Fulton Financial (NASDAQ:FULT) Hits New 12-Month High Following Better-Than-Expected Earnings

Shares of Fulton Financial Corporation (NASDAQ:FULT) hit a new 52-week high on Thursday following a better than expected earnings announcement. The stock traded as high as $21.09 and last traded at $21.15, with a volume of 1099744 shares traded. The stock had previously closed at $20.51.

The bank reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.03. The firm had revenue of $336.02 million for the quarter, compared to analysts’ expectations of $336.80 million. Fulton Financial had a return on equity of 12.59% and a net margin of 20.68%.During the same quarter in the prior year, the firm earned $0.48 EPS.

Fulton Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.8%. This is a boost from Fulton Financial’s previous quarterly dividend of $0.18. The ex-dividend date was Wednesday, December 31st. Fulton Financial’s dividend payout ratio (DPR) is 39.79%.

Fulton Financial announced that its board has initiated a stock buyback plan on Tuesday, December 16th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the bank to buy up to 4.2% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several brokerages have recently commented on FULT. Keefe, Bruyette & Woods increased their price objective on Fulton Financial from $20.00 to $21.00 and gave the company a “market perform” rating in a research report on Wednesday, November 26th. Weiss Ratings cut shares of Fulton Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Finally, Raymond James Financial raised shares of Fulton Financial from a “market perform” rating to an “outperform” rating and set a $21.00 price target for the company in a research note on Tuesday, October 7th. One investment analyst has rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $20.90.

Insider Buying and Selling

In related news, Director E Philip Wenger sold 5,000 shares of the business’s stock in a transaction dated Monday, January 12th. The shares were sold at an average price of $19.55, for a total transaction of $97,750.00. Following the sale, the director owned 85,477 shares of the company’s stock, valued at $1,671,075.35. The trade was a 5.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.08% of the stock is owned by insiders.

Hedge Funds Weigh In On Fulton Financial

Several large investors have recently made changes to their positions in FULT. Nisa Investment Advisors LLC grew its stake in shares of Fulton Financial by 2.5% in the 4th quarter. Nisa Investment Advisors LLC now owns 23,924 shares of the bank’s stock worth $467,000 after buying an additional 580 shares during the last quarter. EJF Capital LLC grew its stake in shares of Fulton Financial by 2.6% in the second quarter. EJF Capital LLC now owns 22,686 shares of the bank’s stock worth $409,000 after acquiring an additional 582 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Fulton Financial by 16.8% in the fourth quarter. GAMMA Investing LLC now owns 4,262 shares of the bank’s stock worth $82,000 after acquiring an additional 613 shares during the last quarter. Arizona State Retirement System increased its holdings in shares of Fulton Financial by 1.2% during the third quarter. Arizona State Retirement System now owns 53,768 shares of the bank’s stock valued at $1,002,000 after acquiring an additional 623 shares in the last quarter. Finally, Jones Financial Companies Lllp raised its position in shares of Fulton Financial by 48.0% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,995 shares of the bank’s stock worth $38,000 after purchasing an additional 647 shares during the last quarter. 72.02% of the stock is currently owned by hedge funds and other institutional investors.

Fulton Financial Trading Down 4.0%

The stock has a market cap of $3.65 billion, a PE ratio of 9.71 and a beta of 0.85. The firm has a 50-day moving average price of $19.35 and a 200-day moving average price of $18.82. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.90 and a current ratio of 0.90.

About Fulton Financial

Fulton Financial Corporation, trading on the NASDAQ under the ticker FULT, is the financial holding company for Fulton Bank, headquartered in Lancaster, Pennsylvania. The company delivers a broad range of banking and financial services through its subsidiary, Fulton Bank, targeting both individual and corporate clients. Fulton Financial’s offerings include deposit accounts, lending solutions, treasury management, and specialized banking services designed to support personal wealth goals and business growth initiatives.

Through Fulton Bank, the company provides retail banking services such as checking and savings accounts, consumer and residential mortgage loans, and home equity products.