Fulton Financial (NASDAQ:FULT) Reaches New 12-Month High – What’s Next?

Fulton Financial Corporation (NASDAQ:FULT) shares reached a new 52-week high on Monday . The company traded as high as $22.90 and last traded at $22.8440, with a volume of 307288 shares. The stock had previously closed at $22.75.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on FULT shares. Weiss Ratings restated a “hold (c+)” rating on shares of Fulton Financial in a research report on Thursday, January 22nd. Keefe, Bruyette & Woods boosted their price target on Fulton Financial from $20.00 to $21.00 and gave the company a “market perform” rating in a report on Wednesday, November 26th. One research analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, Fulton Financial currently has a consensus rating of “Hold” and an average target price of $20.50.

Fulton Financial Price Performance

The company has a market capitalization of $4.10 billion, a P/E ratio of 10.92 and a beta of 0.86. The company has a 50 day moving average price of $20.03 and a 200 day moving average price of $18.94. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.14.

Fulton Financial (NASDAQ:FULT) last posted its earnings results on Wednesday, January 21st. The bank reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.03. Fulton Financial had a net margin of 20.68% and a return on equity of 12.59%. The company had revenue of $336.02 million during the quarter, compared to analysts’ expectations of $336.80 million. During the same quarter last year, the company posted $0.48 EPS. On average, equities analysts predict that Fulton Financial Corporation will post 1.91 EPS for the current fiscal year.

Fulton Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 3.3%. The ex-dividend date was Wednesday, December 31st. This is a positive change from Fulton Financial’s previous quarterly dividend of $0.18. Fulton Financial’s dividend payout ratio (DPR) is 36.54%.

Fulton Financial declared that its board has authorized a stock repurchase program on Tuesday, December 16th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the bank to reacquire up to 4.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, Director E Philip Wenger sold 5,000 shares of the firm’s stock in a transaction dated Monday, January 12th. The shares were sold at an average price of $19.55, for a total transaction of $97,750.00. Following the transaction, the director directly owned 85,477 shares of the company’s stock, valued at approximately $1,671,075.35. This trade represents a 5.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.07% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in FULT. New Age Alpha Advisors LLC boosted its stake in shares of Fulton Financial by 17.9% in the fourth quarter. New Age Alpha Advisors LLC now owns 243,868 shares of the bank’s stock valued at $4,714,000 after buying an additional 36,967 shares during the period. Hantz Financial Services Inc. increased its stake in Fulton Financial by 171.6% during the 4th quarter. Hantz Financial Services Inc. now owns 5,902 shares of the bank’s stock worth $114,000 after acquiring an additional 3,729 shares during the period. Jefferies Financial Group Inc. acquired a new position in Fulton Financial in the 4th quarter valued at $4,580,000. Principle Wealth Partners LLC lifted its position in shares of Fulton Financial by 9.7% during the 4th quarter. Principle Wealth Partners LLC now owns 42,396 shares of the bank’s stock valued at $820,000 after acquiring an additional 3,750 shares during the period. Finally, Global Retirement Partners LLC grew its holdings in shares of Fulton Financial by 32.7% during the 4th quarter. Global Retirement Partners LLC now owns 6,740 shares of the bank’s stock worth $130,000 after purchasing an additional 1,660 shares in the last quarter. 72.02% of the stock is owned by institutional investors.

About Fulton Financial

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.