Fulton Financial Corp. (FULT) Downgraded by Zacks Investment Research to Sell
Fulton Financial Corp. (NASDAQ:FULT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Thursday.
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. “
Other equities analysts have also issued research reports about the stock. FBR & Co restated a “hold” rating on shares of Fulton Financial Corp. in a research report on Wednesday, July 20th. Keefe, Bruyette & Woods restated a “market perform” rating on shares of Fulton Financial Corp. in a research report on Wednesday. Finally, Hovde Group started coverage on shares of Fulton Financial Corp. in a research report on Monday, September 12th. They set an “outperform” rating and a $16.00 target price for the company. One research analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $14.25.
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Fulton Financial Corp. (NASDAQ:FULT) traded down 2.55% during trading on Thursday, hitting $14.16. 891,308 shares of the company’s stock were exchanged. The firm has a 50 day moving average price of $14.43 and a 200 day moving average price of $13.89. Fulton Financial Corp. has a 52-week low of $11.48 and a 52-week high of $14.86. The company has a market cap of $2.45 billion, a price-to-earnings ratio of 16.31 and a beta of 1.19.
Fulton Financial Corp. (NASDAQ:FULT) last issued its earnings results on Tuesday, July 19th. The company reported $0.23 earnings per share for the quarter, topping the Zacks’ 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%. On average, equities research analysts predict that Fulton Financial Corp. will post $0.91 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.82%. The ex-dividend date is Wednesday, September 28th. Fulton Financial Corp.’s payout ratio is presently 45.98%.
In related news, EVP Curtis J. Myers sold 15,580 shares of the business’s 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James R. Moxley III purchased 9,896 shares of the business’s stock in a transaction that occurred on Wednesday, July 27th. The stock was bought at an average cost of $13.71 per share, with a total value of $135,674.16. The disclosure for this purchase can be found here. 0.75% of the stock is currently owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in FULT. Victory Capital Management Inc. raised its stake in Fulton Financial Corp. by 77.3% in the second quarter. Victory Capital Management Inc. now owns 7,989 shares of the company’s stock worth $108,000 after buying an additional 3,484 shares during the last quarter. Sei Investments Co. raised its stake in Fulton Financial Corp. by 33,879.3% in the second quarter. Sei Investments Co. now owns 9,854 shares of the company’s stock worth $133,000 after buying an additional 9,825 shares during the last quarter. LS Investment Advisors LLC raised its stake in Fulton Financial Corp. by 76.7% in the second quarter. LS Investment Advisors LLC now owns 10,458 shares of the company’s stock worth $141,000 after buying an additional 4,538 shares during the last quarter. SevenBridge Financial Group LLC acquired a new stake in Fulton Financial Corp. during the second quarter worth about $154,000. Finally, Wagner Bowman Management Corp raised its stake in Fulton Financial Corp. by 0.6% in the second quarter. Wagner Bowman Management Corp now owns 11,878 shares of the company’s stock worth $160,000 after buying an additional 74 shares during the last quarter. 59.12% of the stock is owned by institutional investors and hedge funds.
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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