Fulton Financial Co. Forecasted to Post Q2 2024 Earnings of $0.14 Per Share (NASDAQ:FULT)

Fulton Financial Co. (NASDAQ:FULT) – DA Davidson cut their Q2 2024 EPS estimates for Fulton Financial in a research report issued on Wednesday, May 1st. DA Davidson analyst M. Navas now anticipates that the bank will earn $0.14 per share for the quarter, down from their previous estimate of $0.38. DA Davidson has a “Neutral” rating and a $18.00 price target on the stock. The consensus estimate for Fulton Financial’s current full-year earnings is $1.57 per share. DA Davidson also issued estimates for Fulton Financial’s FY2024 earnings at $1.30 EPS and FY2025 earnings at $1.70 EPS.

Several other analysts have also issued reports on FULT. Jefferies Financial Group lowered their target price on Fulton Financial from $17.00 to $16.00 and set a “hold” rating on the stock in a research note on Monday, April 8th. Keefe, Bruyette & Woods upped their price objective on shares of Fulton Financial from $17.00 to $19.00 and gave the company a “market perform” rating in a report on Tuesday. Janney Montgomery Scott upgraded shares of Fulton Financial from a “neutral” rating to a “buy” rating and set a $19.50 target price for the company in a research note on Monday, April 29th. Stephens dropped their price target on shares of Fulton Financial from $16.00 to $15.50 and set an “equal weight” rating on the stock in a research note on Thursday, April 18th. Finally, StockNews.com lowered shares of Fulton Financial from a “hold” rating to a “sell” rating in a research note on Friday, April 26th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Fulton Financial currently has a consensus rating of “Hold” and an average price target of $17.60.

Fulton Financial Price Performance

Fulton Financial stock opened at $17.03 on Friday. The business’s 50 day simple moving average is $15.41 and its 200 day simple moving average is $15.14. Fulton Financial has a 12 month low of $9.64 and a 12 month high of $17.34. The company has a market cap of $2.76 billion, a price-to-earnings ratio of 10.58 and a beta of 0.77. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of FULT. Norges Bank purchased a new stake in shares of Fulton Financial in the fourth quarter worth $27,805,000. Hsbc Holdings PLC raised its holdings in shares of Fulton Financial by 36.0% in the 4th quarter. Hsbc Holdings PLC now owns 2,593,793 shares of the bank’s stock valued at $43,043,000 after acquiring an additional 686,269 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Fulton Financial by 2.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 11,918,831 shares of the bank’s stock valued at $196,188,000 after acquiring an additional 297,923 shares during the last quarter. American Century Companies Inc. boosted its position in shares of Fulton Financial by 16.0% during the 3rd quarter. American Century Companies Inc. now owns 1,682,119 shares of the bank’s stock valued at $20,370,000 after acquiring an additional 232,462 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Fulton Financial by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 19,444,753 shares of the bank’s stock worth $320,061,000 after purchasing an additional 216,465 shares in the last quarter. 72.02% of the stock is owned by institutional investors.

Fulton Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Monday, April 1st were paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 3.99%. The ex-dividend date was Thursday, March 28th. Fulton Financial’s dividend payout ratio is presently 42.24%.

Fulton Financial Company Profile

Fulton Financial Corporation operates as a financial holding company that provides consumer and commercial banking products and services in Pennsylvania, Delaware, Maryland, New Jersey, and Virginia. It accepts various checking accounts and savings deposit products, certificates of deposit, and individual retirement accounts.