Fulton Financial Corporation (NASDAQ:FULT) Stock Has Consensus Target Price of $24.75 According to Brokerages

Fulton Financial Corporation (NASDAQ:FULT) has been assigned an average recommendation of “Hold” from the five analysts that are currently covering the firm, Marketbeat Ratings reports. Four analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $24.75.

Several brokerages have recently weighed in on FULT. Raymond James Financial downgraded shares of Fulton Financial from an “outperform” rating to a “market perform” rating in a research note on Tuesday, October 6th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fulton Financial in a research note on Wednesday, July 29th. Wall Street Zen raised shares of Fulton Financial from a “sell” rating to a “hold” rating in a research note on Saturday, July 25th. Piper Sandler reiterated a “neutral” rating and issued a $27.00 price objective (up from $23.00) on shares of Fulton Financial in a report on Monday, August 3rd. Finally, DA Davidson upped their price objective on shares of Fulton Financial from $24.00 to $25.00 and gave the company a “neutral” rating in a research report on Friday, July 24th.

Insider Activity at Fulton Financial

In related news, Director Lisa Crutchfield sold 4,100 shares of the business’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $24.80, for a total value of $101,680.00. Following the transaction, the director owned 7,838 shares in the company, valued at approximately $194,382.40. The trade was a 34.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.01% of the company’s stock.

Institutional Investors Weigh In On Fulton Financial

A number of hedge funds have recently bought and sold shares of FULT. Waverly Advisors LLC acquired a new position in Fulton Financial during the 2nd quarter worth $733,000. First Trust Advisors LP increased its position in shares of Fulton Financial by 31.2% in the 1st quarter. First Trust Advisors LP now owns 8,050,923 shares of the bank’s stock worth $163,756,000 after purchasing an additional 1,912,709 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Fulton Financial by 132.4% in the 1st quarter. Bank of America Corp DE now owns 1,576,996 shares of the bank’s stock valued at $32,076,000 after purchasing an additional 898,435 shares in the last quarter. Deutsche Bank AG acquired a new stake in shares of Fulton Financial in the 2nd quarter valued at about $4,899,000. Finally, Econ Financial Services Corp raised its stake in shares of Fulton Financial by 57.1% in the 1st quarter. Econ Financial Services Corp now owns 164,003 shares of the bank’s stock valued at $3,336,000 after purchasing an additional 59,614 shares in the last quarter. Institutional investors and hedge funds own 72.02% of the company’s stock.

Fulton Financial Stock Down 1.0%

NASDAQ FULT opened at $22.17 on Tuesday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.15. Fulton Financial has a fifty-two week low of $16.91 and a fifty-two week high of $25.23. The business has a 50 day moving average price of $23.27 and a two-hundred day moving average price of $22.90. The stock has a market cap of $4.23 billion, a PE ratio of 10.61 and a beta of 0.79.

Fulton Financial (NASDAQ:FULT) last posted its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.07. The company had revenue of $367.87 million for the quarter, compared to analyst estimates of $358.83 million. Fulton Financial had a net margin of 20.63% and a return on equity of 12.68%. The business’s quarterly revenue was up 12.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.55 earnings per share. As a group, sell-side analysts predict that Fulton Financial will post 2.22 EPS for the current fiscal year.

Fulton Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Thursday, October 1st were given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend was Thursday, October 1st. Fulton Financial’s payout ratio is presently 36.36%.

Fulton Financial Company Profile

Fulton Financial Corporation is a regional bank holding company headquartered in Lancaster, Pennsylvania. Through its principal subsidiary, Fulton Bank, N.A., the company provides banking and financial services to individuals, businesses, and institutions.

Fulton Bank offers deposit accounts, consumer and commercial lending, residential mortgages, and cash-management and treasury services. Its other offerings include wealth management, trust and investment services, financial planning, and insurance solutions.

Founded in 1882, Fulton Financial serves customers through banking offices and digital channels in Pennsylvania, Delaware, Maryland, New Jersey, and Virginia.