Fulton Financial (NASDAQ:FULT) Downgraded by StockNews.com to Sell

StockNews.com downgraded shares of Fulton Financial (NASDAQ:FULT) from a hold rating to a sell rating in a research note issued to investors on Monday.

Separately, Piper Sandler set a $21.00 target price on Fulton Financial in a research report 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’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $18.83.

Fulton Financial Price Performance

Fulton Financial stock opened at $20.98 on Monday. The stock’s 50 day moving average price is $18.33 and its two-hundred day moving average price is $17.80. The stock has a market capitalization of $3.82 billion, a price-to-earnings ratio of 13.28 and a beta of 0.73. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.90 and a current ratio of 0.93. Fulton Financial has a 52-week low of $13.84 and a 52-week high of $21.65.

Fulton Financial (NASDAQ:FULT) last issued its earnings results on Tuesday, October 15th. The bank reported $0.50 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $321.00 million. During the same period in the prior year, the firm earned $0.43 earnings per share. On average, equities analysts predict that Fulton Financial will post 1.74 earnings per share for the current year.

Fulton Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st were issued a $0.17 dividend. The ex-dividend date was Tuesday, October 1st. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.24%. Fulton Financial’s dividend payout ratio is presently 43.04%.

Hedge Funds Weigh In On Fulton Financial

A number of hedge funds have recently added to or reduced their stakes in the stock. Miller Howard Investments Inc. NY raised its stake in shares of Fulton Financial by 2.4% in the second quarter. Miller Howard Investments Inc. NY now owns 22,132 shares of the bank’s stock worth $376,000 after purchasing an additional 527 shares during the last quarter. CIBC Asset Management Inc lifted its position in shares of Fulton Financial by 3.7% during the second quarter. CIBC Asset Management Inc now owns 16,883 shares of the bank’s stock valued at $287,000 after purchasing an additional 605 shares in the last quarter. Blue Trust Inc. lifted its position in shares of Fulton Financial by 21.9% during the 2nd quarter. Blue Trust Inc. now owns 3,840 shares of the bank’s stock worth $61,000 after buying an additional 691 shares in the last quarter. Meridian Wealth Partners LLC lifted its holdings in Fulton Financial by 4.7% during the second quarter. Meridian Wealth Partners LLC now owns 27,557 shares of the bank’s stock worth $468,000 after acquiring an additional 1,230 shares during the period. Finally, Texas Permanent School Fund Corp boosted its position in Fulton Financial by 1.1% in the first quarter. Texas Permanent School Fund Corp now owns 143,357 shares of the bank’s stock worth $2,278,000 after purchasing an additional 1,538 shares during the last quarter. Institutional investors and hedge funds own 72.02% of the company’s stock.

Fulton Financial Company Profile

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.