Shares of Fulton Financial Corp (NASDAQ:FULT) have been assigned a consensus recommendation of “Hold” from the ten ratings firms that are covering the company, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $18.57.
A number of equities analysts have recently issued reports on the stock. Boenning Scattergood restated a “hold” rating on shares of Fulton Financial in a research report on Wednesday. BidaskClub upgraded shares of Fulton Financial from a “strong sell” rating to a “sell” rating in a research report on Thursday, October 11th. Zacks Investment Research upgraded shares of Fulton Financial from a “hold” rating to a “buy” rating and set a $19.00 target price on the stock in a research report on Friday, October 5th. Barclays upgraded shares of Fulton Financial from an “underweight” rating to an “overweight” rating and raised their target price for the stock from $18.00 to $19.00 in a research report on Wednesday, October 3rd. Finally, ValuEngine lowered shares of Fulton Financial from a “hold” rating to a “sell” rating in a research report on Monday, September 24th.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. lifted its holdings in shares of Fulton Financial by 4.6% during the second quarter. BlackRock Inc. now owns 20,268,134 shares of the bank’s stock worth $334,423,000 after purchasing an additional 887,707 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Fulton Financial by 0.9% during the second quarter. Dimensional Fund Advisors LP now owns 14,321,729 shares of the bank’s stock worth $236,310,000 after purchasing an additional 130,352 shares during the period. Northern Trust Corp lifted its holdings in shares of Fulton Financial by 0.8% during the second quarter. Northern Trust Corp now owns 4,343,376 shares of the bank’s stock worth $71,665,000 after purchasing an additional 34,154 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of Fulton Financial by 26.4% during the second quarter. Victory Capital Management Inc. now owns 3,233,762 shares of the bank’s stock worth $53,357,000 after purchasing an additional 675,805 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Fulton Financial by 1.2% during the second quarter. Bank of New York Mellon Corp now owns 2,305,293 shares of the bank’s stock worth $38,036,000 after purchasing an additional 27,083 shares during the period. 62.71% of the stock is owned by hedge funds and other institutional investors.
Fulton Financial (NASDAQ:FULT) last announced its earnings results on Tuesday, October 16th. The bank reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.04. The business had revenue of $214.23 million for the quarter, compared to analyst estimates of $209.72 million. Fulton Financial had a net margin of 19.05% and a return on equity of 8.20%. During the same period last year, the firm posted $0.28 earnings per share. As a group, equities research analysts forecast that Fulton Financial will post 1.15 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 15th. Investors of record on Monday, October 1st were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.83%. The ex-dividend date was Friday, September 28th. Fulton Financial’s dividend payout ratio is presently 44.86%.
About Fulton Financial
Fulton Financial Corporation operates as a multi-bank financial holding company that provides banking and financial services to businesses and consumers. It accepts various checking accounts and savings deposit products, certificates of deposit, and individual retirement accounts. The company also offers consumer loans, including home equity loans and lines of credit, automobile loans, automobile and equipment leases, personal lines of credit, and checking account overdraft protection; construction and jumbo residential mortgage loans; and commercial lending products comprising commercial, financial, agricultural, and real estate loans.
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