Fulton Financial (NASDAQ:FULT) Rating Increased to Outperform at Raymond James Financial

Raymond James Financial upgraded shares of Fulton Financial (NASDAQ:FULT) from a market perform rating to an outperform rating in a research report released on Tuesday morning, MarketBeat.com reports. They currently have $21.00 price objective on the bank’s stock.

Other research analysts also recently issued reports about the stock. Zacks Research downgraded shares of Fulton Financial from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 15th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Fulton Financial in a report on Saturday, September 27th. DA Davidson upped their price target on shares of Fulton Financial from $17.00 to $20.00 and gave the stock a “neutral” rating in a report on Thursday, July 17th. Piper Sandler reiterated a “neutral” rating on shares of Fulton Financial in a report on Wednesday, July 9th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Fulton Financial from $21.00 to $22.00 and gave the stock a “market perform” rating in a report on Thursday, July 17th. Three investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $21.10.

Fulton Financial Stock Down 1.0%

Shares of FULT opened at $18.51 on Tuesday. Fulton Financial has a one year low of $14.32 and a one year high of $22.49. The company has a market cap of $3.37 billion, a P/E ratio of 10.82 and a beta of 0.82. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.92 and a quick ratio of 0.92. The firm has a 50 day simple moving average of $18.82 and a two-hundred day simple moving average of $18.00.

Fulton Financial (NASDAQ:FULT) last announced its quarterly earnings data on Tuesday, July 15th. The bank reported $0.55 EPS for the quarter, beating the consensus estimate of $0.43 by $0.12. Fulton Financial had a net margin of 17.00% and a return on equity of 12.64%. The business had revenue of $328.45 million during the quarter, compared to the consensus estimate of $320.47 million. During the same period in the previous year, the business earned $0.52 earnings per share. Research analysts forecast that Fulton Financial will post 1.91 EPS for the current fiscal year.

Fulton Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, October 1st will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date is Wednesday, October 1st. Fulton Financial’s dividend payout ratio is presently 42.11%.

Insiders Place Their Bets

In related news, Director E Philip Wenger sold 5,000 shares of the stock in a transaction on Friday, September 12th. The stock was sold at an average price of $19.28, for a total value of $96,400.00. Following the completion of the sale, the director directly owned 90,477 shares in the company, valued at $1,744,396.56. This represents a 5.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.07% of the stock is owned by insiders.

Institutional Trading of Fulton Financial

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. First Trust Advisors LP increased its holdings in Fulton Financial by 42.4% in the second quarter. First Trust Advisors LP now owns 5,626,858 shares of the bank’s stock valued at $101,509,000 after purchasing an additional 1,676,495 shares during the period. Geode Capital Management LLC boosted its position in Fulton Financial by 1.1% during the second quarter. Geode Capital Management LLC now owns 4,587,133 shares of the bank’s stock valued at $82,760,000 after acquiring an additional 50,122 shares during the last quarter. American Century Companies Inc. boosted its position in Fulton Financial by 10.0% during the second quarter. American Century Companies Inc. now owns 2,859,152 shares of the bank’s stock valued at $51,579,000 after acquiring an additional 260,016 shares during the last quarter. Norges Bank bought a new stake in Fulton Financial during the second quarter valued at $37,813,000. Finally, Invesco Ltd. boosted its position in Fulton Financial by 4.6% during the second quarter. Invesco Ltd. now owns 1,240,920 shares of the bank’s stock valued at $22,386,000 after acquiring an additional 55,017 shares during the last quarter. 72.02% of the stock is currently owned by institutional investors and hedge funds.

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.