Fulton Financial (NASDAQ:FULT) Reaches New 1-Year High – Here’s What Happened

Shares of Fulton Financial Co. (NASDAQ:FULT) reached a new 52-week high during trading on Friday . The stock traded as high as $21.72 and last traded at $21.68, with a volume of 402607 shares trading hands. The stock had previously closed at $21.24.

Analyst Ratings Changes

FULT has been the topic of several recent research reports. Piper Sandler set a $21.00 price target on shares of Fulton Financial in a research report on Thursday, October 17th. StockNews.com cut Fulton Financial from a “hold” rating to a “sell” rating in a report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $18.83.

Fulton Financial Price Performance

The stock’s fifty day moving average price is $18.74 and its 200-day moving average price is $17.98. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.93 and a quick ratio of 0.93. The firm has a market cap of $3.93 billion, a price-to-earnings ratio of 13.68 and a beta of 0.73.

Fulton Financial (NASDAQ:FULT) last announced its earnings results on Tuesday, October 15th. The bank reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.06. The company had revenue of $487.33 million for the quarter, compared to the consensus estimate of $321.00 million. Fulton Financial had a net margin of 16.37% and a return on equity of 11.33%. During the same period in the previous year, the business earned $0.43 EPS. Equities research analysts predict that Fulton Financial Co. will post 1.74 EPS for the current fiscal year.

Fulton Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $0.68 dividend on an annualized basis and a yield of 3.15%. Fulton Financial’s payout ratio is presently 43.04%.

Hedge Funds Weigh In On Fulton Financial

Institutional investors and hedge funds have recently bought and sold shares of the business. Quarry LP acquired a new stake in shares of Fulton Financial during the third quarter worth approximately $33,000. Family Firm Inc. acquired a new stake in shares of Fulton Financial during the 2nd quarter valued at $46,000. Coston McIsaac & Partners acquired a new stake in shares of Fulton Financial during the 3rd quarter valued at $54,000. Blue Trust Inc. grew its holdings in shares of Fulton Financial by 21.9% during the 2nd quarter. Blue Trust Inc. now owns 3,840 shares of the bank’s stock valued at $61,000 after acquiring an additional 691 shares in the last quarter. Finally, TD Private Client Wealth LLC raised its holdings in shares of Fulton Financial by 11.6% during the third quarter. TD Private Client Wealth LLC now owns 6,519 shares of the bank’s stock worth $118,000 after acquiring an additional 676 shares in the last quarter. Hedge funds and other institutional investors own 72.02% of the company’s stock.

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.