Fulton Financial (FULT) Lowered to “Hold” at Zacks Investment Research

Fulton Financial (NASDAQ:FULT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.

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. “

Several other brokerages have also commented on FULT. Piper Jaffray Companies restated a “hold” rating and set a $18.00 price target on shares of Fulton Financial in a research note on Thursday, October 19th. Keefe, Bruyette & Woods restated a “hold” rating and set a $17.00 price target on shares of Fulton Financial in a research note on Thursday, October 19th. BidaskClub upgraded Fulton Financial from a “strong sell” rating to a “sell” rating in a research note on Wednesday, January 31st. Finally, Barclays raised their price target on Fulton Financial from $18.00 to $19.00 and gave the company an “underweight” rating in a research note on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $18.80.

Shares of Fulton Financial (NASDAQ FULT) traded up $0.15 during trading on Tuesday, hitting $18.10. The stock had a trading volume of 950,003 shares, compared to its average volume of 1,085,433. The stock has a market capitalization of $3,160.95, a price-to-earnings ratio of 18.47 and a beta of 1.06. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.98 and a current ratio of 0.98. Fulton Financial has a 1 year low of $16.45 and a 1 year high of $19.90.

Fulton Financial (NASDAQ:FULT) last announced its quarterly earnings results on Monday, January 22nd. The bank reported $0.28 EPS for the quarter, meeting the consensus estimate of $0.28. The firm had revenue of $206.37 million for the quarter, compared to analyst estimates of $201.30 million. Fulton Financial had a return on equity of 8.51% and a net margin of 19.59%. The business’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.24 earnings per share. research analysts forecast that Fulton Financial will post 1.25 earnings per share for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of FULT. Citadel Advisors LLC grew its stake in Fulton Financial by 67.2% in the third quarter. Citadel Advisors LLC now owns 1,198,412 shares of the bank’s stock valued at $22,471,000 after purchasing an additional 481,665 shares during the last quarter. BlackRock Inc. grew its stake in Fulton Financial by 2.2% in the fourth quarter. BlackRock Inc. now owns 18,973,800 shares of the bank’s stock valued at $339,632,000 after purchasing an additional 415,507 shares during the last quarter. State Street Corp grew its stake in Fulton Financial by 4.0% in the second quarter. State Street Corp now owns 9,239,829 shares of the bank’s stock valued at $175,556,000 after purchasing an additional 353,566 shares during the last quarter. Legacy Advisors LLC purchased a new position in Fulton Financial in the third quarter valued at about $4,641,000. Finally, Barrow Hanley Mewhinney & Strauss LLC purchased a new position in Fulton Financial in the fourth quarter valued at about $2,653,000. Institutional investors own 62.59% of the company’s stock.

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About Fulton Financial

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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