Key Points
- Director E. Philip Wenger sold 5,000 Fulton Financial shares for $118,450, reducing his stake by 6.62% to 70,477 shares.
- Fulton Financial reported quarterly EPS of $0.62, beating the $0.55 consensus estimate; revenue of $367.26 million was also slightly above expectations.
- Analyst sentiment is generally neutral: the stock has a consensus “Hold” rating and an average price target of $24.80. The company’s quarterly dividend is $0.19 per share, equivalent to a 3.2% yield.
Fulton Financial Corporation (NASDAQ:FULT - Get Free Report) Director E. Wenger sold 5,000 shares of Fulton Financial stock in a transaction dated Friday, November 6th. The stock was sold at an average price of $23.69, for a total value of $118,450.00. Following the transaction, the director owned 70,477 shares in the company, valued at approximately $1,669,600.13. This represents a 6.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.
Fulton Financial Trading Down 0.5%
NASDAQ:FULT opened at $24.00 on Wednesday. Fulton Financial Corporation has a 1 year low of $16.91 and a 1 year high of $25.23. The stock has a market cap of $4.58 billion, a price-to-earnings ratio of 11.16 and a beta of 0.78. The stock has a 50-day moving average price of $23.16 and a two-hundred day moving average price of $22.48.
Fulton Financial (NASDAQ:FULT - Get Free Report) last announced its quarterly earnings results on Wednesday, October 21st. The bank reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.07. The company had revenue of $367.26 million during the quarter, compared to the consensus estimate of $366.71 million. Fulton Financial had a return on equity of 12.97% and a net margin of 21.07%. During the same period in the prior year, the company earned $0.55 earnings per share. Sell-side analysts forecast that Fulton Financial Corporation will post 2.26 earnings per share for the current year.
Fulton Financial Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Thursday, October 1st were given a $0.19 dividend. The ex-dividend date was Thursday, October 1st. This represents a $0.76 annualized dividend and a dividend yield of 3.2%. Fulton Financial's payout ratio is currently 35.35%.
Analyst Upgrades and Downgrades
A number of research firms recently issued reports on FULT. Wall Street Zen raised Fulton Financial from a "sell" rating to a "hold" rating in a research note on Saturday, July 25th. Raymond James Financial lowered shares of Fulton Financial from an "outperform" rating to a "market perform" rating in a research note on Tuesday, October 6th. DA Davidson upped their price target on shares of Fulton Financial from $24.00 to $25.00 and gave the company a "neutral" rating in a report on Friday, July 24th. Weiss Ratings reiterated a "buy (b)" rating on shares of Fulton Financial in a report on Tuesday, October 27th. Finally, Stephens reissued an "overweight" rating and set a $25.00 price objective (down from $26.00) on shares of Fulton Financial in a research report on Tuesday, October 27th. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $24.80.
View Our Latest Research Report on Fulton Financial
Institutional Investors Weigh In On Fulton Financial
Hedge funds and other institutional investors have recently bought and sold shares of the company. Private Advisor Group LLC lifted its stake in Fulton Financial by 4.3% in the 3rd quarter. Private Advisor Group LLC now owns 38,708 shares of the bank's stock valued at $873,000 after acquiring an additional 1,588 shares in the last quarter. Meeder Asset Management Inc. boosted its position in Fulton Financial by 233.8% during the 3rd quarter. Meeder Asset Management Inc. now owns 1,966 shares of the bank's stock worth $44,000 after acquiring an additional 1,377 shares during the last quarter. Voya Investment Management LLC boosted its position in Fulton Financial by 8.6% during the 3rd quarter. Voya Investment Management LLC now owns 328,776 shares of the bank's stock worth $7,417,000 after acquiring an additional 26,028 shares during the last quarter. Edgestream Partners L.P. bought a new position in shares of Fulton Financial during the 3rd quarter worth approximately $347,000. Finally, Bessemer Group Inc. grew its stake in shares of Fulton Financial by 347.3% during the 3rd quarter. Bessemer Group Inc. now owns 1,205,319 shares of the bank's stock worth $27,191,000 after acquiring an additional 935,876 shares in the last quarter. Institutional investors and hedge funds own 72.02% of the company's stock.
About Fulton Financial
(
Get Free Report)
Fulton Financial Corporation is a bank holding company headquartered in Lancaster, Pennsylvania. Its principal subsidiary, Fulton Bank, provides banking and financial services to individuals, businesses and nonprofit organizations. The company offers consumer and commercial deposit accounts, loans and other credit products, as well as mortgage, wealth management and related financial services. Its roots in banking date to the founding of Fulton National Bank in Lancaster in 1882. Fulton serves communities across the Mid-Atlantic, including Pennsylvania, Delaware, Maryland, New Jersey and Virginia.
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