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 research report issued to clients and investors on Tuesday. The brokerage currently has a $16.00 target price on the stock. Zacks Investment Research’s price objective suggests 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. “
FULT has been the topic of a number of other reports. FBR & Co restated a “hold” rating on shares of Fulton Financial Corp. in a research report on Wednesday, July 20th. Hovde Group began coverage on Fulton Financial Corp. in a research report on Monday, September 12th. They set an “outperform” rating and a $16.00 price objective on the stock. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Fulton Financial Corp. has a consensus 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% on Tuesday, reaching $14.38. The company’s stock had a trading volume of 431,312 shares. Fulton Financial Corp. has a one year low of $11.48 and a one year high of $14.63. The firm has a market capitalization of $2.49 billion, a PE ratio of 16.57 and a beta of 1.28. The firm has a 50-day moving average price of $14.14 and a 200 day moving average price of $13.75.
Fulton Financial Corp. (NASDAQ:FULT) last issued its quarterly earnings data on Tuesday, July 19th. The company reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.01. Fulton Financial Corp. had a return on equity of 7.31% and a net margin of 19.52%. On average, analysts anticipate that Fulton Financial Corp. will post $0.91 earnings per share for the current fiscal year.
In related news, EVP Curtis J. Myers sold 15,580 shares of the stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $14.34, for a total value of $223,417.20. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Philmer H. Rohrbaugh acquired 14,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 16th. The stock was purchased 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. Insiders own 0.75% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Fulton Bank N.A. boosted its position in shares of Fulton Financial Corp. by 5,663.8% in the second quarter. Fulton Bank N.A. now owns 1,803,660 shares of the company’s stock valued at $24,350,000 after buying an additional 1,772,367 shares during the period. Foundry Partners LLC purchased a new position in shares of Fulton Financial Corp. during the second quarter valued at about $12,236,000. Clark Capital Management Group Inc. purchased a new position in shares of Fulton Financial Corp. during the first quarter valued at about $9,932,000. Dimensional Fund Advisors LP boosted its position in shares of Fulton Financial Corp. by 5.2% in the second quarter. Dimensional Fund Advisors LP now owns 13,548,422 shares of the company’s stock valued at $182,902,000 after buying an additional 673,829 shares during the period. Finally, Vanguard Group Inc. boosted its position in shares of Fulton Financial Corp. by 3.8% in the second quarter. Vanguard Group Inc. now owns 13,009,839 shares of the company’s stock valued at $175,633,000 after buying an additional 480,635 shares during the period. 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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