Wall Street brokerages forecast that Fulton Financial Corp (NASDAQ:FULT) will post $209.92 million in sales for the current fiscal quarter, Zacks Investment Research reports. Five analysts have issued estimates for Fulton Financial’s earnings, with estimates ranging from $207.70 million to $212.42 million. Fulton Financial posted sales of $198.78 million in the same quarter last year, which would indicate a positive year over year growth rate of 5.6%. The company is scheduled to report its next earnings results on Tuesday, October 16th.
According to Zacks, analysts expect that Fulton Financial will report full year sales of $829.83 million for the current year, with estimates ranging from $822.60 million to $836.20 million. For the next year, analysts expect that the firm will report sales of $877.14 million per share, with estimates ranging from $864.30 million to $886.48 million. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Fulton Financial.
Fulton Financial (NASDAQ:FULT) last announced its quarterly earnings results on Tuesday, July 17th. The bank reported $0.20 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.07. Fulton Financial had a return on equity of 8.20% and a net margin of 19.05%. The firm had revenue of $208.12 million for the quarter, compared to analysts’ expectations of $208.67 million. During the same period in the prior year, the business posted $0.26 earnings per share.
Several equities research analysts have recently weighed in on the company. Hovde Group reiterated a “hold” rating and set a $18.00 price target on shares of Fulton Financial in a research report on Monday, April 23rd. BidaskClub cut Fulton Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, April 4th. ValuEngine upgraded Fulton Financial from a “sell” rating to a “hold” rating in a research report on Tuesday, July 10th. Zacks Investment Research upgraded Fulton Financial from a “sell” rating to a “hold” rating in a research report on Wednesday, July 11th. Finally, Barclays decreased their price target on Fulton Financial from $19.00 to $18.00 and set an “underweight” rating on the stock in a research report on Thursday, April 19th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $18.57.
Several hedge funds and other institutional investors have recently modified their holdings of FULT. Victory Capital Management Inc. purchased a new position in shares of Fulton Financial during the first quarter worth about $45,404,000. Millennium Management LLC grew its holdings in shares of Fulton Financial by 3,372.9% during the fourth quarter. Millennium Management LLC now owns 776,919 shares of the bank’s stock worth $13,907,000 after purchasing an additional 754,548 shares in the last quarter. BlackRock Inc. grew its holdings in shares of Fulton Financial by 2.1% during the first quarter. BlackRock Inc. now owns 19,380,427 shares of the bank’s stock worth $344,001,000 after purchasing an additional 406,627 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Fulton Financial by 50.8% during the first quarter. Russell Investments Group Ltd. now owns 1,170,259 shares of the bank’s stock worth $20,771,000 after purchasing an additional 394,267 shares in the last quarter. Finally, Deutsche Bank AG grew its holdings in shares of Fulton Financial by 177.8% during the fourth quarter. Deutsche Bank AG now owns 561,216 shares of the bank’s stock worth $10,042,000 after purchasing an additional 359,167 shares in the last quarter. 62.24% of the stock is owned by institutional investors.
Shares of FULT traded down $0.05 during midday trading on Friday, hitting $17.35. 32,926 shares of the company traded hands, compared to its average volume of 903,477. Fulton Financial has a one year low of $15.05 and a one year high of $19.55. The stock has a market cap of $3.06 billion, a PE ratio of 16.21, a P/E/G ratio of 1.92 and a beta of 1.04. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.44.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 13th. Stockholders of record on Monday, July 2nd were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.77%. The ex-dividend date of this dividend was Friday, June 29th. Fulton Financial’s payout ratio is 44.86%.
Fulton Financial Company Profile
Fulton Financial Corporation operates as a multi-bank 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 consumer loans, including home equity loans and lines of credit, automobile loans, automobile and equipment leases, 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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