Fulton Financial (NASDAQ:FULT) Downgraded by BidaskClub to “Sell”

BidaskClub lowered shares of Fulton Financial (NASDAQ:FULT) from a hold rating to a sell rating in a research report report published on Friday morning, BidAskClub reports.

FULT has been the topic of a number of other reports. Zacks Investment Research upgraded Fulton Financial from a hold rating to a buy rating and set a $19.00 price objective on the stock in a research note on Thursday, January 9th. ValuEngine upgraded Fulton Financial from a sell rating to a hold rating in a research note on Monday, November 25th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $18.25.

Shares of Fulton Financial stock opened at $17.28 on Friday. Fulton Financial has a 52-week low of $14.85 and a 52-week high of $18.00. The stock’s 50-day simple moving average is $17.45 and its 200 day simple moving average is $16.68. The stock has a market capitalization of $2.82 billion, a P/E ratio of 14.64 and a beta of 1.02. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.94 and a current ratio of 0.95.

Fulton Financial (NASDAQ:FULT) last announced its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.37 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.35 by $0.02. Fulton Financial had a return on equity of 10.31% and a net margin of 22.88%. The business had revenue of $221.07 million for the quarter, compared to analysts’ expectations of $222.21 million. During the same period in the previous year, the business posted $0.37 EPS. The firm’s quarterly revenue was up 4.7% compared to the same quarter last year. Equities research analysts forecast that Fulton Financial will post 1.41 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Thursday, January 2nd will be paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date of this dividend is Tuesday, December 31st. Fulton Financial’s dividend payout ratio is currently 44.07%.

In other news, EVP Daniel R. Stolzer sold 6,000 shares of the company’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $17.59, for a total transaction of $105,540.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP David M. Campbell purchased 5,900 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were bought at an average price of $16.89 per share, for a total transaction of $99,651.00. Insiders own 1.02% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Royal Bank of Canada increased its position in shares of Fulton Financial by 0.3% during the second quarter. Royal Bank of Canada now owns 247,970 shares of the bank’s stock valued at $4,061,000 after buying an additional 863 shares during the period. Smith Graham & Co. Investment Advisors LP grew its holdings in shares of Fulton Financial by 0.3% during the third quarter. Smith Graham & Co. Investment Advisors LP now owns 335,510 shares of the bank’s stock worth $5,429,000 after purchasing an additional 1,080 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of Fulton Financial by 7.6% during the second quarter. Envestnet Asset Management Inc. now owns 18,551 shares of the bank’s stock worth $304,000 after purchasing an additional 1,314 shares in the last quarter. BBVA USA Bancshares Inc. grew its holdings in shares of Fulton Financial by 5.1% during the third quarter. BBVA USA Bancshares Inc. now owns 27,100 shares of the bank’s stock worth $438,000 after purchasing an additional 1,315 shares in the last quarter. Finally, NumerixS Investment Technologies Inc purchased a new position in shares of Fulton Financial during the second quarter worth about $25,000. Hedge funds and other institutional investors own 64.94% of the company’s stock.

About Fulton Financial

Fulton Financial Corporation operates as a multi-bank financial holding company that provides banking and financial services to businesses and consumers. It accepts various checking accounts and savings deposit products, certificates of deposit, and individual retirement accounts. The company also offers consumer loans, including home equity loans and lines of credit, automobile loans, automobile and equipment leases, personal lines of credit, and checking account overdraft protection; construction and jumbo residential mortgage loans; and commercial lending products comprising commercial, financial, agricultural, and real estate loans.

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