Fulton Financial Corp. (FULT) Lowered to “Sell” at Zacks Investment Research
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. “
A number of other equities analysts have also recently weighed in on the company. Hovde Group initiated coverage on Fulton Financial Corp. in a research note on Monday, September 12th. They issued an outperform rating and a $16.00 price target on the stock. Keefe, Bruyette & Woods reissued a market perform rating on shares of Fulton Financial Corp. in a research note on Wednesday. Finally, FBR & Co reissued a hold rating on shares of Fulton Financial Corp. in a research note on Wednesday, July 20th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company. The company presently has an average rating of Hold and an average target price of $14.25.
Shares of Fulton Financial Corp. (NASDAQ:FULT) traded up 0.71% on Thursday, hitting $14.26. 180,013 shares of the stock traded hands. Fulton Financial Corp. has a one year low of $11.48 and a one year high of $14.86. The company’s 50 day moving average is $14.43 and its 200 day moving average is $13.89. The stock has a market cap of $2.47 billion, a price-to-earnings ratio of 16.43 and a beta of 1.19.
Fulton Financial Corp. (NASDAQ:FULT) last issued its quarterly earnings results on Tuesday, July 19th. The company reported $0.23 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.01. Fulton Financial Corp. had a return on equity of 7.31% and a net margin of 19.52%. On average, equities analysts forecast that Fulton Financial Corp. will post $0.91 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.82%. The ex-dividend date of this dividend is Wednesday, September 28th. Fulton Financial Corp.’s dividend payout ratio is currently 45.98%.
In other Fulton Financial Corp. news, COO Philmer H. Rohrbaugh purchased 14,000 shares of the company’s stock in a transaction on Tuesday, August 16th. The shares were bought at an average cost of $13.96 per share, with a total value of $195,440.00. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director James R. Moxley III purchased 9,896 shares of the company’s stock in a transaction on Wednesday, July 27th. The stock was acquired at an average cost of $13.71 per share, for a total transaction of $135,674.16. The disclosure for this purchase can be found here. 0.75% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Victory Capital Management Inc. increased its position in shares of Fulton Financial Corp. by 77.3% in the second quarter. Victory Capital Management Inc. now owns 7,989 shares of the company’s stock valued at $108,000 after buying an additional 3,484 shares in the last quarter. Sei Investments Co. increased its position in shares of Fulton Financial Corp. by 33,879.3% in the second quarter. Sei Investments Co. now owns 9,854 shares of the company’s stock valued at $133,000 after buying an additional 9,825 shares in the last quarter. LS Investment Advisors LLC increased its position in shares of Fulton Financial Corp. by 76.7% in the second quarter. LS Investment Advisors LLC now owns 10,458 shares of the company’s stock valued at $141,000 after buying an additional 4,538 shares in the last quarter. SevenBridge Financial Group LLC acquired a new position in shares of Fulton Financial Corp. during the second quarter valued at approximately $154,000. Finally, Wagner Bowman Management Corp increased its position in shares of Fulton Financial Corp. by 0.6% in the second quarter. Wagner Bowman Management Corp now owns 11,878 shares of the company’s stock valued at $160,000 after buying an additional 74 shares in the last quarter. 59.12% of the stock is currently owned by institutional investors.
Fulton Financial Corp. Company Profile
Fulton Financial Corporation is a multi-bank financial holding company. The Company provides a range of banking and financial services to businesses and consumers through its banking subsidiaries: Fulton Bank, N.A., Fulton Bank of New Jersey, The Columbia Bank, Lafayette Ambassador Bank, FNB Bank, N.A.
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