Fulton Financial Co. (NASDAQ:FULT – Get Rating) hit a new 52-week low on Friday after StockNews.com downgraded the stock from a hold rating to a sell rating. The stock traded as low as $12.29 and last traded at $12.39, with a volume of 765943 shares. The stock had previously closed at $12.61.
Other analysts have also recently issued reports about the company. Janney Montgomery Scott initiated coverage on Fulton Financial in a report on Tuesday, January 10th. They issued a “neutral” rating and a $19.50 price target for the company. DA Davidson lowered their price objective on Fulton Financial from $15.00 to $14.00 and set a “neutral” rating for the company in a research report on Thursday. Keefe, Bruyette & Woods reduced their target price on Fulton Financial from $20.00 to $16.00 and set a “market perform” rating on the stock in a report on Thursday, April 6th. Finally, Piper Sandler reduced their price objective on Fulton Financial from $15.00 to $14.00 in a research note on Thursday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $16.33.
Insider Buying and Selling at Fulton Financial
In other Fulton Financial news, Director George K. Martin purchased 2,910 shares of the stock in a transaction dated Tuesday, February 7th. The shares were bought at an average cost of $17.16 per share, with a total value of $49,935.60. Following the completion of the transaction, the director now owns 8,870 shares in the company, valued at approximately $152,209.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Fulton Financial news, Director George W. Hodges sold 6,799 shares of the company’s stock in a transaction on Tuesday, January 31st. The shares were sold at an average price of $16.57, for a total transaction of $112,659.43. Following the completion of the sale, the director now owns 14,393 shares in the company, valued at approximately $238,492.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director George K. Martin purchased 2,910 shares of the firm’s stock in a transaction dated Tuesday, February 7th. The stock was purchased at an average cost of $17.16 per share, with a total value of $49,935.60. Following the acquisition, the director now directly owns 8,870 shares in the company, valued at $152,209.20. The disclosure for this purchase can be found here. Corporate insiders own 1.01% of the company’s stock.
Hedge Funds Weigh In On Fulton Financial
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Signaturefd LLC raised its holdings in shares of Fulton Financial by 55.0% in the 4th quarter. Signaturefd LLC now owns 1,815 shares of the bank’s stock valued at $31,000 after purchasing an additional 644 shares during the period. Quadrant Capital Group LLC grew its position in shares of Fulton Financial by 455.9% during the 3rd quarter. Quadrant Capital Group LLC now owns 2,168 shares of the bank’s stock worth $34,000 after purchasing an additional 1,778 shares in the last quarter. Lazard Asset Management LLC boosted its position in shares of Fulton Financial by 1,554.1% during the 1st quarter. Lazard Asset Management LLC now owns 2,200 shares of the bank’s stock worth $36,000 after acquiring an additional 2,067 shares in the last quarter. McClarren Financial Advisors Inc. acquired a new stake in shares of Fulton Financial during the 3rd quarter worth approximately $38,000. Finally, Almanack Investment Partners LLC. acquired a new stake in shares of Fulton Financial during the 3rd quarter worth approximately $42,000. 64.84% of the stock is owned by institutional investors and hedge funds.
Fulton Financial Price Performance
The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.52. The firm has a market cap of $2.06 billion, a price-to-earnings ratio of 7.51 and a beta of 0.77. The company’s 50-day moving average is $15.19 and its 200-day moving average is $16.53.
Fulton Financial (NASDAQ:FULT – Get Rating) last posted its quarterly earnings results on Wednesday, April 19th. The bank reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.09). Fulton Financial had a return on equity of 13.18% and a net margin of 24.14%. The firm had revenue of $267.34 million for the quarter, compared to analyst estimates of $281.45 million. During the same quarter in the prior year, the business posted $0.38 EPS. The business’s revenue was up 23.4% on a year-over-year basis. Equities research analysts predict that Fulton Financial Co. will post 1.83 earnings per share for the current year.
Fulton Financial Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, April 14th. Stockholders of record on Monday, April 3rd were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.84%. The ex-dividend date was Friday, March 31st. Fulton Financial’s payout ratio is currently 35.71%.
About Fulton Financial
Fulton Financial Corp. is financial holding company, which through its subsidiaries, engages in the provision of consumer and commercial banking products and services. It offers checking account and savings deposit products, certificates of deposit and individual retirement accounts. The company also offers investment management, trust, brokerage, insurance and investment advisory services to consumer and commercial banking customers in the market areas serviced by the subsidiary banks.