Fulton Financial Corporation (NASDAQ:FULT) Stock Has Consensus Target Price of $24.75

Shares of Fulton Financial Corporation (NASDAQ:FULT) have been given a consensus recommendation of “Hold” by the five research firms that are covering the stock, MarketBeat.com reports. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $24.75.

Several research analysts have commented on FULT shares. Wall Street Zen upgraded shares of Fulton Financial from a “sell” rating to a “hold” rating in a report on Saturday, July 25th. Weiss Ratings restated a “buy (b)” rating on shares of Fulton Financial in a report on Wednesday, July 29th. Piper Sandler restated a “neutral” rating and issued a $27.00 price target (up from $23.00) on shares of Fulton Financial in a research report on Monday, August 3rd. DA Davidson upped their price target on shares of Fulton Financial from $24.00 to $25.00 and gave the company a “neutral” rating in a research report on Friday, July 24th. Finally, Raymond James Financial raised their price objective on shares of Fulton Financial from $24.00 to $26.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 1st.

Insider Buying and Selling at Fulton Financial

In other news, Director E. Wenger sold 5,000 shares of Fulton Financial stock in a transaction on Monday, July 13th. The stock was sold at an average price of $24.14, for a total transaction of $120,700.00. Following the transaction, the director owned 75,477 shares in the company, valued at approximately $1,822,014.78. The trade was a 6.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Lisa Crutchfield sold 4,100 shares of the company’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $24.80, for a total value of $101,680.00. Following the transaction, the director directly owned 7,838 shares in the company, valued at $194,382.40. The trade was a 34.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.01% of the company’s stock.

Hedge Funds Weigh In On Fulton Financial

A number of large investors have recently made changes to their positions in FULT. QRG Capital Management Inc. lifted its position in shares of Fulton Financial by 13.8% in the second quarter. QRG Capital Management Inc. now owns 126,249 shares of the bank’s stock worth $3,054,000 after purchasing an additional 15,336 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of Fulton Financial by 13.1% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 13,578 shares of the bank’s stock worth $328,000 after purchasing an additional 1,576 shares during the period. Squarepoint Ops LLC acquired a new position in Fulton Financial in the 2nd quarter valued at approximately $2,466,000. Waverly Advisors LLC purchased a new stake in Fulton Financial in the 2nd quarter worth approximately $733,000. Finally, Nykredit A S acquired a new stake in shares of Fulton Financial during the 2nd quarter valued at $235,000. Institutional investors and hedge funds own 72.02% of the company’s stock.

Fulton Financial Trading Up 1.3%

Shares of NASDAQ FULT opened at $23.05 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.15. Fulton Financial has a 12 month low of $16.60 and a 12 month high of $25.23. The company has a market cap of $4.40 billion, a price-to-earnings ratio of 11.03 and a beta of 0.78. The business has a fifty day simple moving average of $23.98 and a 200-day simple moving average of $22.59.

Fulton Financial (NASDAQ:FULT) last issued its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.07. The firm had revenue of $367.87 million for the quarter, compared to analysts’ expectations of $358.83 million. Fulton Financial had a return on equity of 12.68% and a net margin of 20.63%.Fulton Financial’s revenue was up 12.2% on a year-over-year basis. During the same quarter last year, the business posted $0.55 EPS. Sell-side analysts predict that Fulton Financial will post 2.23 EPS for the current year.

Fulton Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, October 1st will be issued a $0.19 dividend. The ex-dividend date is Thursday, October 1st. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.3%. Fulton Financial’s dividend payout ratio is presently 36.36%.

About Fulton Financial

Fulton Financial Corporation (NASDAQ:FULT) is a bank holding company headquartered in Lancaster, Pennsylvania. Its primary subsidiary, Fulton Bank, provides banking and financial services to consumers, businesses and institutions.

The company offers deposit accounts, residential and commercial lending, mortgages, treasury management, cash management and other commercial banking services. Through its broader financial services platform, Fulton also provides wealth management, investment services and insurance solutions.

Fulton serves customers through branches and digital channels across Pennsylvania, Delaware, Maryland, New Jersey and Virginia.