Fulton Financial (NASDAQ:FULT) Reaches New 12-Month High Following Analyst Upgrade

Fulton Financial Co. (NASDAQ:FULT)’s stock price reached a new 52-week high during mid-day trading on Wednesday after Stephens raised their price target on the stock from $15.50 to $17.50. Stephens currently has an equal weight rating on the stock. Fulton Financial traded as high as $17.36 and last traded at $17.32, with a volume of 3221553 shares trading hands. The stock had previously closed at $17.06.

A number of other equities analysts have also commented on the stock. Keefe, Bruyette & Woods increased their price target on shares of Fulton Financial from $17.00 to $19.00 and gave the stock a “market perform” rating in a report on Tuesday, April 30th. Jefferies Financial Group reduced their price objective on Fulton Financial from $17.00 to $16.00 and set a “hold” rating on the stock in a research report on Monday, April 8th. DA Davidson boosted their target price on Fulton Financial from $15.00 to $18.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 30th. Janney Montgomery Scott raised shares of Fulton Financial from a “neutral” rating to a “buy” rating and set a $19.50 price target on the stock in a research note on Monday, April 29th. Finally, StockNews.com cut shares of Fulton Financial from a “hold” rating to a “sell” rating in a research note on Friday, April 26th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $18.00.

Hedge Funds Weigh In On Fulton Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in FULT. Morton Brown Family Wealth LLC purchased a new position in shares of Fulton Financial during the fourth quarter valued at about $26,000. Blue Trust Inc. grew its holdings in shares of Fulton Financial by 82.8% during the 4th quarter. Blue Trust Inc. now owns 1,724 shares of the bank’s stock worth $28,000 after acquiring an additional 781 shares during the period. Strs Ohio purchased a new position in shares of Fulton Financial in the 4th quarter valued at approximately $29,000. Disciplined Equity Management Inc. bought a new stake in shares of Fulton Financial during the fourth quarter valued at approximately $32,000. Finally, YHB Investment Advisors Inc. bought a new position in Fulton Financial in the first quarter worth $36,000. Institutional investors own 72.02% of the company’s stock.

Fulton Financial Price Performance

The firm has a 50-day simple moving average of $15.58 and a 200 day simple moving average of $15.29. The firm has a market cap of $2.81 billion, a PE ratio of 10.76 and a beta of 0.77. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90.

Fulton Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Monday, April 1st were issued a dividend of $0.17 per share. The ex-dividend date was Thursday, March 28th. This represents a $0.68 annualized dividend and a dividend yield of 3.93%. Fulton Financial’s payout ratio is presently 42.24%.

Fulton Financial Company Profile

Fulton Financial Corporation operates as a financial holding company that provides consumer and commercial banking products and services in Pennsylvania, Delaware, Maryland, New Jersey, and Virginia. It accepts various checking accounts and savings deposit products, certificates of deposit, and individual retirement accounts.