Raymond James Financial Downgrades Fulton Financial (NASDAQ:FULT) to Market Perform

Fulton Financial (NASDAQ:FULT) was downgraded by analysts at Raymond James Financial from an “outperform” rating to a “market perform” rating in a research note issued on Tuesday, MarketBeat Ratings reports.

FULT has been the topic of several other research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Fulton Financial in a research note on Wednesday, July 29th. DA Davidson raised their price target on shares of Fulton Financial from $24.00 to $25.00 and gave the company a “neutral” rating in a research report on Friday, July 24th. Piper Sandler restated a “neutral” rating and issued a $27.00 price objective (up from $23.00) on shares of Fulton Financial in a report on Monday, August 3rd. Finally, Wall Street Zen raised Fulton Financial from a “sell” rating to a “hold” rating in a research report on Saturday, July 25th. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Fulton Financial currently has an average rating of “Hold” and an average price target of $24.75.

Fulton Financial Price Performance

Shares of NASDAQ:FULT opened at $22.08 on Tuesday. Fulton Financial has a 1-year low of $16.60 and a 1-year high of $25.23. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.92 and a quick ratio of 0.92. The business has a fifty day moving average price of $23.64 and a 200-day moving average price of $22.78. The company has a market capitalization of $4.22 billion, a PE ratio of 10.56 and a beta of 0.79.

Fulton Financial (NASDAQ:FULT) last announced its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.07. Fulton Financial had a net margin of 20.63% and a return on equity of 12.68%. The company had revenue of $367.87 million for the quarter, compared to analysts’ expectations of $358.83 million. During the same quarter in the previous year, the business posted $0.55 EPS. Fulton Financial’s revenue was up 12.2% compared to the same quarter last year. As a group, equities analysts expect that Fulton Financial will post 2.22 EPS for the current fiscal year.

Insider Buying and Selling

In other Fulton Financial news, Director Lisa Crutchfield sold 4,100 shares of the business’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $24.80, for a total transaction of $101,680.00. Following the completion of the sale, the director directly owned 7,838 shares in the company, valued at approximately $194,382.40. The trade was a 34.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director E. Wenger sold 5,000 shares of the stock in a transaction 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 transaction, the director directly owned 75,477 shares in the company, valued at $1,822,014.78. The trade was a 6.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.01% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fulton Financial

A number of institutional investors and hedge funds have recently modified their holdings of FULT. Root Financial Partners LLC lifted its holdings in Fulton Financial by 89.9% in the first quarter. Root Financial Partners LLC now owns 1,282 shares of the bank’s stock valued at $26,000 after acquiring an additional 607 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in shares of Fulton Financial during the 4th quarter valued at about $28,000. Axiom Investment Management LLC bought a new stake in shares of Fulton Financial during the 1st quarter valued at about $28,000. Cassaday & Co Wealth Management LLC purchased a new stake in shares of Fulton Financial during the 1st quarter valued at about $53,000. Finally, Compass Financial Management LLC bought a new position in shares of Fulton Financial in the 2nd quarter worth approximately $66,000. 72.02% of the stock is currently owned by hedge funds and other institutional investors.

Fulton Financial News Roundup

Here are the key news stories impacting Fulton Financial this week:

• Positive Sentiment: Fulton Bank introduced CashFlow Central, an integrated payments platform from Fiserv that combines accounts receivable and accounts payable management. The service could deepen Fulton’s relationships with small-business customers, support fee-based revenue and improve client retention. Fulton Bank Introduces CashFlow Central Platform to Empower Small Businesses
• Neutral Sentiment: Fulton Financial recently traded above its 200-day moving average, a technical development that may be viewed favorably by momentum-oriented investors. However, the stock remains below its 50-day moving average, suggesting mixed technical signals. Fulton Financial Share Price Breaks Above Two Hundred Day Moving Average
• Negative Sentiment: Raymond James downgraded Fulton Financial from “Outperform” to “Market Perform” and removed its $27 price target. The less-bullish stance appears to be the primary reason for the recent selling pressure, as it reduces near-term analyst support and signals more limited upside expectations. Raymond James Downgrades Fulton Financial to Market Perform
• Negative Sentiment: Reports attributed the decline to Raymond James’s rating cut. The downgrade specifically referenced Fulton Financial’s preferred stock in some coverage, although investor sentiment may still affect the broader FULT complex. Raymond James Downgrades Fulton Financial Preferred Stock

Fulton Financial Company Profile

Fulton Financial Corporation is a regional bank holding company headquartered in Lancaster, Pennsylvania. Its principal subsidiary, Fulton Bank, provides banking and financial services to individuals, families, businesses and institutions.

Fulton Bank offers consumer and commercial deposit accounts, residential and commercial lending, mortgages, credit cards, treasury management and other financial services. Through its wealth management and investment services, the company also provides trust, fiduciary, investment management and financial planning solutions.