Fulton Financial (NASDAQ:FULT) Stock Rating Upgraded by DA Davidson

Fulton Financial (NASDAQ:FULT) was upgraded by equities researchers at DA Davidson to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Several other equities analysts have also commented on FULT. Keefe, Bruyette & Woods raised their target price on shares of Fulton Financial from $20.00 to $21.00 and gave the company a “market perform” rating in a report on Wednesday, November 26th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Fulton Financial in a research report on Thursday, January 22nd. One analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $21.50.

Fulton Financial Stock Up 0.3%

NASDAQ FULT opened at $21.23 on Tuesday. The company has a market cap of $3.83 billion, a price-to-earnings ratio of 10.21 and a beta of 0.86. Fulton Financial has a 1-year low of $14.32 and a 1-year high of $22.99. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.14. The company has a 50 day moving average of $20.72 and a 200-day moving average of $19.29.

Fulton Financial (NASDAQ:FULT) last announced its quarterly earnings data on Wednesday, January 21st. The bank reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.03. The firm had revenue of $336.02 million during the quarter, compared to analysts’ expectations of $336.80 million. Fulton Financial had a return on equity of 12.59% and a net margin of 20.68%.During the same period in the previous year, the firm earned $0.48 EPS. On average, equities research analysts expect that Fulton Financial will post 1.91 earnings per share for the current fiscal year.

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

Insider Buying and Selling 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, January 12th. The shares were sold at an average price of $19.55, for a total transaction of $97,750.00. Following the sale, the director owned 85,477 shares of the company’s stock, valued at approximately $1,671,075.35. The trade was a 5.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.08% of the company’s stock.

Institutional Investors Weigh In On Fulton Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Atlantic Union Bankshares Corp bought a new stake in shares of Fulton Financial in the 2nd quarter valued at about $871,000. Prudential Financial Inc. lifted its stake in shares of Fulton Financial by 5.8% in the second quarter. Prudential Financial Inc. now owns 337,518 shares of the bank’s stock worth $6,089,000 after acquiring an additional 18,432 shares during the period. Squarepoint Ops LLC bought a new stake in Fulton Financial in the second quarter valued at approximately $647,000. American Century Companies Inc. boosted its holdings in Fulton Financial by 10.0% in the second quarter. American Century Companies Inc. now owns 2,859,152 shares of the bank’s stock valued at $51,579,000 after acquiring an additional 260,016 shares during the last quarter. Finally, First Trust Advisors LP raised its holdings in Fulton Financial by 42.4% during the 2nd quarter. First Trust Advisors LP now owns 5,626,858 shares of the bank’s stock worth $101,509,000 after purchasing an additional 1,676,495 shares during the last quarter. Institutional investors own 72.02% of the company’s stock.

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.