Fulton Financial (NASDAQ:FULT) Raised to “Hold” at Piper Sandler

Fulton Financial (NASDAQ:FULT) was upgraded by stock analysts at Piper Sandler to a “hold” rating in a report issued on Friday,Zacks.com reports.

A number of other equities research analysts also recently commented on the company. Weiss Ratings upgraded Fulton Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Wall Street Zen cut Fulton Financial from a “hold” rating to a “sell” rating in a report on Sunday, May 3rd. DA Davidson started coverage on Fulton Financial in a research note on Wednesday, February 25th. They issued a “neutral” rating and a $24.00 price objective on the stock. Finally, Raymond James Financial reaffirmed an “outperform” rating and set a $24.00 price objective on shares of Fulton Financial in a report on Monday, April 27th. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $23.00.

Fulton Financial Stock Performance

FULT opened at $23.36 on Friday. 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 market capitalization of $4.46 billion, a price-to-earnings ratio of 11.12 and a beta of 0.80. The company has a fifty day moving average of $21.57 and a 200 day moving average of $20.70. Fulton Financial has a fifty-two week low of $16.60 and a fifty-two week high of $23.48.

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

Insider Transactions at Fulton Financial

In other Fulton Financial news, Director E Philip Wenger sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, April 13th. The stock was sold at an average price of $21.42, for a total transaction of $107,100.00. Following the completion of the transaction, the director owned 80,477 shares in the company, valued at $1,723,817.34. The trade was 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 at this link. 0.01% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fulton Financial

Several hedge funds and other institutional investors have recently modified their holdings of the business. Norges Bank purchased a new position in Fulton Financial during the 4th quarter valued at $44,271,000. Goldman Sachs Group Inc. lifted its position in shares of Fulton Financial by 219.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,822,385 shares of the bank’s stock worth $54,557,000 after purchasing an additional 1,939,260 shares during the last quarter. First Trust Advisors LP lifted its position in shares of Fulton Financial by 31.2% during the first quarter. First Trust Advisors LP now owns 8,050,923 shares of the bank’s stock worth $163,756,000 after purchasing an additional 1,912,709 shares during the last quarter. Balyasny Asset Management L.P. purchased a new stake in shares of Fulton Financial during the second quarter valued at $22,069,000. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Fulton Financial by 29.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,590,883 shares of the bank’s stock valued at $88,743,000 after purchasing an additional 1,054,321 shares during the period. 72.02% of the stock is currently owned by hedge funds and other institutional investors.

About Fulton Financial

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.