Fulton Financial (NASDAQ:FULT) Stock Crosses Above Two Hundred Day Moving Average – What’s Next?

Shares of Fulton Financial Corporation (NASDAQ:FULT) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $18.38 and traded as high as $20.15. Fulton Financial shares last traded at $19.91, with a volume of 1,450,311 shares.

Analysts Set New Price Targets

Several equities analysts have recently commented on FULT shares. Raymond James Financial upgraded shares of Fulton Financial from a “market perform” rating to an “outperform” rating and set a $21.00 price target on the stock in a report on Tuesday, October 7th. Weiss Ratings cut Fulton Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Keefe, Bruyette & Woods raised their price target 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. Finally, Zacks Research lowered Fulton Financial from a “strong-buy” rating to a “hold” rating in a report on Monday, September 15th. One investment analyst has rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $20.90.

Fulton Financial Trading Up 2.3%

The company’s fifty day moving average is $18.11 and its 200-day moving average is $18.41. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $3.68 billion, a P/E ratio of 10.66 and a beta of 0.86.

Fulton Financial (NASDAQ:FULT) last released its earnings results on Tuesday, November 8th. The bank reported $0.45 earnings per share for the quarter. Fulton Financial had a net margin of 19.01% and a return on equity of 12.75%. The firm had revenue of $236.96 million during the quarter. As a group, sell-side analysts anticipate that Fulton Financial Corporation will post 1.91 earnings per share for the current fiscal year.

Fulton Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 3.7%. The ex-dividend date is Wednesday, December 31st. This is a positive change from Fulton Financial’s previous quarterly dividend of $0.18. Fulton Financial’s dividend payout ratio is currently 37.70%.

Fulton Financial announced that its board has initiated a share buyback plan on Tuesday, December 16th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the bank to reacquire up to 4.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Fulton Financial

Hedge funds have recently modified their holdings of the business. Atlantic Union Bankshares Corp bought a new stake in shares of Fulton Financial in the 2nd quarter valued at approximately $871,000. Prudential Financial Inc. grew its position in Fulton Financial by 5.8% in the second quarter. Prudential Financial Inc. now owns 337,518 shares of the bank’s stock valued at $6,089,000 after acquiring an additional 18,432 shares during the period. First Trust Advisors LP raised its stake in Fulton Financial by 42.4% during the second quarter. First Trust Advisors LP now owns 5,626,858 shares of the bank’s stock worth $101,509,000 after acquiring an additional 1,676,495 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new position in Fulton Financial during the second quarter worth $186,000. Finally, Martingale Asset Management L P lifted its holdings in shares of Fulton Financial by 168.4% during the first quarter. Martingale Asset Management L P now owns 31,936 shares of the bank’s stock valued at $578,000 after acquiring an additional 20,036 shares during the period. 72.02% of the stock is owned by institutional investors.

About Fulton Financial

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.