Zacks Investment Research upgraded shares of Fulton Financial (NASDAQ:FULT) from a hold rating to a buy rating in a research report released on Wednesday. Zacks Investment Research currently has $20.00 price target on the bank’s stock.
According to Zacks, “Fulton Financial Corp. is a bank holding company. It provides retail and commercial banking and investment management and trust services in central and eastern Pennsylvania, southern New Jersey, northern Maryland and southern Delaware through its wholly-owned subsidiaries: Fulton Bank, Lebanon Valley Farmers Bank, Swineford National Bank, Lafayette Ambassador Bank, FNB Bank, N.A., Great Valley Bank, Hagerstown Trust Company, Delaware National Bank, The Bank of Gloucester County, The Woodstown National Bank & Trust Company, and The Peoples Bank of Elkton. “
Other analysts have also issued reports about the company. Piper Jaffray Companies reaffirmed a hold rating and set a $18.00 target price on shares of Fulton Financial in a research report on Thursday, October 19th. Keefe, Bruyette & Woods reaffirmed a hold rating and set a $17.00 target price on shares of Fulton Financial in a research report on Thursday, October 19th. Jefferies Group reaffirmed a hold rating and set a $20.00 target price on shares of Fulton Financial in a research report on Friday, September 15th. BidaskClub lowered Fulton Financial from a hold rating to a sell rating in a research report on Saturday, December 9th. Finally, Barclays lifted their target price on Fulton Financial from $18.00 to $19.00 and gave the stock an underweight rating in a research report on Tuesday. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. Fulton Financial has a consensus rating of Hold and an average target price of $18.80.
Fulton Financial (NASDAQ:FULT) last released its quarterly earnings data on Tuesday, October 17th. The bank reported $0.28 EPS for the quarter, beating the consensus estimate of $0.27 by $0.01. Fulton Financial had a return on equity of 8.28% and a net margin of 21.15%. The company had revenue of $194.19 million for the quarter, compared to analyst estimates of $200.00 million. During the same period last year, the company posted $0.24 earnings per share. The firm’s revenue was up 8.7% compared to the same quarter last year. research analysts predict that Fulton Financial will post 1.03 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Tuesday, January 2nd will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date of this dividend is Friday, December 29th. Fulton Financial’s payout ratio is 42.72%.
Large investors have recently bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Fulton Financial by 7.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,721 shares of the bank’s stock worth $147,000 after purchasing an additional 519 shares in the last quarter. Advisor Group Inc. grew its stake in Fulton Financial by 5.3% in the second quarter. Advisor Group Inc. now owns 8,336 shares of the bank’s stock worth $158,000 after purchasing an additional 417 shares in the last quarter. Riverhead Capital Management LLC grew its stake in Fulton Financial by 56.0% in the second quarter. Riverhead Capital Management LLC now owns 9,985 shares of the bank’s stock worth $190,000 after purchasing an additional 3,585 shares in the last quarter. FDx Advisors Inc. acquired a new position in Fulton Financial in the third quarter worth about $192,000. Finally, Sei Investments Co. grew its stake in Fulton Financial by 3.8% in the second quarter. Sei Investments Co. now owns 10,378 shares of the bank’s stock worth $198,000 after purchasing an additional 377 shares in the last quarter. Institutional investors and hedge funds own 62.73% of the company’s stock.
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Fulton Financial Company Profile
Fulton Financial Corporation is a financial holding company. The Company is the bank holding company of Fulton Bank N.A. (the Bank). As of December 31, 2016, the Company’s six subsidiary banks were located primarily in suburban or semi-rural geographic markets throughout a five-state region (Pennsylvania, Delaware, Maryland, New Jersey and Virginia).
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