Wall Street Zen Upgrades Fulton Financial (NASDAQ:FULT) to “Hold”

Fulton Financial (NASDAQ:FULT) was upgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Saturday.

A number of other research analysts have also weighed in on FULT. Raymond James Financial raised their price objective on Fulton Financial from $24.00 to $26.00 and gave the company an “outperform” rating in a report on Wednesday, July 1st. Piper Sandler set a $23.00 price objective on shares of Fulton Financial and gave the company a “neutral” rating in a research note on Friday, June 12th. Finally, Weiss Ratings upgraded shares of Fulton Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $23.50.

Fulton Financial Price Performance

FULT stock opened at $24.57 on Friday. Fulton Financial has a 52 week low of $16.60 and a 52 week high of $25.23. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.06. The firm has a 50-day simple moving average of $23.12 and a 200-day simple moving average of $21.68. The stock has a market capitalization of $4.70 billion, a P/E ratio of 11.76 and a beta of 0.79.

Insider Activity

In related news, Director E Philip Wenger sold 5,000 shares of the firm’s stock in a transaction dated Monday, July 13th. The shares were sold at an average price of $24.14, for a total transaction of $120,700.00. Following the completion of the sale, the director directly owned 75,477 shares in the company, valued at approximately $1,822,014.78. This trade represents a 6.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.01% of the company’s stock.

Institutional Trading of Fulton Financial

Several hedge funds have recently made changes to their positions in the company. Norges Bank acquired a new stake in Fulton Financial during the fourth quarter worth $44,271,000. JPMorgan Chase & Co. lifted its stake in shares of Fulton Financial by 46.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 603,553 shares of the bank’s stock valued at $11,244,000 after purchasing an additional 191,764 shares during the last quarter. Jefferies Financial Group Inc. purchased a new position in shares of Fulton Financial during the 4th quarter worth $4,580,000. Econ Financial Services Corp acquired a new stake in shares of Fulton Financial during the 4th quarter worth about $2,018,000. Finally, Ruffer LLP purchased a new stake in Fulton Financial in the 4th quarter valued at about $3,074,000. Hedge funds and other 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.