Fulton Financial Corp. (FULT) Upgraded to “Buy” at Zacks Investment Research
Fulton Financial Corp. (NASDAQ:FULT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage currently has a $16.00 price target on the stock. Zacks Investment Research’s target price would indicate a potential upside of 11.27% from the stock’s current price.
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. “
Several other research analysts also recently commented on the stock. Hovde Group initiated coverage on shares of Fulton Financial Corp. in a research report on Monday, September 12th. They set an “outperform” rating and a $16.00 price objective for the company. FBR & Co reiterated a “hold” rating on shares of Fulton Financial Corp. in a report on Wednesday, July 20th. Seven analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $13.89.
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Shares of Fulton Financial Corp. (NASDAQ:FULT) traded down 0.21% during mid-day trading on Tuesday, reaching $14.38. The company had a trading volume of 431,312 shares. The firm has a market capitalization of $2.49 billion, a price-to-earnings ratio of 16.57 and a beta of 1.28. Fulton Financial Corp. has a one year low of $11.48 and a one year high of $14.63. The stock has a 50 day moving average of $14.14 and a 200-day moving average of $13.75.
Fulton Financial Corp. (NASDAQ:FULT) last announced its quarterly earnings data on Tuesday, July 19th. The company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.22 by $0.01. Fulton Financial Corp. had a net margin of 19.52% and a return on equity of 7.31%. Equities analysts predict that Fulton Financial Corp. will post $0.91 EPS for the current year.
In other Fulton Financial Corp. news, Director James R. Moxley III acquired 9,896 shares of Fulton Financial Corp. stock in a transaction that occurred on Wednesday, July 27th. The shares were bought at an average price of $13.71 per share, with a total value of $135,674.16. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Philmer H. Rohrbaugh acquired 14,000 shares of Fulton Financial Corp. stock in a transaction that occurred on Tuesday, August 16th. The stock was acquired at an average cost of $13.96 per share, for a total transaction of $195,440.00. The disclosure for this purchase can be found here. 0.75% of the stock is currently owned by corporate insiders.
Several hedge funds have recently modified their holdings of FULT. Geode Capital Management LLC boosted its stake in shares of Fulton Financial Corp. by 1.5% in the first quarter. Geode Capital Management LLC now owns 1,528,130 shares of the company’s stock valued at $20,446,000 after buying an additional 22,668 shares in the last quarter. Virginia Retirement System acquired a new stake in shares of Fulton Financial Corp. during the first quarter valued at $313,000. Renaissance Technologies LLC boosted its stake in shares of Fulton Financial Corp. by 37.9% in the first quarter. Renaissance Technologies LLC now owns 482,545 shares of the company’s stock valued at $6,456,000 after buying an additional 132,607 shares in the last quarter. Riverhead Capital Management LLC boosted its stake in shares of Fulton Financial Corp. by 4.3% in the first quarter. Riverhead Capital Management LLC now owns 45,045 shares of the company’s stock valued at $603,000 after buying an additional 1,845 shares in the last quarter. Finally, BlackRock Inc. boosted its stake in shares of Fulton Financial Corp. by 5.4% in the first quarter. BlackRock Inc. now owns 69,539 shares of the company’s stock valued at $930,000 after buying an additional 3,580 shares in the last quarter. 59.15% of the stock is currently owned by institutional investors.
About Fulton Financial Corp.
Fulton Financial Corporation is a multi-bank financial holding company. The Company provides a range of banking and financial services to businesses and consumers through its banking subsidiaries: Fulton Bank, N.A., Fulton Bank of New Jersey, The Columbia Bank, Lafayette Ambassador Bank, FNB Bank, N.A.
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