Fulton Financial (NASDAQ:FULT) Hits New 52-Week High on Better-Than-Expected Earnings

Fulton Financial Corporation (NASDAQ:FULT)’s share price reached a new 52-week high during trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $21.09 and last traded at $21.15, with a volume of 1099744 shares changing hands. The stock had previously closed at $20.51.

The bank reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.03. The company had revenue of $336.02 million during the quarter, compared to analyst estimates of $336.80 million. Fulton Financial had a net margin of 19.01% and a return on equity of 12.75%. During the same period last year, the firm posted $0.48 EPS.

Fulton Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were issued a $0.19 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This is a positive change from Fulton Financial’s previous quarterly dividend of $0.18. This represents a $0.76 annualized dividend and a yield of 3.6%. Fulton Financial’s dividend payout ratio is currently 39.79%.

Fulton Financial announced that its Board of Directors has authorized a stock repurchase program on Tuesday, December 16th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the bank to repurchase up to 4.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Keefe, Bruyette & Woods upped their target price on Fulton Financial from $20.00 to $21.00 and gave the stock a “market perform” rating in a research note on Wednesday, November 26th. Weiss Ratings lowered 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 objective on the stock in a research note on Tuesday, October 7th. One analyst has rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average 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 Fulton Financial stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $19.55, for a total value of $97,750.00. Following the sale, the director directly owned 85,477 shares in the company, valued at approximately $1,671,075.35. The trade was a 5.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 1.08% of the company’s stock.

Institutional Trading of Fulton Financial

A number of institutional investors have recently made changes to their positions in the company. First Trust Advisors LP grew its holdings in shares of Fulton Financial by 0.4% in the third quarter. First Trust Advisors LP now owns 5,646,713 shares of the bank’s stock valued at $105,198,000 after purchasing an additional 19,855 shares during the period. Geode Capital Management LLC raised its position in shares of Fulton Financial by 1.1% during the 2nd quarter. Geode Capital Management LLC now owns 4,587,133 shares of the bank’s stock valued at $82,760,000 after buying an additional 50,122 shares during the period. American Century Companies Inc. lifted its holdings in Fulton Financial by 25.3% in the third quarter. American Century Companies Inc. now owns 3,583,100 shares of the bank’s stock valued at $66,753,000 after acquiring an additional 723,948 shares during the last quarter. Fisher Asset Management LLC grew its position in Fulton Financial by 6.4% in the third quarter. Fisher Asset Management LLC now owns 3,363,509 shares of the bank’s stock worth $62,662,000 after acquiring an additional 203,708 shares during the period. Finally, Norges Bank acquired a new stake in Fulton Financial during the second quarter worth $37,813,000. 72.02% of the stock is owned by institutional investors and hedge funds.

Fulton Financial Price Performance

The stock has a 50-day simple moving average of $19.23 and a 200 day simple moving average of $18.79. The company has a market cap of $3.82 billion, a PE ratio of 11.07 and a beta of 0.85. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.14.

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.