Fulton Financial (NASDAQ:FULT) Cut to Sell at Zacks Investment Research

Zacks Investment Research cut shares of Fulton Financial (NASDAQ:FULT) from a hold rating to a sell rating in a report released on Thursday, Zacks.com reports.

According to Zacks, “Fulton Financial Corp. is a bank holding company. It provides retail and commercial banking and investment management and trust services in central and eastern Pennsylvania, southern New Jersey, northern Maryland and southern Delaware through its wholly-owned subsidiaries: Fulton Bank, Lebanon Valley Farmers Bank, Swineford National Bank, Lafayette Ambassador Bank, FNB Bank, N.A., Great Valley Bank, Hagerstown Trust Company, Delaware National Bank, The Bank of Gloucester County, The Woodstown National Bank & Trust Company, and The Peoples Bank of Elkton. “

A number of other analysts have also issued reports on FULT. ValuEngine raised Xylem from a hold rating to a buy rating in a research note on Friday, June 21st. DA Davidson reaffirmed a buy rating on shares of Umpqua in a research note on Thursday, April 18th. Boenning Scattergood reaffirmed an outperform rating and issued a $47.75 price target on shares of WSFS Financial in a research note on Thursday, June 20th. Finally, BidaskClub raised Zai Lab from a buy rating to a strong-buy rating in a research note on Friday, June 28th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of Hold and a consensus target price of $18.88.

Shares of FULT opened at $16.45 on Thursday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.96 and a current ratio of 0.97. Fulton Financial has a 12 month low of $14.38 and a 12 month high of $18.45. The firm has a 50 day simple moving average of $16.18. The firm has a market capitalization of $2.78 billion, a price-to-earnings ratio of 13.37, a P/E/G ratio of 1.49 and a beta of 1.02.

Fulton Financial (NASDAQ:FULT) last issued its quarterly earnings data on Tuesday, April 16th. The bank reported $0.33 EPS for the quarter, meeting the consensus estimate of $0.33. Fulton Financial had a return on equity of 9.50% and a net margin of 21.95%. The company had revenue of $210.00 million for the quarter, compared to analyst estimates of $212.93 million. During the same period last year, the company earned $0.28 earnings per share. Fulton Financial’s quarterly revenue was up 6.5% compared to the same quarter last year. On average, analysts anticipate that Fulton Financial will post 1.38 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Monday, July 1st will be paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date of this dividend is Friday, June 28th. Fulton Financial’s dividend payout ratio is presently 44.07%.

In other Fulton Financial news, COO Curtis J. Myers sold 6,500 shares of the business’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $17.03, for a total transaction of $110,695.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Michael J. Deporter sold 3,000 shares of the business’s stock in a transaction on Friday, May 17th. The stock was sold at an average price of $16.91, for a total value of $50,730.00. Following the transaction, the insider now directly owns 2,266 shares in the company, valued at approximately $38,318.06. The disclosure for this sale can be found here. Insiders sold 14,660 shares of company stock worth $249,145 over the last ninety days. Corporate insiders own 1.02% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FULT. Norges Bank acquired a new position in Fulton Financial during the fourth quarter worth $28,422,000. Hillcrest Asset Management LLC boosted its stake in Fulton Financial by 80.8% during the fourth quarter. Hillcrest Asset Management LLC now owns 554,602 shares of the bank’s stock worth $8,585,000 after buying an additional 247,917 shares during the last quarter. Federated Investors Inc. PA boosted its stake in Fulton Financial by 30.2% during the first quarter. Federated Investors Inc. PA now owns 767,878 shares of the bank’s stock worth $11,887,000 after buying an additional 178,223 shares during the last quarter. Bank of America Corp DE boosted its stake in Fulton Financial by 40.0% during the fourth quarter. Bank of America Corp DE now owns 572,845 shares of the bank’s stock worth $8,868,000 after buying an additional 163,649 shares during the last quarter. Finally, WINTON GROUP Ltd boosted its stake in Fulton Financial by 39.7% during the second quarter. WINTON GROUP Ltd now owns 473,965 shares of the bank’s stock worth $7,759,000 after buying an additional 134,784 shares during the last quarter. 64.91% of the stock is currently owned by institutional investors.

About Fulton Financial

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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