Fulton Financial (NASDAQ:FULT) Reaches New 1-Year High – Still a Buy?

Fulton Financial Corporation (NASDAQ:FULT) reached a new 52-week high during trading on Thursday . The stock traded as high as $24.82 and last traded at $24.8510, with a volume of 94744 shares changing hands. The stock had previously closed at $24.42.

Analyst Upgrades and Downgrades

FULT has been the topic of several research analyst reports. Weiss Ratings raised shares of Fulton Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Piper Sandler set a $23.00 target price on shares of Fulton Financial and gave the stock a “neutral” rating in a research report on Friday, June 12th. 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, July 1st. Finally, Wall Street Zen cut Fulton Financial from a “hold” rating to a “sell” rating in a research note on Sunday, May 3rd. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $23.50.

Fulton Financial Stock Performance

The stock has a market cap of $4.74 billion, a P/E ratio of 11.80 and a beta of 0.79. The firm has a 50 day moving average of $22.77 and a two-hundred day moving average of $21.49. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.90 and a current ratio of 0.90.

Fulton Financial (NASDAQ:FULT) last issued its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.55 EPS for the quarter, topping the consensus estimate of $0.50 by $0.05. Fulton Financial had a return on equity of 12.69% and a net margin of 20.85%.The company had revenue of $331.86 million for the quarter, compared to the consensus estimate of $359.36 million. During the same period in the previous year, the business posted $0.52 EPS. On average, research analysts predict that Fulton Financial Corporation will post 2.18 EPS for the current fiscal year.

Fulton Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st were given a dividend of $0.19 per share. The ex-dividend date of this dividend was Wednesday, July 1st. This represents a $0.76 dividend on an annualized basis and a yield of 3.1%. Fulton Financial’s payout ratio is 36.19%.

Insider Transactions at Fulton Financial

In other news, Director E Philip Wenger sold 5,000 shares of the business’s stock in a transaction dated Monday, July 13th. The shares were sold at an average price of $24.14, for a total transaction of $120,700.00. Following the transaction, the director owned 75,477 shares in the company, valued at approximately $1,822,014.78. The trade was a 6.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.01% of the stock is owned by corporate insiders.

Institutional Trading of Fulton Financial

A number of institutional investors and hedge funds have recently modified their holdings of FULT. Keybank National Association OH raised its holdings in shares of Fulton Financial by 1.5% during the 1st quarter. Keybank National Association OH now owns 32,887 shares of the bank’s stock worth $669,000 after buying an additional 485 shares in the last quarter. Cetera Investment Advisers boosted its stake in Fulton Financial by 2.6% in the first quarter. Cetera Investment Advisers now owns 21,829 shares of the bank’s stock valued at $444,000 after buying an additional 557 shares in the last quarter. State of Wyoming grew its position in Fulton Financial by 13.4% in the first quarter. State of Wyoming now owns 4,829 shares of the bank’s stock valued at $98,000 after acquiring an additional 570 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in Fulton Financial by 2.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 23,924 shares of the bank’s stock worth $467,000 after acquiring an additional 580 shares in the last quarter. Finally, Root Financial Partners LLC lifted its holdings in shares of Fulton Financial by 89.9% in the first quarter. Root Financial Partners LLC now owns 1,282 shares of the bank’s stock worth $26,000 after acquiring an additional 607 shares during the last quarter. 72.02% of the stock is currently owned by institutional investors.

Fulton Financial Company Profile

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.