Zacks Investment Research Downgrades Fulton Financial (NASDAQ:FULT) to Hold

Fulton Financial (NASDAQ:FULT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday, Zacks.com reports.

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. “

Separately, Raymond James reiterated a “hold” rating and set a $15.17 target price on shares of Fulton Financial in a report on Monday, July 26th.

FULT traded down $0.11 on Wednesday, hitting $16.07. 613,103 shares of the company were exchanged, compared to its average volume of 922,146. Fulton Financial has a 12 month low of $9.91 and a 12 month high of $18.41. The company has a market cap of $2.62 billion, a PE ratio of 10.79 and a beta of 0.84. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.91 and a current ratio of 0.91. The stock’s fifty day moving average is $15.60 and its 200-day moving average is $16.26.

Fulton Financial (NASDAQ:FULT) last released its earnings results on Monday, July 19th. The bank reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.05. Fulton Financial had a return on equity of 10.27% and a net margin of 25.29%. The business had revenue of $214.29 million for the quarter, compared to analyst estimates of $217.31 million. During the same quarter in the prior year, the company posted $0.24 earnings per share. Fulton Financial’s revenue was up 2.7% on a year-over-year basis. As a group, equities research analysts expect that Fulton Financial will post 1.48 EPS for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in the business. IndexIQ Advisors LLC increased its stake in shares of Fulton Financial by 3.0% during the second quarter. IndexIQ Advisors LLC now owns 23,756 shares of the bank’s stock worth $375,000 after purchasing an additional 703 shares during the period. Mitsubishi UFJ Trust & Banking Corp grew its position in Fulton Financial by 2.8% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 27,132 shares of the bank’s stock worth $345,000 after buying an additional 732 shares in the last quarter. FMR LLC grew its position in Fulton Financial by 32.2% during the second quarter. FMR LLC now owns 3,089 shares of the bank’s stock worth $48,000 after buying an additional 752 shares in the last quarter. Bank of Montreal Can boosted its holdings in shares of Fulton Financial by 5.0% in the 2nd quarter. Bank of Montreal Can now owns 17,418 shares of the bank’s stock valued at $276,000 after purchasing an additional 825 shares in the last quarter. Finally, HighTower Advisors LLC boosted its holdings in shares of Fulton Financial by 6.5% in the 2nd quarter. HighTower Advisors LLC now owns 17,078 shares of the bank’s stock valued at $269,000 after purchasing an additional 1,045 shares in the last quarter. Hedge funds and other institutional investors own 62.97% of the company’s stock.

Fulton Financial Company Profile

Fulton Financial Corp. is financial holding company, which through its subsidiaries, engages in the provision of consumer and commercial banking products and services. It offers checking account and savings deposit products, certificates of deposit and individual retirement accounts. The company also offers investment management, trust, brokerage, insurance and investment advisory services to consumer and commercial banking customers in the market areas serviced by the subsidiary banks.

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