Fulton Financial (NASDAQ:FULT) Issues Earnings Results

Fulton Financial (NASDAQ:FULT) released its earnings results on Tuesday. The bank reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.06, Briefing.com reports. Fulton Financial had a net margin of 16.37% and a return on equity of 11.33%. During the same quarter in the prior year, the company posted $0.42 earnings per share.

Fulton Financial Price Performance

FULT stock opened at $21.11 on Wednesday. The firm has a 50 day moving average of $20.49 and a 200-day moving average of $19.09. The firm has a market capitalization of $3.84 billion, a P/E ratio of 13.36 and a beta of 0.79. Fulton Financial has a 12 month low of $13.87 and a 12 month high of $22.49. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.32.

Fulton Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a dividend of $0.18 per share. The ex-dividend date was Tuesday, December 31st. This is a boost from Fulton Financial’s previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a dividend yield of 3.41%. Fulton Financial’s dividend payout ratio is currently 45.57%.

Analyst Upgrades and Downgrades

FULT has been the topic of several research analyst reports. Keefe, Bruyette & Woods upped their price objective on Fulton Financial from $20.00 to $23.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Piper Sandler set a $21.00 price objective on Fulton Financial in a report on Thursday, October 17th. StockNews.com cut Fulton Financial from a “hold” rating to a “sell” rating in a research note on Monday, November 11th. Finally, Stephens upgraded shares of Fulton Financial from an “equal weight” rating to an “overweight” rating in a research report on Monday, December 9th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Fulton Financial presently has a consensus rating of “Hold” and a consensus price target of $19.50.

Insider Buying and Selling

In related news, CEO Curtis J. Myers sold 24,192 shares of Fulton Financial stock in a transaction on Friday, December 6th. The stock was sold at an average price of $21.16, for a total transaction of $511,902.72. Following the completion of the sale, the chief executive officer now owns 155,946 shares of the company’s stock, valued at approximately $3,299,817.36. This trade represents a 13.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.07% of the stock is currently owned by insiders.

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.