Fulton Financial (NASDAQ:FULT) Sets New 1-Year High – Time to Buy?

Fulton Financial Corporation (NASDAQ:FULT) shares hit a new 52-week high on Thursday . The company traded as high as $23.03 and last traded at $22.8910, with a volume of 303558 shares changing hands. The stock had previously closed at $22.72.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on FULT. Weiss Ratings raised Fulton Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. DA Davidson began coverage on Fulton Financial in a report on Wednesday, February 25th. They issued a “neutral” rating and a $24.00 price objective on the stock. Raymond James Financial reaffirmed an “outperform” rating and issued a $24.00 price objective on shares of Fulton Financial in a report on Monday, April 27th. Finally, Wall Street Zen lowered Fulton Financial from a “hold” rating to a “sell” rating in a report on Sunday, May 3rd. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $23.00.

Fulton Financial Price Performance

The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.06. The company has a 50 day moving average price of $21.46 and a 200 day moving average price of $20.64. The firm has a market cap of $4.33 billion, a PE ratio of 10.80 and a beta of 0.80.

Fulton Financial (NASDAQ:FULT) last posted its earnings results on Wednesday, April 22nd. The bank reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.05. Fulton Financial had a return on equity of 12.69% and a net margin of 20.85%.The firm had revenue of $331.86 million for the quarter, compared to analyst estimates of $359.36 million. During the same quarter in the prior year, the company earned $0.52 EPS. On average, sell-side analysts expect that Fulton Financial Corporation will post 2.17 EPS for the current year.

Fulton Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Wednesday, April 1st were paid a $0.19 dividend. The ex-dividend date of this dividend was Wednesday, April 1st. This represents a $0.76 dividend on an annualized basis and a yield of 3.4%. Fulton Financial’s dividend payout ratio is presently 36.19%.

Insider Transactions at Fulton Financial

In other Fulton Financial news, Director E Philip Wenger sold 5,000 shares of the business’s stock in a transaction on Monday, April 13th. The stock was sold at an average price of $21.42, for a total value of $107,100.00. Following the completion of the transaction, the director directly owned 80,477 shares in the company, valued at approximately $1,723,817.34. The trade was a 5.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.01% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Alpine Woods Capital Investors LLC acquired a new position in Fulton Financial in the 1st quarter valued at $202,000. Axiom Investment Management LLC acquired a new position in Fulton Financial in the 1st quarter valued at $28,000. Bank of America Corp DE increased its holdings in shares of Fulton Financial by 132.4% during the 1st quarter. Bank of America Corp DE now owns 1,576,996 shares of the bank’s stock worth $32,076,000 after buying an additional 898,435 shares during the last quarter. Amundi increased its holdings in shares of Fulton Financial by 54.9% during the 1st quarter. Amundi now owns 54,128 shares of the bank’s stock worth $1,101,000 after buying an additional 19,173 shares during the last quarter. Finally, California State Teachers Retirement System increased its holdings in shares of Fulton Financial by 27.7% during the 1st quarter. California State Teachers Retirement System now owns 222,216 shares of the bank’s stock worth $4,520,000 after buying an additional 48,227 shares during the last quarter. 72.02% of the stock is currently owned by institutional investors and hedge funds.

Fulton Financial Company Profile

Fulton Financial Corporation, trading on the NASDAQ under the ticker FULT, is the financial holding company for Fulton Bank, headquartered in Lancaster, Pennsylvania. The company delivers a broad range of banking and financial services through its subsidiary, Fulton Bank, targeting both individual and corporate clients. Fulton Financial’s offerings include deposit accounts, lending solutions, treasury management, and specialized banking services designed to support personal wealth goals and business growth initiatives.

Through Fulton Bank, the company provides retail banking services such as checking and savings accounts, consumer and residential mortgage loans, and home equity products.