Fulton Financial (NASDAQ:FULT) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research cut shares of Fulton Financial (NASDAQ:FULT) from a buy rating to a hold rating in a research note released on Tuesday morning, Zacks.com reports.

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. “

Separately, Raymond James reaffirmed a market perform rating on shares of Fulton Financial in a research note on Tuesday, April 13th.

FULT opened at $16.85 on Tuesday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.26. The company has a 50 day simple moving average of $17.24. The firm has a market cap of $2.74 billion, a PE ratio of 12.48 and a beta of 0.84. Fulton Financial has a 12 month low of $8.89 and a 12 month high of $18.41.

Fulton Financial (NASDAQ:FULT) last posted its quarterly earnings results on Monday, April 19th. The bank reported $0.43 EPS for the quarter, beating the consensus estimate of $0.34 by $0.09. Fulton Financial had a return on equity of 9.39% and a net margin of 22.54%. The business had revenue of $262.83 million during the quarter, compared to analysts’ expectations of $221.22 million. During the same period last year, the firm earned $0.13 EPS. As a group, sell-side analysts expect that Fulton Financial will post 1.31 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 15th. Investors of record on Thursday, April 1st were paid a $0.14 dividend. This is an increase from Fulton Financial’s previous quarterly dividend of $0.13. This represents a $0.56 annualized dividend and a yield of 3.32%. The ex-dividend date was Wednesday, March 31st. Fulton Financial’s dividend payout ratio (DPR) is presently 51.85%.

In other Fulton Financial news, EVP Meg R. Mueller sold 11,250 shares of the firm’s stock in a transaction on Tuesday, May 18th. The stock was sold at an average price of $17.68, for a total transaction of $198,900.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.01% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. Valley National Advisers Inc. increased its position in Fulton Financial by 2.2% during the first quarter. Valley National Advisers Inc. now owns 34,478 shares of the bank’s stock worth $587,000 after buying an additional 729 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp increased its position in Fulton Financial by 2.8% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 27,132 shares of the bank’s stock worth $345,000 after buying an additional 732 shares in the last quarter. LPL Financial LLC increased its position in Fulton Financial by 6.6% during the fourth quarter. LPL Financial LLC now owns 12,221 shares of the bank’s stock worth $155,000 after buying an additional 762 shares in the last quarter. RKL Wealth Management LLC increased its position in Fulton Financial by 2.1% during the fourth quarter. RKL Wealth Management LLC now owns 46,149 shares of the bank’s stock worth $587,000 after buying an additional 942 shares in the last quarter. Finally, State of Michigan Retirement System increased its position in Fulton Financial by 1.7% during the first quarter. State of Michigan Retirement System now owns 60,120 shares of the bank’s stock worth $1,024,000 after buying an additional 1,000 shares in the last quarter. 63.13% of the stock is owned by institutional investors.

About Fulton Financial

Fulton Financial Corporation operates as a financial holding company that provides banking and financial services to businesses and consumers. It accepts various checking accounts and savings deposit products, certificates of deposit, and individual retirement accounts. The company also offers secured consumer loans, including home equity loans and lines of credit, automobile loans, personal lines of credit, and checking account overdraft protection; construction and jumbo residential mortgage loans; and commercial lending products comprising commercial, financial, agricultural, and real estate loans.

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