Fulton Financial (NASDAQ:FULT) Price Target Raised to $23.00

Fulton Financial (NASDAQ:FULT) had its price target upped by Keefe, Bruyette & Woods from $20.00 to $23.00 in a research note published on Wednesday morning,Benzinga reports. They currently have a market perform rating on the bank’s stock.

Several other brokerages also recently issued reports on FULT. StockNews.com downgraded Fulton Financial from a “hold” rating to a “sell” rating in a report on Monday, November 11th. Piper Sandler set a $21.00 target price on Fulton Financial in a research report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. According to MarketBeat, Fulton Financial presently has an average rating of “Hold” and a consensus price target of $19.50.

Fulton Financial Price Performance

FULT opened at $21.24 on Wednesday. The stock has a market capitalization of $3.87 billion, a P/E ratio of 13.44 and a beta of 0.78. 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 company’s 50 day simple moving average is $19.39 and its 200-day simple moving average is $18.26. Fulton Financial has a one year low of $13.87 and a one year high of $22.49.

Fulton Financial (NASDAQ:FULT) last issued 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 analyst estimates of $321.00 million. Fulton Financial had a net margin of 16.37% and a return on equity of 11.33%. During the same quarter last year, the firm earned $0.43 EPS. Sell-side analysts anticipate that Fulton Financial will post 1.74 earnings per share for the current fiscal year.

Fulton Financial Dividend Announcement

The business also recently declared 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. This represents a $0.68 annualized dividend and a dividend yield of 3.20%. The ex-dividend date of this dividend was Tuesday, October 1st. Fulton Financial’s dividend payout ratio (DPR) is 43.04%.

Institutional Inflows and Outflows

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

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.