Fulton Financial (NASDAQ:FULT) Releases Earnings Results, Beats Estimates By $0.07 EPS

Fulton Financial (NASDAQ:FULT) released its earnings results on Wednesday. The bank reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.07, FiscalAI reports. The company had revenue of $363.56 million for the quarter, compared to the consensus estimate of $358.83 million. Fulton Financial had a net margin of 20.85% and a return on equity of 12.69%. Fulton Financial’s quarterly revenue was up 12.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.55 EPS.

Fulton Financial Stock Down 0.7%

Fulton Financial stock opened at $24.44 on Thursday. Fulton Financial has a fifty-two week low of $16.60 and a fifty-two week high of $25.23. The stock has a market cap of $4.67 billion, a PE ratio of 11.64 and a beta of 0.79. The firm’s 50-day simple moving average is $22.98 and its 200 day simple moving average is $21.61. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.90 and a current ratio of 0.90.

Fulton Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st were given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Wednesday, July 1st. Fulton Financial’s dividend payout ratio (DPR) is presently 36.19%.

Insider Transactions at Fulton Financial

In other Fulton Financial news, Director E Philip Wenger sold 5,000 shares of the company’s stock in a transaction on Monday, July 13th. The stock was sold at an average price of $24.14, for a total value of $120,700.00. Following the completion of the transaction, the director owned 75,477 shares in the company, valued at $1,822,014.78. This represents a 6.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.01% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Cibc World Markets Corp purchased a new stake in Fulton Financial in the 4th quarter worth approximately $234,000. State of Wyoming raised its position in shares of Fulton Financial by 160.2% in the fourth quarter. State of Wyoming now owns 4,259 shares of the bank’s stock worth $82,000 after buying an additional 2,622 shares in the last quarter. Danske Bank A S purchased a new stake in shares of Fulton Financial in the third quarter worth $58,000. PharVision Advisers LLC bought a new stake in Fulton Financial during the third quarter valued at $190,000. Finally, Measured Wealth Private Client Group LLC bought a new stake in Fulton Financial during the third quarter valued at $41,000. Institutional investors own 72.02% of the company’s stock.

Wall Street Analysts Forecast Growth

FULT has been the topic of several research reports. Piper Sandler set a $23.00 price objective on shares of Fulton Financial and gave the company a “neutral” rating in a report on Friday, June 12th. Weiss Ratings upgraded Fulton Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Raymond James Financial boosted their target price on Fulton Financial from $24.00 to $26.00 and gave the company an “outperform” rating in a research report on Wednesday, July 1st. Finally, Wall Street Zen downgraded Fulton Financial from a “hold” rating to a “sell” rating in a research note on Sunday, May 3rd. Two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Fulton Financial has an average rating of “Hold” and a consensus price target of $23.50.

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.