Keefe, Bruyette & Woods Boosts Fulton Financial (NASDAQ:FULT) Price Target to $23.00

Fulton Financial (NASDAQ:FULT) had its price objective raised by investment analysts at Keefe, Bruyette & Woods from $20.00 to $23.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price objective points to a potential upside of 9.21% from the company’s current price.

A number of other research analysts also recently weighed in on the stock. StockNews.com downgraded shares of Fulton Financial from a “hold” rating to a “sell” rating in a research report on Monday, November 11th. Piper Sandler set a $21.00 price objective on shares of Fulton Financial in a research note on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $19.50.

Fulton Financial Price Performance

FULT traded down $0.02 during trading on Wednesday, hitting $21.06. 236,789 shares of the stock traded hands, compared to its average volume of 1,455,914. The business has a 50 day moving average price of $19.19 and a 200 day moving average price of $18.19. Fulton Financial has a twelve month low of $13.87 and a twelve month high of $22.49. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.93 and a quick ratio of 0.93. The company has a market cap of $3.83 billion, a price-to-earnings ratio of 13.33 and a beta of 0.77.

Fulton Financial (NASDAQ:FULT) last announced its quarterly earnings results on Tuesday, October 15th. The bank reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.06. Fulton Financial had a net margin of 16.37% and a return on equity of 11.33%. The business had revenue of $487.33 million for the quarter, compared to analysts’ expectations of $321.00 million. During the same quarter last year, the firm earned $0.43 EPS. Equities research analysts forecast that Fulton Financial will post 1.74 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fulton Financial

A number of hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC raised its position in Fulton Financial by 511.1% in the second quarter. Millennium Management LLC now owns 3,256,000 shares of the bank’s stock worth $55,287,000 after acquiring an additional 2,723,170 shares in the last quarter. Emerald Advisers LLC grew its holdings in shares of Fulton Financial by 213.6% during the 3rd quarter. Emerald Advisers LLC now owns 1,307,559 shares of the bank’s stock valued at $23,706,000 after acquiring an additional 890,630 shares in the last quarter. Emerald Mutual Fund Advisers Trust increased its stake in shares of Fulton Financial by 272.2% in the third quarter. Emerald Mutual Fund Advisers Trust now owns 861,691 shares of the bank’s stock worth $15,622,000 after acquiring an additional 630,152 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Fulton Financial by 710.0% during the second quarter. The Manufacturers Life Insurance Company now owns 699,652 shares of the bank’s stock worth $11,880,000 after acquiring an additional 613,272 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Fulton Financial by 28.8% during the second quarter. Bank of New York Mellon Corp now owns 2,542,068 shares of the bank’s stock valued at $43,164,000 after purchasing an additional 567,771 shares during the last quarter. Institutional investors and hedge funds own 72.02% of the company’s stock.

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.