Fulton Financial Corporation (FULT) Upgraded to “Buy” at Zacks Investment Research
Fulton Financial Corporation (NASDAQ:FULT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The firm presently has a $20.00 target price on the bank’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 10.80% 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. “
Other equities analysts have also issued reports about the stock. BidaskClub lowered shares of Fulton Financial Corporation from a “sell” rating to a “strong sell” rating in a report on Saturday, August 12th. ValuEngine upgraded shares of Fulton Financial Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, June 6th. Jefferies Group LLC restated a “hold” rating and issued a $20.00 price objective on shares of Fulton Financial Corporation in a report on Friday, September 15th. Boenning Scattergood restated a “hold” rating on shares of Fulton Financial Corporation in a report on Wednesday, July 19th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and issued a $18.00 price objective on shares of Fulton Financial Corporation in a report on Friday, June 23rd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $18.33.
Shares of Fulton Financial Corporation (FULT) remained flat at $18.05 during mid-day trading on Wednesday. The stock had a trading volume of 600,959 shares. The firm has a market capitalization of $3.16 billion, a PE ratio of 18.23 and a beta of 1.16. The company has a 50-day moving average of $17.49 and a 200-day moving average of $18.09. Fulton Financial Corporation has a 12 month low of $14.04 and a 12 month high of $19.90.
Fulton Financial Corporation (NASDAQ:FULT) last posted its earnings results on Tuesday, July 18th. The bank reported $0.26 earnings per share for the quarter, meeting the consensus estimate of $0.26. The company had revenue of $193.93 million for the quarter, compared to analyst estimates of $194.02 million. Fulton Financial Corporation had a net margin of 20.86% and a return on equity of 8.02%. During the same period in the previous year, the business posted $0.23 EPS. On average, equities research analysts expect that Fulton Financial Corporation will post $1.06 EPS for the current year.
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In related news, Director R Scott Smith, Jr. sold 5,539 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $18.35, for a total transaction of $101,640.65. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Michael J. Deporter sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $18.00, for a total transaction of $27,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 26,348 shares of company stock worth $484,312. Company insiders own 0.68% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. increased its stake in Fulton Financial Corporation by 17,543.0% during the 1st quarter. BlackRock Inc. now owns 18,627,957 shares of the bank’s stock worth $332,509,000 after buying an additional 18,522,374 shares during the period. Vanguard Group Inc. increased its stake in Fulton Financial Corporation by 2.1% during the 2nd quarter. Vanguard Group Inc. now owns 15,089,443 shares of the bank’s stock worth $286,699,000 after buying an additional 314,230 shares during the period. Dimensional Fund Advisors LP increased its stake in Fulton Financial Corporation by 0.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 14,443,398 shares of the bank’s stock worth $274,426,000 after buying an additional 112,692 shares during the period. State Street Corp increased its stake in Fulton Financial Corporation by 4.0% during the 2nd quarter. State Street Corp now owns 9,239,829 shares of the bank’s stock worth $175,556,000 after buying an additional 353,566 shares during the period. Finally, Alliancebernstein L.P. increased its stake in Fulton Financial Corporation by 0.6% during the 2nd quarter. Alliancebernstein L.P. now owns 5,009,090 shares of the bank’s stock worth $95,173,000 after buying an additional 29,669 shares during the period. 62.99% of the stock is currently owned by hedge funds and other institutional investors.
About Fulton Financial Corporation
Fulton Financial Corporation is a financial holding company. The Company is the bank holding company of Fulton Bank N.A. (the Bank). As of December 31, 2016, the Company’s six subsidiary banks were located primarily in suburban or semi-rural geographic markets throughout a five-state region (Pennsylvania, Delaware, Maryland, New Jersey and Virginia).
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