Fulton Financial (NASDAQ:FULT) Cut to “Hold (C+)” at Weiss Ratings

Weiss Ratings downgraded shares of Fulton Financial (NASDAQ:FULT) from a buy (b-) rating to a hold (c+) rating in a report issued on Saturday morning,Weiss Ratings reports.

Several other research analysts also recently issued reports on FULT. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $20.00 price target (down previously from $22.00) on shares of Fulton Financial in a research note on Thursday, October 23rd. Raymond James Financial raised Fulton Financial from a “market perform” rating to an “outperform” rating and set a $21.00 price target for the company in a research note on Tuesday, October 7th. Piper Sandler reiterated a “neutral” rating on shares of Fulton Financial in a research report on Wednesday, July 9th. Zacks Research cut Fulton Financial from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 15th. Finally, DA Davidson lifted their price objective on Fulton Financial from $17.00 to $20.00 and gave the stock a “neutral” rating in a research report on Thursday, July 17th. Two investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $20.70.

Fulton Financial Trading Down 0.3%

NASDAQ:FULT opened at $17.96 on Friday. The company has a market capitalization of $3.27 billion, a PE ratio of 9.40 and a beta of 0.82. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.37. Fulton Financial has a 52-week low of $14.32 and a 52-week high of $22.49. The stock has a fifty day simple moving average of $18.73 and a 200-day simple moving average of $18.08.

Fulton Financial (NASDAQ:FULT) last released its quarterly earnings results on Tuesday, November 8th. The bank reported $0.45 earnings per share (EPS) for the quarter. The business had revenue of $236.96 million during the quarter. Fulton Financial had a return on equity of 12.55% and a net margin of 19.01%. On average, equities research analysts expect that Fulton Financial will post 1.91 earnings per share for the current fiscal year.

Fulton Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Wednesday, October 1st were issued a $0.18 dividend. The ex-dividend date was Wednesday, October 1st. This represents a $0.72 annualized dividend and a yield of 4.0%. Fulton Financial’s payout ratio is 37.70%.

Insider Buying and Selling

In other Fulton Financial news, Director E Philip Wenger sold 5,000 shares of Fulton Financial stock in a transaction dated 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 owned 90,477 shares in the company, valued at $1,744,396.56. The trade was a 5.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.08% of the stock is owned by company insiders.

Institutional Trading of Fulton Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FULT. Norges Bank purchased a new stake in Fulton Financial in the 2nd quarter valued at about $37,813,000. First Trust Advisors LP grew its holdings in Fulton Financial by 42.4% in the 2nd quarter. First Trust Advisors LP now owns 5,626,858 shares of the bank’s stock valued at $101,509,000 after buying an additional 1,676,495 shares during the period. Balyasny Asset Management L.P. purchased a new stake in Fulton Financial in the 2nd quarter valued at about $22,069,000. Nuveen LLC purchased a new stake in Fulton Financial in the 1st quarter valued at about $17,263,000. Finally, Jane Street Group LLC grew its holdings in Fulton Financial by 914.9% in the 1st quarter. Jane Street Group LLC now owns 308,243 shares of the bank’s stock valued at $5,576,000 after buying an additional 277,871 shares during the period. Hedge funds and other institutional investors own 72.02% of the company’s stock.

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.