Fulton Financial (NASDAQ:FULT) Sees Large Volume Increase Following Analyst Upgrade

Fulton Financial Co. (NASDAQ:FULT) shares saw unusually-high trading volume on Tuesday after DA Davidson raised their price target on the stock from $15.00 to $18.00. DA Davidson currently has a neutral rating on the stock. Approximately 3,366,850 shares traded hands during mid-day trading, an increase of 163% from the previous session’s volume of 1,280,533 shares.The stock last traded at $16.62 and had previously closed at $16.80.

A number of other equities research analysts also recently commented on FULT. Keefe, Bruyette & Woods lifted their target price on Fulton Financial from $17.00 to $19.00 and gave the stock a “market perform” rating in a report on Tuesday. StockNews.com downgraded Fulton Financial from a “hold” rating to a “sell” rating in a report on Friday, April 26th. Stephens reduced their price target on Fulton Financial from $16.00 to $15.50 and set an “equal weight” rating for the company in a research report on Thursday, April 18th. Jefferies Financial Group reduced their price target on Fulton Financial from $17.00 to $16.00 and set a “hold” rating for the company in a research report on Monday, April 8th. Finally, Janney Montgomery Scott upgraded Fulton Financial from a “neutral” rating to a “buy” rating and set a $19.50 price target for the company in a research report on Monday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $17.60.

Institutional Trading of Fulton Financial

A number of institutional investors and hedge funds have recently made changes to their positions in the business. BNP Paribas Financial Markets increased its position in shares of Fulton Financial by 78.8% in the first quarter. BNP Paribas Financial Markets now owns 83,162 shares of the bank’s stock valued at $1,321,000 after buying an additional 36,663 shares in the last quarter. Fortis Group Advisors LLC purchased a new stake in shares of Fulton Financial in the first quarter valued at approximately $185,000. Commonwealth Equity Services LLC increased its position in shares of Fulton Financial by 34.5% in the first quarter. Commonwealth Equity Services LLC now owns 198,185 shares of the bank’s stock valued at $3,149,000 after buying an additional 50,842 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Fulton Financial by 10.9% in the first quarter. Principal Financial Group Inc. now owns 948,319 shares of the bank’s stock valued at $15,069,000 after buying an additional 92,992 shares in the last quarter. Finally, YHB Investment Advisors Inc. purchased a new stake in shares of Fulton Financial in the first quarter valued at approximately $36,000. 72.02% of the stock is currently owned by hedge funds and other institutional investors.

Fulton Financial Price Performance

The firm has a market capitalization of $2.74 billion, a PE ratio of 10.50 and a beta of 0.81. The stock has a 50-day moving average price of $15.34 and a 200 day moving average price of $15.11. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43.

Fulton Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, April 1st were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 4.02%. The ex-dividend date was Thursday, March 28th. Fulton Financial’s payout ratio is 42.24%.

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.