Fulton Financial (NASDAQ:FULT) Price Target Raised to $24.00

Fulton Financial (NASDAQ:FULT) had its price target hoisted by Keefe, Bruyette & Woods from $23.00 to $24.00 in a research note published on Thursday,Benzinga reports. They currently have a market perform rating on the bank’s stock.

A number of other research firms have also recently commented on FULT. Stephens raised shares of Fulton Financial from an “equal weight” rating to an “overweight” rating in a research report on Monday, December 9th. Piper Sandler set a $21.00 target price on shares of Fulton Financial in a research note on Thursday, October 17th. Finally, StockNews.com lowered shares of Fulton Financial from a “hold” rating to a “sell” rating in a research note on Monday, November 11th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Fulton Financial currently has an average rating of “Hold” and a consensus target price of $20.33.

Fulton Financial Stock Down 0.1 %

Shares of FULT opened at $20.56 on Thursday. The stock’s 50 day moving average is $20.46 and its two-hundred day moving average is $19.16. The firm has a market cap of $3.74 billion, a P/E ratio of 13.10 and a beta of 0.79. The company has a current ratio of 0.90, a quick ratio of 0.93 and a debt-to-equity ratio of 0.32. Fulton Financial has a 12 month low of $13.87 and a 12 month high of $22.49.

Fulton Financial (NASDAQ:FULT) last issued its earnings results on Tuesday, January 21st. The bank reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.06. Fulton Financial had a return on equity of 11.41% and a net margin of 15.87%. During the same period in the previous year, the company posted $0.42 earnings per share. Analysts predict that Fulton Financial will post 1.79 earnings per share for the current fiscal year.

Fulton Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a dividend of $0.18 per share. The ex-dividend date was Tuesday, December 31st. This is an increase from Fulton Financial’s previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a yield of 3.50%. Fulton Financial’s dividend payout ratio is currently 45.86%.

Insider Activity at Fulton Financial

In related news, CEO Curtis J. Myers sold 24,192 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $21.16, for a total value of $511,902.72. Following the sale, the chief executive officer now directly owns 155,946 shares of the company’s stock, valued at approximately $3,299,817.36. This represents a 13.43 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.07% of the stock is owned by insiders.

Institutional Trading of Fulton Financial

Large investors have recently made changes to their positions in the stock. Nordea Investment Management AB lifted its holdings in shares of Fulton Financial by 6.5% during the 4th quarter. Nordea Investment Management AB now owns 567,790 shares of the bank’s stock worth $11,007,000 after acquiring an additional 34,844 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Fulton Financial by 130.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 557,303 shares of the bank’s stock valued at $10,104,000 after acquiring an additional 315,435 shares in the last quarter. Segall Bryant & Hamill LLC purchased a new stake in shares of Fulton Financial in the third quarter worth about $3,489,000. Geode Capital Management LLC grew its holdings in Fulton Financial by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 4,371,223 shares of the bank’s stock valued at $79,264,000 after purchasing an additional 85,574 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its stake in Fulton Financial by 145.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 89,378 shares of the bank’s stock valued at $1,620,000 after purchasing an additional 52,997 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 operates as a financial holding company that provides consumer and commercial banking products and services in Pennsylvania, Delaware, Maryland, New Jersey, and Virginia. It accepts various checking accounts and savings deposit products, certificates of deposit, and individual retirement accounts.