Boenning Scattergood Research Analysts Decrease Earnings Estimates for Fulton Financial Corporation (FULT)
Fulton Financial Corporation (NASDAQ:FULT) – Equities researchers at Boenning Scattergood dropped their FY2017 earnings per share (EPS) estimates for shares of Fulton Financial Corporation in a research report issued to clients and investors on Wednesday. Boenning Scattergood analyst M. Schultheis now expects that the bank will earn $1.05 per share for the year, down from their prior forecast of $1.07. Boenning Scattergood has a “Hold” rating on the stock. Boenning Scattergood also issued estimates for Fulton Financial Corporation’s Q1 2018 earnings at $0.27 EPS, Q2 2018 earnings at $0.29 EPS, Q3 2018 earnings at $0.29 EPS, Q4 2018 earnings at $0.32 EPS, FY2018 earnings at $1.17 EPS and FY2019 earnings at $1.27 EPS.
Fulton Financial Corporation (NASDAQ:FULT) last issued its earnings results on Tuesday, October 17th. The bank reported $0.28 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.01. The company had revenue of $194.19 million for the quarter, compared to analysts’ expectations of $200.00 million. Fulton Financial Corporation had a net margin of 21.15% and a return on equity of 8.28%. The firm’s revenue was up 8.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.24 earnings per share. ILLEGAL ACTIVITY WARNING: This news story was first reported by American Banking News and is owned by of American Banking News. If you are reading this news story on another site, it was illegally stolen and reposted in violation of US and international trademark & copyright law. The correct version of this news story can be accessed at https://www.americanbankingnews.com/2017/10/20/boenning-scattergood-research-analysts-decrease-earnings-estimates-for-fulton-financial-corporation-fult.html.
A number of other research analysts have also recently issued reports on FULT. Keefe, Bruyette & Woods reissued a “hold” rating and set a $18.00 price objective on shares of Fulton Financial Corporation in a report on Friday, June 23rd. Stephens started coverage on Fulton Financial Corporation in a report on Thursday, July 13th. They set an “equal weight” rating for the company. Jefferies Group LLC reissued a “hold” rating and set a $20.00 price objective on shares of Fulton Financial Corporation in a report on Friday, July 14th. Zacks Investment Research cut Fulton Financial Corporation from a “buy” rating to a “hold” rating in a report on Friday, July 21st. Finally, BidaskClub cut Fulton Financial Corporation from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company. Fulton Financial Corporation currently has a consensus rating of “Hold” and an average price target of $18.14.
Shares of Fulton Financial Corporation (FULT) traded up 0.943% during mid-day trading on Friday, hitting $18.725. 142,330 shares of the company’s stock were exchanged. The company has a market capitalization of $3.28 billion, a price-to-earnings ratio of 18.914 and a beta of 1.17. Fulton Financial Corporation has a 52 week low of $14.45 and a 52 week high of $19.90. The firm has a 50 day moving average price of $18.22 and a 200-day moving average price of $18.16.
Institutional investors have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Fulton Financial Corporation by 7.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,721 shares of the bank’s stock valued at $147,000 after buying an additional 519 shares during the last quarter. Advisor Group Inc. raised its holdings in shares of Fulton Financial Corporation by 5.3% in the second quarter. Advisor Group Inc. now owns 8,336 shares of the bank’s stock valued at $158,000 after buying an additional 417 shares during the last quarter. Jane Street Group LLC bought a new position in shares of Fulton Financial Corporation in the first quarter valued at about $184,000. Invictus RG bought a new position in shares of Fulton Financial Corporation in the first quarter valued at about $186,000. Finally, Riverhead Capital Management LLC raised its holdings in shares of Fulton Financial Corporation by 56.0% in the second quarter. Riverhead Capital Management LLC now owns 9,985 shares of the bank’s stock valued at $190,000 after buying an additional 3,585 shares during the last quarter. 62.98% of the stock is owned by institutional investors and hedge funds.
In related news, insider Craig A. Roda sold 19,309 shares of Fulton Financial Corporation stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $18.42, for a total value of $355,671.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director R Scott Smith, Jr. sold 5,539 shares of Fulton Financial Corporation stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $18.35, for a total value of $101,640.65. The disclosure for this sale can be found here. Insiders own 0.68% of the company’s stock.
The firm also recently declared a quarterly dividend, which was paid on Friday, October 13th. Investors of record on Monday, October 2nd were issued a $0.11 dividend. The ex-dividend date of this dividend was Friday, September 29th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.37%. Fulton Financial Corporation’s dividend payout ratio is 42.72%.
Fulton Financial Corporation Company Profile
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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