Zacks Investment Research Lowers Fulton Financial (NASDAQ:FULT) to Sell

Zacks Investment Research lowered shares of Fulton Financial (NASDAQ:FULT) from a hold rating to a sell rating in a research note released on Tuesday morning, Zacks.com reports.

According to Zacks, “Fulton Financial Corp. is a bank holding company. It provides retail and commercial banking and investment management and trust services in central and eastern Pennsylvania, southern New Jersey, northern Maryland and southern Delaware through its wholly-owned subsidiaries: Fulton Bank, Lebanon Valley Farmers Bank, Swineford National Bank, Lafayette Ambassador Bank, FNB Bank, N.A., Great Valley Bank, Hagerstown Trust Company, Delaware National Bank, The Bank of Gloucester County, The Woodstown National Bank & Trust Company, and The Peoples Bank of Elkton. “

A number of other brokerages have also commented on FULT. BidaskClub upgraded shares of Fulton Financial from a hold rating to a buy rating in a research note on Tuesday, May 7th. ValuEngine upgraded shares of Fulton Financial from a sell rating to a hold rating in a research note on Friday, April 26th. Boenning Scattergood reiterated a hold rating on shares of Fulton Financial in a research note on Wednesday, April 17th. Finally, DA Davidson reiterated a neutral rating on shares of Fulton Financial in a research note on Thursday, April 18th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. The stock has an average rating of Hold and an average target price of $18.88.

Shares of FULT stock opened at $16.19 on Tuesday. The business has a 50 day moving average of $16.32. Fulton Financial has a 52 week low of $14.38 and a 52 week high of $18.45. The company has a market capitalization of $2.66 billion, a price-to-earnings ratio of 12.83, a PEG ratio of 1.42 and a beta of 1.05. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.97 and a quick ratio of 0.96.

Fulton Financial (NASDAQ:FULT) last announced its quarterly earnings results on Tuesday, April 16th. The bank reported $0.33 EPS for the quarter, hitting analysts’ consensus estimates of $0.33. Fulton Financial had a net margin of 21.95% and a return on equity of 9.50%. The firm had revenue of $210.00 million during the quarter, compared to analyst estimates of $212.93 million. During the same period in the previous year, the business posted $0.28 earnings per share. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. Sell-side analysts forecast that Fulton Financial will post 1.39 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, July 1st will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date is Friday, June 28th. Fulton Financial’s payout ratio is 44.07%.

In related news, insider David M. Campbell sold 5,160 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $17.00, for a total value of $87,720.00. Following the transaction, the insider now owns 7,283 shares of the company’s stock, valued at $123,811. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Michael J. Deporter sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, May 17th. The stock was sold at an average price of $16.91, for a total transaction of $50,730.00. Following the completion of the transaction, the insider now directly owns 2,266 shares in the company, valued at approximately $38,318.06. The disclosure for this sale can be found here. In the last three months, insiders sold 14,660 shares of company stock worth $249,145. 1.02% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. boosted its holdings in shares of Fulton Financial by 2.5% in the fourth quarter. BlackRock Inc. now owns 20,809,031 shares of the bank’s stock worth $322,124,000 after buying an additional 504,144 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of Fulton Financial by 0.4% in the fourth quarter. Northern Trust Corp now owns 4,288,367 shares of the bank’s stock worth $66,384,000 after buying an additional 17,688 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Fulton Financial by 4.8% in the fourth quarter. Geode Capital Management LLC now owns 2,356,948 shares of the bank’s stock worth $36,485,000 after buying an additional 108,936 shares during the last quarter. Norges Bank purchased a new position in Fulton Financial during the fourth quarter valued at approximately $28,422,000. Finally, Prudential Financial Inc. lifted its holdings in Fulton Financial by 6.8% during the fourth quarter. Prudential Financial Inc. now owns 1,562,505 shares of the bank’s stock valued at $24,187,000 after purchasing an additional 99,392 shares in the last quarter. 64.91% of the stock is currently owned by institutional investors.

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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