Fulton Financial (NASDAQ:FULT) Sets New 1-Year High – Here’s What Happened

Fulton Financial Corporation (NASDAQ:FULT)’s share price hit a new 52-week high during trading on Thursday . The stock traded as high as $23.03 and last traded at $22.8910, with a volume of 303558 shares changing hands. The stock had previously closed at $22.72.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Piper Sandler set a $23.00 target price on shares of Fulton Financial and gave the stock a “neutral” rating in a research note on Friday. Weiss Ratings raised shares of Fulton Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Raymond James Financial reiterated an “outperform” rating and set a $24.00 price objective on shares of Fulton Financial in a research note on Monday, April 27th. Wall Street Zen lowered shares of Fulton Financial from a “hold” rating to a “sell” rating in a report on Sunday, May 3rd. Finally, DA Davidson initiated coverage on Fulton Financial in a research report on Wednesday, February 25th. They issued a “neutral” rating and a $24.00 target price on the stock. Two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $23.00.

Fulton Financial Trading Up 1.6%

The stock has a 50-day moving average of $21.57 and a 200 day moving average of $20.70. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.06. The stock has a market cap of $4.46 billion, a PE ratio of 11.12 and a beta of 0.80.

Fulton Financial (NASDAQ:FULT) last posted its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.05. Fulton Financial had a net margin of 20.85% and a return on equity of 12.69%. The company had revenue of $331.86 million during the quarter, compared to analyst estimates of $359.36 million. During the same period last year, the firm posted $0.52 EPS. As a group, sell-side analysts anticipate that Fulton Financial Corporation will post 2.17 earnings per share for the current year.

Fulton Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Wednesday, April 1st were issued a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Wednesday, April 1st. Fulton Financial’s dividend payout ratio is presently 36.19%.

Insiders Place Their Bets

In other news, Director E Philip Wenger sold 5,000 shares of the company’s stock in a transaction dated Monday, April 13th. The stock was sold at an average price of $21.42, for a total value of $107,100.00. Following the sale, the director owned 80,477 shares in the company, valued at $1,723,817.34. This represents a 5.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.01% of the company’s stock.

Institutional Investors Weigh In On Fulton Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its stake in shares of Fulton Financial by 0.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 11,177,001 shares of the bank’s stock worth $227,333,000 after acquiring an additional 87,813 shares in the last quarter. First Trust Advisors LP increased its stake in shares of Fulton Financial by 31.2% in the 1st quarter. First Trust Advisors LP now owns 8,050,923 shares of the bank’s stock valued at $163,756,000 after purchasing an additional 1,912,709 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Fulton Financial by 29.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,590,883 shares of the bank’s stock worth $88,743,000 after purchasing an additional 1,054,321 shares during the period. American Century Companies Inc. raised its holdings in Fulton Financial by 25.3% in the 3rd quarter. American Century Companies Inc. now owns 3,583,100 shares of the bank’s stock worth $66,753,000 after purchasing an additional 723,948 shares during the period. Finally, Fisher Asset Management LLC boosted its position in Fulton Financial by 6.4% during the third quarter. Fisher Asset Management LLC now owns 3,363,509 shares of the bank’s stock worth $62,662,000 after purchasing an additional 203,708 shares in the last quarter. Institutional investors and hedge funds own 72.02% of the company’s stock.

Fulton Financial Company Profile

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.