dividend payout ratio (DPR) is presently 36.19%.

Insider Transactions at Fulton Financial

In other news, Director E Philip Wenger sold 5,000 shares of the company’s stock in a transaction dated Monday, April 13th. The stock was sold at an average price of $21.42, for a total value of $107,100.00. Following the completion of the transaction, the director directly owned 80,477 shares in the company, valued at approximately $1,723,817.34. This represents a 5.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.01% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fulton Financial

A number of large investors have recently modified their holdings of the company. Root Financial Partners LLC lifted 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 worth $26,000 after buying an additional 607 shares during the last quarter. Kestra Advisory Services LLC bought a new position in Fulton Financial during the fourth quarter valued at approximately $25,000. Eurizon Capital SGR S.p.A. bought a new position in Fulton Financial during the fourth quarter valued at approximately $27,000. Axiom Investment Management LLC purchased a new position in shares of Fulton Financial during the first quarter worth approximately $28,000. Finally, Torren Management LLC purchased a new position in shares of Fulton Financial during the fourth quarter worth approximately $28,000. 72.02% of the stock is owned by hedge funds and other institutional investors.

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.