Zacks Investment Research Lowers Fulton Financial (FULT) to Hold

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Zacks Investment Research downgraded shares of Fulton Financial (NASDAQ:FULT) from a buy rating to a hold rating in a research note issued to investors on Friday morning.

According to Zacks, “Fulton Financial Corp. is a bank holding company. It provides retail and commercial banking and investment management and trust services in central and eastern Pennsylvania, southern New Jersey, northern Maryland and southern Delaware through its wholly-owned subsidiaries: Fulton Bank, Lebanon Valley Farmers Bank, Swineford National Bank, Lafayette Ambassador Bank, FNB Bank, N.A., Great Valley Bank, Hagerstown Trust Company, Delaware National Bank, The Bank of Gloucester County, The Woodstown National Bank & Trust Company, and The Peoples Bank of Elkton. “

FULT has been the topic of several other research reports. BidaskClub upgraded shares of Fulton Financial from a hold rating to a buy rating in a research report on Saturday, January 5th. ValuEngine upgraded shares of Fulton Financial from a sell rating to a hold rating in a research report on Saturday, December 1st. Barclays upgraded shares of Fulton Financial from an underweight rating to an overweight rating and increased their price target for the stock from $18.00 to $19.00 in a research report on Wednesday, October 3rd. Finally, Boenning Scattergood reiterated a hold rating on shares of Fulton Financial in a research report on Wednesday, October 17th. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company has an average rating of Hold and a consensus price target of $19.17.

Shares of NASDAQ:FULT opened at $16.17 on Friday. Fulton Financial has a 12-month low of $14.38 and a 12-month high of $19.55. The company has a market cap of $2.84 billion, a price-to-earnings ratio of 15.11, a price-to-earnings-growth ratio of 1.41 and a beta of 1.02. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.43.

Fulton Financial (NASDAQ:FULT) last posted its quarterly earnings results on Tuesday, October 16th. The bank reported $0.37 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.04. The business had revenue of $214.23 million for the quarter, compared to analyst estimates of $209.72 million. Fulton Financial had a net margin of 20.45% and a return on equity of 8.89%. During the same quarter last year, the business posted $0.28 EPS. Equities analysts expect that Fulton Financial will post 1.2 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Wednesday, January 2nd will be given a dividend of $0.12 per share. The ex-dividend date is Monday, December 31st. This represents a $0.48 annualized dividend and a dividend yield of 2.97%. Fulton Financial’s dividend payout ratio is 44.86%.

In related news, EVP Angela M. Sargent sold 13,780 shares of the stock in a transaction that occurred on Tuesday, December 4th. The shares were sold at an average price of $16.26, for a total value of $224,062.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ronald H. Spair acquired 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 4th. The stock was bought at an average cost of $16.73 per share, with a total value of $167,300.00. The disclosure for this purchase can be found here. Insiders have purchased a total of 18,002 shares of company stock worth $300,773 in the last quarter. 0.84% of the stock is currently owned by company insiders.

A number of large investors have recently modified their holdings of the stock. Retirement Systems of Alabama raised its stake in shares of Fulton Financial by 0.4% during the fourth quarter. Retirement Systems of Alabama now owns 228,318 shares of the bank’s stock valued at $3,534,000 after acquiring an additional 978 shares during the last quarter. Paradigm Asset Management Co. LLC raised its stake in shares of Fulton Financial by 6.7% during the third quarter. Paradigm Asset Management Co. LLC now owns 22,200 shares of the bank’s stock valued at $370,000 after acquiring an additional 1,400 shares during the last quarter. Riverhead Capital Management LLC raised its stake in shares of Fulton Financial by 18.4% during the third quarter. Riverhead Capital Management LLC now owns 21,260 shares of the bank’s stock valued at $354,000 after acquiring an additional 3,300 shares during the last quarter. Tower Bridge Advisors raised its stake in shares of Fulton Financial by 29.2% during the third quarter. Tower Bridge Advisors now owns 15,785 shares of the bank’s stock valued at $263,000 after acquiring an additional 3,563 shares during the last quarter. Finally, Glen Harbor Capital Management LLC raised its stake in shares of Fulton Financial by 29.9% during the second quarter. Glen Harbor Capital Management LLC now owns 16,256 shares of the bank’s stock valued at $268,000 after acquiring an additional 3,744 shares during the last quarter. 63.07% of the stock is owned by institutional investors and hedge funds.

Fulton Financial Company Profile

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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