Fulton Financial (NASDAQ:FULT) Announces Quarterly Earnings Results

Fulton Financial (NASDAQ:FULT) announced its quarterly earnings results on Wednesday. The bank reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.19, FiscalAI reports. The firm had revenue of $363.56 million for the quarter, compared to the consensus estimate of $358.83 million. Fulton Financial had a net margin of 20.85% and a return on equity of 12.69%.

Fulton Financial Trading Down 0.7%

NASDAQ FULT traded down $0.18 during trading hours on Wednesday, reaching $24.44. The company had a trading volume of 1,480,239 shares, compared to its average volume of 1,999,405. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $4.67 billion, a P/E ratio of 11.64 and a beta of 0.79. The stock has a 50-day moving average of $22.90 and a 200 day moving average of $21.58. Fulton Financial has a 1-year low of $16.60 and a 1-year high of $25.23.

Fulton Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st were given a $0.19 dividend. The ex-dividend date of this dividend was Wednesday, July 1st. This represents a $0.76 dividend on an annualized basis and a yield of 3.1%. Fulton Financial’s dividend payout ratio is presently 36.19%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on FULT. Weiss Ratings upgraded shares of Fulton Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Wall Street Zen downgraded shares of Fulton Financial from a “hold” rating to a “sell” rating in a research report on Sunday, May 3rd. Piper Sandler set a $23.00 price target on shares of Fulton Financial and gave the company a “neutral” rating in a research note on Friday, June 12th. Finally, Raymond James Financial lifted their price objective on Fulton Financial from $24.00 to $26.00 and gave the stock an “outperform” rating in a report on Wednesday, July 1st. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $23.50.

Insider Buying and Selling at Fulton Financial

In other news, Director E Philip Wenger sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, July 13th. The shares were sold at an average price of $24.14, for a total value of $120,700.00. Following the sale, the director directly owned 75,477 shares of the company’s stock, valued at approximately $1,822,014.78. The trade was a 6.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.01% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Fulton Financial

A number of hedge funds have recently made changes to their positions in the stock. Invesco Ltd. raised its position in Fulton Financial by 4.7% in the fourth quarter. Invesco Ltd. now owns 826,275 shares of the bank’s stock valued at $15,972,000 after purchasing an additional 37,345 shares during the period. Voloridge Investment Management LLC grew its stake in shares of Fulton Financial by 55.3% in the fourth quarter. Voloridge Investment Management LLC now owns 932,455 shares of the bank’s stock valued at $18,024,000 after buying an additional 331,922 shares in the last quarter. Man Group plc grew its stake in shares of Fulton Financial by 25.1% in the fourth quarter. Man Group plc now owns 157,350 shares of the bank’s stock valued at $3,042,000 after buying an additional 31,569 shares in the last quarter. Interval Partners LP raised its holdings in shares of Fulton Financial by 66.0% in the 4th quarter. Interval Partners LP now owns 562,337 shares of the bank’s stock valued at $10,870,000 after buying an additional 223,509 shares during the period. Finally, Engineers Gate Manager LP lifted its stake in Fulton Financial by 125.5% during the 4th quarter. Engineers Gate Manager LP now owns 47,337 shares of the bank’s stock worth $915,000 after acquiring an additional 26,341 shares in the last quarter. Hedge funds and other institutional investors own 72.02% of the company’s stock.

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.