Fulton Financial Corp. (FULT) Rating Lowered to Sell at Zacks Investment Research
Fulton Financial Corp. (NASDAQ:FULT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued 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. “
A number of other equities research analysts have also weighed in on the stock. FBR & Co reiterated a “hold” rating on shares of Fulton Financial Corp. in a report on Wednesday, July 20th. Keefe, Bruyette & Woods reiterated a “market perform” rating on shares of Fulton Financial Corp. in a report on Wednesday. Finally, Hovde Group assumed coverage on shares of Fulton Financial Corp. in a report on Monday, September 12th. They set an “outperform” rating and a $16.00 price objective for the company. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the stock. Fulton Financial Corp. has an average rating of “Hold” and an average price target of $14.25.
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Shares of Fulton Financial Corp. (NASDAQ:FULT) traded down 2.55% on Thursday, hitting $14.16. 891,308 shares of the stock traded hands. Fulton Financial Corp. has a 52-week low of $11.48 and a 52-week high of $14.86. The stock has a market cap of $2.45 billion, a P/E ratio of 16.31 and a beta of 1.19. The stock’s 50 day moving average price is $14.43 and its 200 day moving average price is $13.89.
Fulton Financial Corp. (NASDAQ:FULT) last released its earnings results on Tuesday, July 19th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 analysts expect that Fulton Financial Corp. will post $0.91 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be given a dividend of $0.10 per share. The ex-dividend date is Wednesday, September 28th. This represents a $0.40 annualized dividend and a dividend yield of 2.82%. Fulton Financial Corp.’s dividend payout ratio is presently 45.98%.
In other news, Director James R. Moxley III bought 9,896 shares of Fulton Financial Corp. stock in a transaction that occurred on Wednesday, July 27th. The shares were purchased at an average price of $13.71 per share, with a total value of $135,674.16. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Curtis J. Myers sold 15,580 shares of the firm’s stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of $14.34, for a total transaction of $223,417.20. The disclosure for this sale can be found here. Insiders own 0.75% of the company’s stock.
A number of hedge funds have recently modified their holdings of the stock. Nisa Investment Advisors LLC boosted its stake in shares of Fulton Financial Corp. by 5.9% in the third quarter. Nisa Investment Advisors LLC now owns 90,100 shares of the company’s stock valued at $1,308,000 after buying an additional 5,000 shares during the period. Eagle Boston Investment Management Inc. boosted its stake in shares of Fulton Financial Corp. by 1.0% in the third quarter. Eagle Boston Investment Management Inc. now owns 69,958 shares of the company’s stock valued at $1,015,000 after buying an additional 725 shares during the period. Oregon Public Employees Retirement Fund boosted its stake in shares of Fulton Financial Corp. by 2.0% in the third quarter. Oregon Public Employees Retirement Fund now owns 60,053 shares of the company’s stock valued at $872,000 after buying an additional 1,195 shares during the period. First Mercantile Trust Co. purchased a new stake in shares of Fulton Financial Corp. during the third quarter valued at $276,000. Finally, Foundry Partners LLC boosted its stake in shares of Fulton Financial Corp. by 3.1% in the third quarter. Foundry Partners LLC now owns 934,695 shares of the company’s stock valued at $13,572,000 after buying an additional 28,319 shares during the period. 59.12% of the stock is currently owned by hedge funds and other institutional investors.
Fulton Financial Corp. Company Profile
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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