Zacks Investment Research upgraded shares of Fulton Financial (NASDAQ:FULT) from a sell rating to a hold rating in a report issued on Thursday.
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. “
FULT has been the subject of a number of other reports. BidaskClub raised shares of Fulton Financial from a strong sell rating to a sell rating in a research report on Wednesday, January 31st. Barclays raised their price target on shares of Fulton Financial from $18.00 to $19.00 and gave the stock an underweight rating in a research report on Tuesday, January 2nd. Finally, DA Davidson began coverage on shares of Fulton Financial in a research report on Monday, March 26th. They set a neutral rating and a $18.00 price target for the company. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the stock. The company has a consensus rating of Hold and a consensus price target of $18.67.
Fulton Financial (NASDAQ:FULT) last posted its quarterly earnings results on Monday, January 22nd. The bank reported $0.28 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.28. Fulton Financial had a net margin of 19.59% and a return on equity of 8.51%. The company had revenue of $206.37 million during the quarter, compared to analyst estimates of $201.30 million. During the same period last year, the firm posted $0.24 EPS. Fulton Financial’s revenue for the quarter was up 11.6% compared to the same quarter last year. analysts predict that Fulton Financial will post 1.25 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, April 13th. Stockholders of record on Monday, April 2nd will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.77%. This is a positive change from Fulton Financial’s previous quarterly dividend of $0.11. The ex-dividend date of this dividend is Thursday, March 29th. Fulton Financial’s payout ratio is 44.86%.
Several large investors have recently bought and sold shares of the company. BlackRock Inc. increased its holdings in shares of Fulton Financial by 2.2% during the 4th quarter. BlackRock Inc. now owns 18,973,800 shares of the bank’s stock valued at $339,632,000 after purchasing an additional 415,507 shares in the last quarter. Fulton Bank N.A. increased its holdings in Fulton Financial by 0.3% in the 4th quarter. Fulton Bank N.A. now owns 1,862,155 shares of the bank’s stock worth $33,333,000 after acquiring an additional 6,000 shares in the last quarter. Dalton Greiner Hartman Maher & Co. boosted its stake in Fulton Financial by 3.4% during the 4th quarter. Dalton Greiner Hartman Maher & Co. now owns 1,209,098 shares of the bank’s stock worth $21,643,000 after purchasing an additional 40,242 shares during the last quarter. Foundry Partners LLC boosted its stake in Fulton Financial by 2.9% during the 4th quarter. Foundry Partners LLC now owns 1,192,149 shares of the bank’s stock worth $21,339,000 after purchasing an additional 34,013 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its stake in Fulton Financial by 6.8% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 1,190,649 shares of the bank’s stock worth $21,313,000 after purchasing an additional 75,875 shares during the last quarter. 63.37% of the stock is owned by hedge funds and other institutional investors.
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About Fulton Financial
Fulton Financial Corporation operates as a multi-bank financial holding company that provides banking and financial services to businesses and consumers. It accepts various checking accounts and savings deposit products, certificates of deposit, and individual retirement accounts. The company also offers consumer loans, including home equity loans and lines of credit, automobile loans, automobile and equipment leases, personal lines of credit, and checking account overdraft protection; construction and jumbo residential mortgage loans; and commercial lending products comprising commercial, financial, agricultural, and real estate loans.
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