Fulton Financial Corporation (NASDAQ:FULT) – Analysts at Boenning Scattergood reduced their FY2017 earnings per share estimates for shares of Fulton Financial in a report released on Wednesday, according to Zacks Investment Research. Boenning Scattergood analyst M. Schultheis now anticipates that the bank will earn $0.94 per share for the year, down from their previous estimate of $1.05. Boenning Scattergood also issued estimates for Fulton Financial’s Q4 2017 earnings at $0.18 EPS, Q1 2018 earnings at $0.29 EPS, Q2 2018 earnings at $0.32 EPS, Q3 2018 earnings at $0.32 EPS, Q4 2018 earnings at $0.35 EPS and FY2019 earnings at $1.38 EPS.
Several other brokerages also recently commented on FULT. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $17.50 target price on shares of Fulton Financial in a report on Tuesday, October 3rd. Piper Jaffray Companies reaffirmed a “hold” rating and set a $18.00 target price on shares of Fulton Financial in a report on Thursday, October 19th. BidaskClub downgraded Fulton Financial from a “sell” rating to a “strong sell” rating in a report on Saturday, January 6th. Zacks Investment Research raised Fulton Financial from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a report on Wednesday, January 3rd. Finally, Barclays increased their price objective on Fulton Financial from $18.00 to $19.00 and gave the stock an “underweight” rating in a research note on Tuesday, January 2nd. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $18.80.
Shares of Fulton Financial (NASDAQ:FULT) traded up $0.20 during midday trading on Thursday, hitting $18.80. The stock had a trading volume of 693,261 shares, compared to its average volume of 852,792. Fulton Financial has a twelve month low of $16.45 and a twelve month high of $19.90. The stock has a market capitalization of $3,257.27, a P/E ratio of 18.25 and a beta of 1.17. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.98 and a current ratio of 0.98.
Fulton Financial (NASDAQ:FULT) last announced its earnings results on Tuesday, October 17th. The bank reported $0.28 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.01. Fulton Financial had a return on equity of 8.28% and a net margin of 21.15%. The business had revenue of $194.19 million during the quarter, compared to analysts’ expectations of $200.00 million. During the same quarter last year, the business posted $0.24 earnings per share. The company’s quarterly revenue was up 8.7% on a year-over-year basis.
Institutional investors have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Fulton Financial by 7.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,721 shares of the bank’s stock worth $147,000 after acquiring an additional 519 shares in the last quarter. Advisor Group Inc. lifted its stake in Fulton Financial by 5.3% in the 2nd quarter. Advisor Group Inc. now owns 8,336 shares of the bank’s stock worth $158,000 after acquiring an additional 417 shares in the last quarter. Riverhead Capital Management LLC lifted its stake in Fulton Financial by 56.0% in the 2nd quarter. Riverhead Capital Management LLC now owns 9,985 shares of the bank’s stock worth $190,000 after acquiring an additional 3,585 shares in the last quarter. FDx Advisors Inc. purchased a new stake in Fulton Financial in the 3rd quarter worth about $192,000. Finally, Sei Investments Co. lifted its stake in Fulton Financial by 3.8% in the 2nd quarter. Sei Investments Co. now owns 10,378 shares of the bank’s stock worth $198,000 after acquiring an additional 377 shares in the last quarter. 62.73% of the stock is owned by hedge funds and other institutional investors.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Tuesday, January 2nd will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 2.34%. The ex-dividend date of this dividend is Friday, December 29th. Fulton Financial’s dividend payout ratio is currently 42.72%.
About Fulton Financial
Fulton Financial Corporation is a financial holding company. The Company is the bank holding company of Fulton Bank N.A. (the Bank). As of December 31, 2016, the Company’s six subsidiary banks were located primarily in suburban or semi-rural geographic markets throughout a five-state region (Pennsylvania, Delaware, Maryland, New Jersey and Virginia).
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