Fulton Financial (NASDAQ:FULT) Sets New 12-Month High – Here’s Why

Fulton Financial Corporation (NASDAQ:FULT)’s share price hit a new 52-week high on Tuesday . The company traded as high as $23.67 and last traded at $23.66, with a volume of 2512763 shares traded. The stock had previously closed at $23.05.

Analyst Ratings Changes

Several brokerages recently commented on FULT. Raymond James Financial restated an “outperform” rating and set a $24.00 target price on shares of Fulton Financial in a research report on Monday, April 27th. DA Davidson began coverage on Fulton Financial in a report on Wednesday, February 25th. They issued a “neutral” rating and a $24.00 target price for the company. Weiss Ratings raised 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 price target on Fulton Financial and gave the stock a “neutral” rating in a report on Friday, June 12th. Finally, Wall Street Zen downgraded shares of Fulton Financial from a “hold” rating to a “sell” rating in a research report on Sunday, May 3rd. Two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $23.00.

Fulton Financial Stock Up 2.6%

The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.90 and a current ratio of 0.90. The stock’s 50 day simple moving average is $21.81 and its 200 day simple moving average is $20.91. The firm has a market cap of $4.52 billion, a P/E ratio of 11.27 and a beta of 0.80.

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

Fulton Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Wednesday, July 1st. Fulton Financial’s dividend payout ratio is currently 36.19%.

Insider Transactions at Fulton Financial

In other Fulton Financial news, Director E Philip Wenger sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, April 13th. The stock was sold at an average price of $21.42, for a total transaction of $107,100.00. Following the completion of the sale, the director directly owned 80,477 shares of the company’s stock, valued at approximately $1,723,817.34. The trade was a 5.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.01% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of FULT. Nordea Investment Management AB boosted its holdings in Fulton Financial by 25.2% during the 4th quarter. Nordea Investment Management AB now owns 737,737 shares of the bank’s stock worth $14,327,000 after acquiring an additional 148,399 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Fulton Financial by 46.6% in the third quarter. JPMorgan Chase & Co. now owns 603,553 shares of the bank’s stock valued at $11,244,000 after purchasing an additional 191,764 shares during the last quarter. Econ Financial Services Corp purchased a new stake in shares of Fulton Financial in the fourth quarter valued at about $2,018,000. Norges Bank bought a new position in shares of Fulton Financial during the fourth quarter valued at about $44,271,000. Finally, Jefferies Financial Group Inc. bought a new position in shares of Fulton Financial during the fourth quarter valued at about $4,580,000. Hedge funds and other institutional investors own 72.02% of the company’s stock.

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.