Fulton Financial (NASDAQ:FULT) Rating Increased to Hold at Piper Sandler

Fulton Financial (NASDAQ:FULT) was upgraded by equities research analysts at Piper Sandler to a “hold” rating in a note issued to investors on Friday,Zacks.com reports.

FULT has been the subject of several other reports. 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 for the company. Raymond James Financial restated an “outperform” rating and issued a $24.00 price target on shares of Fulton Financial in a report on Monday, April 27th. Weiss Ratings raised shares of Fulton Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Finally, Wall Street Zen downgraded shares of Fulton Financial from a “hold” rating to a “sell” rating in a research note on Sunday, May 3rd. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $23.00.

Fulton Financial Stock Performance

Fulton Financial stock opened at $23.36 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.90 and a current ratio of 0.90. The company has a market capitalization of $4.46 billion, a PE ratio of 11.12 and a beta of 0.80. The company has a 50 day moving average price of $21.57 and a 200-day moving average price of $20.70. Fulton Financial has a fifty-two week low of $16.60 and a fifty-two week high of $23.48.

Fulton Financial (NASDAQ:FULT) last released its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.55 EPS for the quarter, topping the consensus estimate of $0.50 by $0.05. The company had revenue of $331.86 million for the quarter, compared to the consensus estimate of $359.36 million. Fulton Financial had a return on equity of 12.69% and a net margin of 20.85%.During the same period last year, the business posted $0.52 EPS. As a group, equities analysts forecast that Fulton Financial will post 2.17 earnings per share for the current year.

Insider Activity

In related news, Director E Philip Wenger sold 5,000 shares of Fulton Financial stock in a transaction dated Monday, April 13th. The stock was sold at an average price of $21.42, for a total transaction of $107,100.00. Following the completion of the sale, the director owned 80,477 shares of the company’s stock, valued at $1,723,817.34. The trade was a 5.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.01% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fulton Financial

Several hedge funds and other institutional investors have recently bought and sold shares of FULT. Norges Bank purchased a new position in Fulton Financial during the 4th quarter worth approximately $44,271,000. Goldman Sachs Group Inc. boosted its holdings in shares of Fulton Financial by 219.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,822,385 shares of the bank’s stock valued at $54,557,000 after acquiring an additional 1,939,260 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Fulton Financial by 31.2% in the first quarter. First Trust Advisors LP now owns 8,050,923 shares of the bank’s stock worth $163,756,000 after acquiring an additional 1,912,709 shares during the period. Balyasny Asset Management L.P. acquired a new stake in shares of Fulton Financial in the second quarter worth $22,069,000. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Fulton Financial by 29.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,590,883 shares of the bank’s stock worth $88,743,000 after purchasing an additional 1,054,321 shares during the last quarter. Institutional investors and hedge funds 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.