Fulton Financial (NASDAQ:FULT) Reaches New 1-Year High on Analyst Upgrade

Fulton Financial Co. (NASDAQ:FULT)’s share price reached a new 52-week high during trading on Wednesday after Stephens raised their price target on the stock from $15.50 to $17.50. Stephens currently has an equal weight rating on the stock. Fulton Financial traded as high as $17.36 and last traded at $17.32, with a volume of 3221553 shares. The stock had previously closed at $17.06.

Several other research firms have also issued reports on FULT. Jefferies Financial Group lowered their target price on shares of Fulton Financial from $17.00 to $16.00 and set a “hold” rating on the stock in a research note on Monday, April 8th. StockNews.com cut Fulton Financial from a “hold” rating to a “sell” rating in a research report on Friday, April 26th. DA Davidson increased their price objective on shares of Fulton Financial from $15.00 to $18.00 and gave the company a “neutral” rating in a report on Tuesday, April 30th. Keefe, Bruyette & Woods boosted their target price on shares of Fulton Financial from $17.00 to $19.00 and gave the stock a “market perform” rating in a research note on Tuesday, April 30th. Finally, Janney Montgomery Scott upgraded Fulton Financial from a “neutral” rating to a “buy” rating and set a $19.50 price objective on the stock in a report on Monday, April 29th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $18.00.

Hedge Funds Weigh In On Fulton Financial

A number of hedge funds have recently modified their holdings of FULT. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Fulton Financial by 20.8% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,563 shares of the bank’s stock valued at $382,000 after purchasing an additional 5,428 shares during the last quarter. Blue Bell Private Wealth Management LLC grew its stake in shares of Fulton Financial by 81.0% in the third quarter. Blue Bell Private Wealth Management LLC now owns 4,881 shares of the bank’s stock valued at $59,000 after buying an additional 2,184 shares in the last quarter. AlphaMark Advisors LLC purchased a new stake in shares of Fulton Financial in the 3rd quarter valued at $227,000. Key Financial Inc boosted its holdings in Fulton Financial by 739.5% during the 3rd quarter. Key Financial Inc now owns 57,363 shares of the bank’s stock valued at $695,000 after acquiring an additional 50,530 shares during the period. Finally, Meridian Wealth Partners LLC grew its position in Fulton Financial by 6.1% in the 3rd quarter. Meridian Wealth Partners LLC now owns 18,579 shares of the bank’s stock valued at $225,000 after acquiring an additional 1,075 shares in the last quarter. 72.02% of the stock is currently owned by hedge funds and other institutional investors.

Fulton Financial Price Performance

The company has a market capitalization of $2.81 billion, a PE ratio of 10.76 and a beta of 0.77. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. The stock’s 50 day simple moving average is $15.58 and its 200-day simple moving average is $15.29.

Fulton Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, April 1st were paid a $0.17 dividend. The ex-dividend date was Thursday, March 28th. This represents a $0.68 dividend on an annualized basis and a yield of 3.93%. Fulton Financial’s dividend payout ratio is currently 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.