Fulton Financial Corporation (NASDAQ:FULT) Receives Average Rating of “Hold” from Analysts

Fulton Financial Corporation (NASDAQ:FULT) has been assigned an average rating of “Hold” from the six brokerages that are covering the company, Marketbeat.com reports. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $24.75.

FULT has been the subject of a number of recent research reports. Piper Sandler reiterated a “neutral” rating and issued a $27.00 price target (up from $23.00) on shares of Fulton Financial in a research note on Monday. DA Davidson increased their price objective on shares of Fulton Financial from $24.00 to $25.00 and gave the company a “neutral” rating in a research report on Friday, July 24th. Weiss Ratings restated a “buy (b)” rating on shares of Fulton Financial in a report on Wednesday, July 29th. Wall Street Zen raised shares of Fulton Financial from a “sell” rating to a “hold” rating in a research report on Saturday, July 25th. Finally, Raymond James Financial boosted their target price on shares of Fulton Financial from $24.00 to $26.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 1st.

Insider Activity

In other news, Director E Philip Wenger sold 5,000 shares of the company’s stock in a transaction dated Monday, July 13th. The stock was sold at an average price of $24.14, for a total transaction of $120,700.00. Following the completion of the transaction, the director directly owned 75,477 shares of the company’s stock, valued at approximately $1,822,014.78. This represents a 6.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.01% of the company’s stock.

Hedge Funds Weigh In On Fulton Financial

Several hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP boosted its holdings in shares of Fulton Financial by 0.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 11,177,001 shares of the bank’s stock valued at $227,333,000 after buying an additional 87,813 shares in the last quarter. First Trust Advisors LP raised its stake in Fulton Financial by 31.2% during the 1st quarter. First Trust Advisors LP now owns 8,050,923 shares of the bank’s stock worth $163,756,000 after acquiring an additional 1,912,709 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Fulton Financial by 29.8% during 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 acquiring an additional 1,054,321 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in Fulton Financial by 219.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,822,385 shares of the bank’s stock valued at $54,557,000 after acquiring an additional 1,939,260 shares during the last quarter. Finally, Norges Bank purchased a new stake in Fulton Financial in the fourth quarter valued at $44,271,000. 72.02% of the stock is currently owned by hedge funds and other institutional investors.

Fulton Financial Stock Performance

Shares of FULT opened at $24.72 on Thursday. Fulton Financial has a 1 year low of $16.60 and a 1 year high of $25.23. The stock has a market capitalization of $4.72 billion, a PE ratio of 11.83 and a beta of 0.79. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a 50-day simple moving average of $23.64 and a 200-day simple moving average of $21.95.

Fulton Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st were issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Wednesday, July 1st. Fulton Financial’s payout ratio is 36.36%.

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.