Fulton Financial (NASDAQ:FULT) Share Price Crosses Above Two Hundred Day Moving Average – What’s Next?

Fulton Financial Corporation (NASDAQ:FULT)’s share price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $18.73 and traded as high as $19.70. Fulton Financial shares last traded at $19.54, with a volume of 1,198,345 shares trading hands.

Wall Street Analysts Forecast Growth

FULT has been the topic of several recent research reports. Keefe, Bruyette & Woods raised their price target on Fulton Financial from $20.00 to $21.00 and gave the stock a “market perform” rating in a research report on Wednesday, November 26th. Weiss Ratings lowered Fulton Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Raymond James Financial upgraded Fulton Financial from a “market perform” rating to an “outperform” rating and set a $21.00 target price on the stock in a report on Tuesday, October 7th. Finally, Zacks Research cut Fulton Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 15th. One research analyst has rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $20.90.

Fulton Financial Trading Down 1.3%

The business has a 50 day simple moving average of $18.91 and a 200-day simple moving average of $18.73. The stock has a market capitalization of $3.53 billion, a price-to-earnings ratio of 10.23 and a beta of 0.85. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.90 and a quick ratio of 0.90.

Fulton Financial (NASDAQ:FULT) last released its quarterly earnings results on Tuesday, October 21st. The bank reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.07. Fulton Financial had a return on equity of 12.75% and a net margin of 19.01%.The company had revenue of $264.20 million for the quarter, compared to analyst estimates of $332.51 million. During the same quarter last year, the firm posted $0.50 earnings per share. As a group, equities analysts expect that Fulton Financial Corporation will post 1.91 earnings per share for the current year.

Fulton Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be paid a $0.19 dividend. The ex-dividend date of this dividend is Wednesday, December 31st. This is an increase from Fulton Financial’s previous quarterly dividend of $0.18. This represents a $0.76 dividend on an annualized basis and a yield of 3.9%. Fulton Financial’s payout ratio is presently 39.79%.

Fulton Financial declared that its board has authorized a stock buyback plan on Tuesday, December 16th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the bank to buy up to 4.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On Fulton Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in FULT. Atlantic Union Bankshares Corp bought a new position in Fulton Financial in the second quarter valued at approximately $871,000. Prudential Financial Inc. boosted its holdings in shares of Fulton Financial by 5.8% in the 2nd quarter. Prudential Financial Inc. now owns 337,518 shares of the bank’s stock valued at $6,089,000 after buying an additional 18,432 shares during the last quarter. American Century Companies Inc. grew its stake in shares of Fulton Financial by 10.0% in the second quarter. American Century Companies Inc. now owns 2,859,152 shares of the bank’s stock valued at $51,579,000 after buying an additional 260,016 shares in the last quarter. First Trust Advisors LP increased its holdings in Fulton Financial by 42.4% during the second quarter. First Trust Advisors LP now owns 5,626,858 shares of the bank’s stock worth $101,509,000 after buying an additional 1,676,495 shares during the last quarter. Finally, Squarepoint Ops LLC bought a new stake in Fulton Financial during the second quarter worth $647,000. 72.02% of the stock is currently owned by institutional investors and hedge funds.

Fulton Financial Company Profile

Fulton Financial Corporation, trading on the NASDAQ under the ticker FULT, is the financial holding company for Fulton Bank, headquartered in Lancaster, Pennsylvania. The company delivers a broad range of banking and financial services through its subsidiary, Fulton Bank, targeting both individual and corporate clients. Fulton Financial’s offerings include deposit accounts, lending solutions, treasury management, and specialized banking services designed to support personal wealth goals and business growth initiatives.

Through Fulton Bank, the company provides retail banking services such as checking and savings accounts, consumer and residential mortgage loans, and home equity products.