Fulton Financial Corp. (FULT) Sets New 52-Week High Following Dividend Announcement
Shares of Fulton Financial Corp. (NASDAQ:FULT) hit a new 52-week high on Thursday following a dividend announcement from the company. The company traded as high as $14.68 and last traded at $14.60, with a volume of 409,285 shares. The stock had previously closed at $14.55.
The newly announced dividend which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be paid a dividend of $0.10 per share. The ex-dividend date is Wednesday, September 28th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.75%. Fulton Financial Corp.’s dividend payout ratio (DPR) is presently 45.98%.
A number of research analysts have issued reports on FULT shares. Zacks Investment Research raised Fulton Financial Corp. from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a research note on Tuesday, June 21st. FBR & Co reissued a “hold” rating on shares of Fulton Financial Corp. in a research note on Wednesday, July 20th. Finally, Hovde Group started coverage on Fulton Financial Corp. in a research note on Monday, September 12th. They issued an “outperform” rating and a $16.00 target price for the company. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $13.89.
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The firm has a 50-day moving average of $14.17 and a 200-day moving average of $13.76. The stock has a market capitalization of $2.53 billion, a P/E ratio of 16.87 and a beta of 1.28.
Fulton Financial Corp. (NASDAQ:FULT) last announced its quarterly earnings results on Tuesday, July 19th. The company reported $0.23 EPS for the quarter, beating the Zacks’ consensus estimate of $0.22 by $0.01. Fulton Financial Corp. had a return on equity of 7.31% and a net margin of 19.52%. Equities analysts anticipate that Fulton Financial Corp. will post $0.91 EPS for the current fiscal year.
In other news, Director James R. Moxley III purchased 9,896 shares of the company’s stock in a transaction dated Wednesday, July 27th. The stock was bought at an average cost of $13.71 per share, for a total transaction of $135,674.16. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Curtis J. Myers sold 15,580 shares of the stock in a transaction on Monday, August 29th. The shares were sold at an average price of $14.34, for a total value of $223,417.20. The disclosure for this sale can be found here. 0.75% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. 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 worth $182,902,000 after buying an additional 673,829 shares during the last quarter. 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 worth $175,633,000 after buying an additional 480,635 shares during the last quarter. BlackRock Fund Advisors boosted its position in shares of Fulton Financial Corp. by 1.3% in the second quarter. BlackRock Fund Advisors now owns 8,859,535 shares of the company’s stock worth $119,604,000 after buying an additional 116,436 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in shares of Fulton Financial Corp. by 3.0% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 5,232,975 shares of the company’s stock worth $70,645,000 after buying an additional 150,581 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Fulton Financial Corp. by 6.2% in the second quarter. Bank of New York Mellon Corp now owns 3,613,949 shares of the company’s stock worth $48,789,000 after buying an additional 211,857 shares during the last quarter. Institutional investors own 59.12% of the company’s stock.
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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