Fulton Financial (NASDAQ:FULT) Cut to Sell at StockNews.com

StockNews.com downgraded shares of Fulton Financial (NASDAQ:FULT) from a hold rating to a sell rating in a report released on Monday.

Separately, Piper Sandler set a $21.00 price target on Fulton Financial in a research note on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $18.83.

Fulton Financial Price Performance

NASDAQ FULT opened at $21.12 on Monday. Fulton Financial has a twelve month low of $13.84 and a twelve month high of $21.65. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.90 and a current ratio of 0.93. The stock has a market capitalization of $3.84 billion, a PE ratio of 13.37 and a beta of 0.73. The stock has a 50-day simple moving average of $18.28 and a 200 day simple moving average of $17.77.

Fulton Financial (NASDAQ:FULT) last posted its quarterly earnings data on Tuesday, October 15th. The bank reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.06. Fulton Financial had a return on equity of 11.33% and a net margin of 16.37%. The business had revenue of $487.33 million during the quarter, compared to analysts’ expectations of $321.00 million. During the same quarter in the previous year, the firm earned $0.43 EPS. Research analysts anticipate that Fulton Financial will post 1.74 EPS for the current year.

Fulton Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st were paid a $0.17 dividend. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $0.68 annualized dividend and a dividend yield of 3.22%. Fulton Financial’s dividend payout ratio is currently 43.04%.

Institutional Investors Weigh In On Fulton Financial

Several large investors have recently modified their holdings of the stock. Miller Howard Investments Inc. NY grew its stake in shares of Fulton Financial by 2.4% in the 2nd quarter. Miller Howard Investments Inc. NY now owns 22,132 shares of the bank’s stock valued at $376,000 after purchasing an additional 527 shares during the period. CIBC Asset Management Inc boosted its holdings in shares of Fulton Financial by 3.7% in the 2nd quarter. CIBC Asset Management Inc now owns 16,883 shares of the bank’s stock worth $287,000 after acquiring an additional 605 shares in the last quarter. Blue Trust Inc. boosted its holdings in shares of Fulton Financial by 21.9% in the 2nd quarter. Blue Trust Inc. now owns 3,840 shares of the bank’s stock worth $61,000 after acquiring an additional 691 shares in the last quarter. Meridian Wealth Partners LLC boosted its holdings in shares of Fulton Financial by 4.7% in the 2nd quarter. Meridian Wealth Partners LLC now owns 27,557 shares of the bank’s stock worth $468,000 after acquiring an additional 1,230 shares in the last quarter. Finally, Texas Permanent School Fund Corp boosted its holdings in shares of Fulton Financial by 1.1% in the 1st quarter. Texas Permanent School Fund Corp now owns 143,357 shares of the bank’s stock worth $2,278,000 after acquiring an additional 1,538 shares in the last quarter. 72.02% of the stock is currently owned by institutional investors.

Fulton Financial Company Profile

Fulton Financial Corporation operates as a financial holding company that provides consumer and commercial banking products and services in Pennsylvania, Delaware, Maryland, New Jersey, and Virginia. It accepts various checking accounts and savings deposit products, certificates of deposit, and individual retirement accounts.