Fulton Financial Corp. (FULT) Announces Earnings Results
Fulton Financial Corp. (NASDAQ:FULT) posted its quarterly earnings results on Tuesday. The company reported $0.24 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.01. Fulton Financial Corp. had a return on equity of 7.31% and a net margin of 19.52%. The company had revenue of $130.57 million for the quarter, compared to analysts’ expectations of $136.49 million. During the same period last year, the firm earned $0.20 earnings per share. Fulton Financial Corp.’s quarterly revenue was down 23.4% on a year-over-year basis.
Shares of Fulton Financial Corp. (NASDAQ:FULT) opened at 14.30 on Wednesday. The firm has a market cap of $2.47 billion, a PE ratio of 16.47 and a beta of 1.19. Fulton Financial Corp. has a 52-week low of $11.48 and a 52-week high of $14.86. The stock’s 50 day moving average price is $14.43 and its 200-day moving average price is $13.91.
The company also recently announced a quarterly dividend, which was paid on Friday, October 14th. Stockholders of record on Friday, September 30th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date of this dividend was Wednesday, September 28th. Fulton Financial Corp.’s dividend payout ratio (DPR) is currently 45.98%.
In related news, EVP Curtis J. Myers sold 15,580 shares of the company’s stock in a transaction on Monday, August 29th. The shares were sold at an average price of $14.34, for a total transaction of $223,417.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James R. Moxley III purchased 9,896 shares of the firm’s stock in a transaction that occurred on Wednesday, July 27th. The shares were acquired at an average cost of $13.71 per share, with a total value of $135,674.16. The disclosure for this purchase can be found here. Corporate insiders own 0.75% of the company’s stock.
A number of hedge funds have recently made changes to their positions in FULT. Geode Capital Management LLC boosted its stake in shares of Fulton Financial Corp. by 1.5% in the first quarter. Geode Capital Management LLC now owns 1,528,130 shares of the company’s stock worth $20,446,000 after buying an additional 22,668 shares during the period. Virginia Retirement System purchased a new position in shares of Fulton Financial Corp. during the first quarter worth approximately $313,000. Riverhead Capital Management LLC raised its position in shares of Fulton Financial Corp. by 4.3% in the first quarter. Riverhead Capital Management LLC now owns 45,045 shares of the company’s stock worth $603,000 after buying an additional 1,845 shares in the last quarter. BlackRock Inc. raised its position in shares of Fulton Financial Corp. by 5.4% in the first quarter. BlackRock Inc. now owns 69,539 shares of the company’s stock worth $930,000 after buying an additional 3,580 shares in the last quarter. Finally, First Trust Advisors LP raised its position in shares of Fulton Financial Corp. by 9.6% in the second quarter. First Trust Advisors LP now owns 268,475 shares of the company’s stock worth $3,624,000 after buying an additional 23,463 shares in the last quarter. 59.15% of the stock is owned by hedge funds and other institutional investors.
FULT has been the topic of a number of analyst reports. Zacks Investment Research upgraded Fulton Financial Corp. from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a research note on Tuesday, September 20th. FBR & Co restated a “hold” rating on shares of Fulton Financial Corp. in a research note on Wednesday, July 20th. Keefe, Bruyette & Woods restated a “market perform” rating on shares of Fulton Financial Corp. in a research note on Wednesday, October 12th. Finally, 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. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $14.25.
About Fulton Financial Corp.
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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