Fulton Financial Corp (NASDAQ:FULT)’s share price gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $15.38, but opened at $16.37. Fulton Financial shares last traded at $16.96, with a volume of 2824020 shares.
The bank reported $0.37 EPS for the quarter, beating the consensus estimate of $0.33 by $0.04. The business had revenue of $214.23 million during the quarter, compared to analysts’ expectations of $209.72 million. Fulton Financial had a return on equity of 8.20% and a net margin of 19.05%. During the same period last year, the firm earned $0.28 EPS.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 15th. Stockholders of record on Monday, October 1st were issued a $0.12 dividend. The ex-dividend date of this dividend was Friday, September 28th. This represents a $0.48 annualized dividend and a dividend yield of 2.88%. Fulton Financial’s dividend payout ratio is currently 44.86%.
Several research firms have recently commented on FULT. Boenning Scattergood reissued a “hold” rating on shares of Fulton Financial in a report on Wednesday. BidaskClub raised Fulton Financial from a “strong sell” rating to a “sell” rating in a report on Thursday, October 11th. Zacks Investment Research raised Fulton Financial from a “hold” rating to a “buy” rating and set a $19.00 price target for the company in a report on Friday, October 5th. Barclays raised Fulton Financial from an “underweight” rating to an “overweight” rating and raised their price target for the company from $18.00 to $19.00 in a report on Wednesday, October 3rd. Finally, ValuEngine cut Fulton Financial from a “hold” rating to a “sell” rating in a report on Monday, September 24th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. Fulton Financial presently has an average rating of “Hold” and an average price target of $18.57.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FULT. BlackRock Inc. increased its stake in Fulton Financial by 4.6% in the 2nd quarter. BlackRock Inc. now owns 20,268,134 shares of the bank’s stock valued at $334,423,000 after purchasing an additional 887,707 shares in the last quarter. Wells Fargo & Company MN increased its stake in Fulton Financial by 381.7% in the 2nd quarter. Wells Fargo & Company MN now owns 877,595 shares of the bank’s stock valued at $14,480,000 after purchasing an additional 695,413 shares in the last quarter. Victory Capital Management Inc. increased its stake in Fulton Financial by 26.4% in the 2nd quarter. Victory Capital Management Inc. now owns 3,233,762 shares of the bank’s stock valued at $53,357,000 after purchasing an additional 675,805 shares in the last quarter. Maltese Capital Management LLC purchased a new position in Fulton Financial in the 2nd quarter valued at approximately $3,383,000. Finally, Millennium Management LLC purchased a new position in Fulton Financial in the 2nd quarter valued at approximately $2,538,000. 62.71% of the stock is owned by hedge funds and other institutional investors.
The company has a market cap of $2.93 billion, a price-to-earnings ratio of 15.63, a P/E/G ratio of 1.81 and a beta of 1.05. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.97 and a quick ratio of 0.97.
Fulton Financial Company Profile (NASDAQ:FULT)
Fulton Financial Corporation operates as a multi-bank financial holding company that provides banking and financial services to businesses and consumers. It accepts various checking accounts and savings deposit products, certificates of deposit, and individual retirement accounts. The company also offers consumer loans, including home equity loans and lines of credit, automobile loans, automobile and equipment leases, personal lines of credit, and checking account overdraft protection; construction and jumbo residential mortgage loans; and commercial lending products comprising commercial, financial, agricultural, and real estate loans.
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