Fulton Financial (NASDAQ:FULT) Price Target Raised to $21.00

Fulton Financial (NASDAQ:FULT) had its target price upped by Keefe, Bruyette & Woods from $20.00 to $21.00 in a report issued on Wednesday morning,Benzinga reports. They currently have a market perform rating on the bank’s stock.

A number of other brokerages have also recently issued reports on FULT. Weiss Ratings cut Fulton Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. Zacks Research lowered Fulton Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 15th. Finally, Raymond James Financial raised Fulton Financial from a “market perform” rating to an “outperform” rating and set a $21.00 price objective for the company in a report on Tuesday, October 7th. Two research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $20.90.

Fulton Financial Trading Down 0.4%

Shares of FULT stock opened at $18.18 on Wednesday. The firm has a fifty day moving average of $17.93 and a 200-day moving average of $18.25. The stock has a market cap of $3.28 billion, a price-to-earnings ratio of 9.52 and a beta of 0.88. Fulton Financial has a 52-week low of $14.32 and a 52-week high of $21.85. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.89 and a current ratio of 0.89.

Fulton Financial (NASDAQ:FULT) last posted its earnings results on Tuesday, November 8th. The bank reported $0.45 earnings per share for the quarter. The business had revenue of $236.96 million for the quarter. Fulton Financial had a net margin of 19.01% and a return on equity of 12.55%. On average, equities research analysts forecast that Fulton Financial will post 1.91 earnings per share for the current fiscal year.

Fulton Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Wednesday, October 1st were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 4.0%. The ex-dividend date was Wednesday, October 1st. Fulton Financial’s dividend payout ratio is presently 37.70%.

Insider Activity

In related news, Director E Philip Wenger sold 5,000 shares of Fulton Financial stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $19.28, for a total value of $96,400.00. Following the completion of the transaction, the director directly owned 90,477 shares of the company’s stock, valued at $1,744,396.56. The trade was a 5.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.08% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fulton Financial

Institutional investors have recently modified their holdings of the stock. Atlantic Union Bankshares Corp acquired a new position in Fulton Financial during the 2nd quarter worth $871,000. Measured Wealth Private Client Group LLC bought a new stake in shares of Fulton Financial during the first quarter worth $425,000. Public Sector Pension Investment Board lifted its stake in shares of Fulton Financial by 27.3% during the first quarter. Public Sector Pension Investment Board now owns 577,492 shares of the bank’s stock valued at $10,447,000 after acquiring an additional 124,019 shares during the period. Envestnet Portfolio Solutions Inc. acquired a new position in shares of Fulton Financial during the second quarter valued at $186,000. Finally, Martingale Asset Management L P boosted its holdings in Fulton Financial by 168.4% in the first quarter. Martingale Asset Management L P now owns 31,936 shares of the bank’s stock valued at $578,000 after acquiring an additional 20,036 shares during the last quarter. 72.02% of the stock is owned by institutional investors.

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.