Fulton Financial (NASDAQ:FULT) Upgraded at DA Davidson

DA Davidson upgraded shares of Fulton Financial (NASDAQ:FULT) to a hold rating in a research note published on Tuesday,Zacks.com reports.

A number of other equities analysts have also commented on FULT. Keefe, Bruyette & Woods raised their target price on shares of 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 restated a “hold (c+)” rating on shares of Fulton Financial in a report on Thursday, January 22nd. One analyst has rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $21.50.

Fulton Financial Stock Performance

FULT stock opened at $21.64 on Tuesday. Fulton Financial has a twelve month low of $14.32 and a twelve month high of $22.99. The firm has a market cap of $3.91 billion, a price-to-earnings ratio of 10.40 and a beta of 0.86. The business’s fifty day simple moving average is $20.74 and its two-hundred day simple moving average is $19.31. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.14.

Fulton Financial (NASDAQ:FULT) last posted its quarterly earnings results on Wednesday, January 21st. The bank reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.03. Fulton Financial had a net margin of 20.68% and a return on equity of 12.59%. The firm had revenue of $336.02 million for the quarter, compared to analysts’ expectations of $336.80 million. During the same period in the prior year, the business posted $0.48 earnings per share. Analysts predict that Fulton Financial will post 1.91 earnings per share for the current year.

Fulton Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were issued a $0.19 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.5%. This is a boost from Fulton Financial’s previous quarterly dividend of $0.18. Fulton Financial’s dividend payout ratio (DPR) is 36.54%.

Fulton Financial declared that its board has approved a stock buyback program on Tuesday, December 16th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the bank to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Fulton Financial

In related news, Director E Philip Wenger sold 5,000 shares of the firm’s stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $19.55, for a total transaction of $97,750.00. Following the sale, the director owned 85,477 shares of the company’s stock, valued at $1,671,075.35. This trade represents a 5.53% decrease in their ownership of the stock. The sale was disclosed in a document filed 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

A number of institutional investors have recently modified their holdings of FULT. Norges Bank bought a new position in shares of Fulton Financial during the 4th quarter worth approximately $44,271,000. Goldman Sachs Group Inc. grew its holdings in Fulton Financial by 219.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,822,385 shares of the bank’s stock worth $54,557,000 after purchasing an additional 1,939,260 shares during the last quarter. First Trust Advisors LP increased its position in shares of 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 purchasing an additional 1,676,495 shares in the last quarter. Balyasny Asset Management L.P. purchased a new stake in shares of Fulton Financial during the 2nd quarter valued at $22,069,000. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Fulton Financial by 29.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,590,883 shares of the bank’s stock valued at $88,743,000 after purchasing an additional 1,054,321 shares during the last quarter. 72.02% of the stock is currently owned by institutional investors.

About Fulton Financial

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.