Fulton Financial (NASDAQ:FULT) Hits New 1-Year High – Time to Buy?

Fulton Financial Corporation (NASDAQ:FULT) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $22.90 and last traded at $22.8440, with a volume of 307288 shares. The stock had previously closed at $22.75.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Fulton Financial in a research report on Thursday, January 22nd. Keefe, Bruyette & Woods lifted their target price on shares of Fulton Financial from $20.00 to $21.00 and gave the stock a “market perform” rating in a report on Wednesday, November 26th. One investment analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $20.50.

Fulton Financial Stock Performance

The firm has a fifty day simple moving average of $20.03 and a 200 day simple moving average of $18.94. 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 stock has a market cap of $4.10 billion, a price-to-earnings ratio of 10.92 and a beta of 0.86.

Fulton Financial (NASDAQ:FULT) last announced its quarterly earnings data on Wednesday, January 21st. The bank reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.03. The company had revenue of $336.02 million for the quarter, compared to analyst estimates of $336.80 million. Fulton Financial had a return on equity of 12.59% and a net margin of 20.68%.During the same quarter last year, the firm earned $0.48 EPS. As a group, sell-side analysts expect that Fulton Financial Corporation will post 1.91 earnings per share for the current year.

Fulton Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were issued a dividend of $0.19 per share. The ex-dividend date of this dividend was Wednesday, December 31st. This is a positive change from Fulton Financial’s previous quarterly dividend of $0.18. This represents a $0.76 dividend on an annualized basis and a yield of 3.3%. Fulton Financial’s dividend payout ratio (DPR) is presently 36.54%.

Fulton Financial announced that its board has authorized a stock repurchase plan on Tuesday, December 16th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the bank to purchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity

In related news, Director E Philip Wenger sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $19.55, for a total transaction of $97,750.00. Following the completion of the transaction, the director owned 85,477 shares in the company, valued at $1,671,075.35. This trade represents a 5.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.07% of the company’s stock.

Hedge Funds Weigh In On Fulton Financial

Large investors have recently modified their holdings of the stock. Torren Management LLC acquired a new stake in shares of Fulton Financial in the fourth quarter valued at approximately $28,000. V Square Quantitative Management LLC bought a new position in Fulton Financial in the 4th quarter valued at $28,000. EverSource Wealth Advisors LLC increased its stake in shares of Fulton Financial by 373.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,662 shares of the bank’s stock valued at $30,000 after buying an additional 1,311 shares during the period. State of Wyoming bought a new stake in shares of Fulton Financial during the second quarter worth $30,000. Finally, Parallel Advisors LLC raised its position in shares of Fulton Financial by 69.0% during the third quarter. Parallel Advisors LLC now owns 1,903 shares of the bank’s stock worth $35,000 after acquiring an additional 777 shares during the last quarter. 72.02% of the stock is currently owned by institutional investors and hedge funds.

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.