Brokerages Set Fulton Financial Co. (NASDAQ:FULT) Target Price at $18.83

Shares of Fulton Financial Co. (NASDAQ:FULT) have been given a consensus recommendation of “Hold” by the five ratings firms that are presently covering the stock, MarketBeat.com reports. Four analysts have rated the stock with a hold recommendation and one has issued a buy recommendation on the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $18.83.

A number of analysts recently commented on FULT shares. Jefferies Financial Group decreased their price target on Fulton Financial from $18.50 to $18.00 and set a “hold” rating for the company in a research report on Wednesday, July 3rd. Piper Sandler set a $21.00 target price on Fulton Financial in a research report on Thursday, October 17th. Finally, StockNews.com raised shares of Fulton Financial from a “sell” rating to a “hold” rating in a report on Thursday, July 18th.

Hedge Funds Weigh In On Fulton Financial

Several large investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in Fulton Financial by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 19,444,753 shares of the bank’s stock worth $320,061,000 after buying an additional 216,465 shares during the period. Millennium Management LLC grew its position in shares of Fulton Financial by 511.1% in the second quarter. Millennium Management LLC now owns 3,256,000 shares of the bank’s stock valued at $55,287,000 after purchasing an additional 2,723,170 shares in the last quarter. American Century Companies Inc. grew its position in shares of Fulton Financial by 18.6% in the second quarter. American Century Companies Inc. now owns 3,022,534 shares of the bank’s stock valued at $51,323,000 after purchasing an additional 474,099 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Fulton Financial by 28.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,542,068 shares of the bank’s stock valued at $43,164,000 after purchasing an additional 567,771 shares during the period. Finally, Fulton Bank N.A. lifted its holdings in Fulton Financial by 0.9% during the 2nd quarter. Fulton Bank N.A. now owns 2,057,813 shares of the bank’s stock worth $34,942,000 after purchasing an additional 17,955 shares in the last quarter. Hedge funds and other institutional investors own 72.02% of the company’s stock.

Fulton Financial Stock Performance

NASDAQ FULT opened at $17.49 on Friday. The company has a fifty day moving average price of $18.12 and a 200-day moving average price of $17.39. The firm has a market cap of $3.18 billion, a price-to-earnings ratio of 11.07 and a beta of 0.73. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.90 and a quick ratio of 0.90. Fulton Financial has a 1 year low of $12.24 and a 1 year high of $20.33.

Fulton Financial (NASDAQ:FULT) last issued its quarterly earnings data on Tuesday, October 15th. The bank reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.06. Fulton Financial had a net margin of 16.37% and a return on equity of 11.14%. The business had revenue of $487.33 million during the quarter, compared to the consensus estimate of $321.00 million. During the same period in the prior year, the firm posted $0.43 EPS. As a group, equities research analysts predict that Fulton Financial will post 1.75 EPS for the current fiscal year.

Fulton Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st were given a dividend of $0.17 per share. The ex-dividend date was Tuesday, October 1st. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.89%. Fulton Financial’s dividend payout ratio is presently 43.04%.

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.