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

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

Separately, Piper Sandler set a $21.00 price target on shares of Fulton Financial in a research report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $18.83.

Fulton Financial Trading Up 3.1 %

Shares of Fulton Financial stock opened at $21.28 on Monday. Fulton Financial has a 52-week low of $13.27 and a 52-week high of $21.65. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a 50-day moving average of $18.19 and a 200-day moving average of $17.71. The stock has a market cap of $3.87 billion, a PE ratio of 13.47 and a beta of 0.73.

Fulton Financial (NASDAQ:FULT) last released its quarterly earnings results on Tuesday, October 15th. The bank reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.06. Fulton Financial had a net margin of 16.37% and a return on equity of 11.14%. The company had revenue of $487.33 million during the quarter, compared to the consensus estimate of $321.00 million. During the same period in the previous year, the business earned $0.43 earnings per share. As a group, sell-side analysts forecast that Fulton Financial will post 1.74 EPS for the current year.

Fulton Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 3.20%. The ex-dividend date was Tuesday, October 1st. Fulton Financial’s dividend payout ratio (DPR) is 43.04%.

Institutional Trading of Fulton Financial

Several hedge funds and other institutional investors have recently made changes to their positions in FULT. Millennium Management LLC grew its stake in shares of Fulton Financial by 511.1% in the second quarter. Millennium Management LLC now owns 3,256,000 shares of the bank’s stock worth $55,287,000 after purchasing an additional 2,723,170 shares during the last quarter. American Century Companies Inc. increased its position in Fulton Financial by 18.6% during the 2nd quarter. American Century Companies Inc. now owns 3,022,534 shares of the bank’s stock valued at $51,323,000 after purchasing an additional 474,099 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Fulton Financial by 28.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,542,068 shares of the bank’s stock worth $43,164,000 after purchasing an additional 567,771 shares during the period. Fulton Bank N.A. boosted its stake in shares of Fulton Financial by 0.9% in the 2nd quarter. Fulton Bank N.A. now owns 2,057,813 shares of the bank’s stock valued at $34,942,000 after purchasing an additional 17,955 shares during the last quarter. Finally, Emerald Advisers LLC boosted its stake in shares of Fulton Financial by 213.6% in the 3rd quarter. Emerald Advisers LLC now owns 1,307,559 shares of the bank’s stock valued at $23,706,000 after purchasing an additional 890,630 shares during the last quarter. 72.02% of the stock is currently owned by institutional investors.

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.