Research Analysts Set Expectations for FULT FY2024 Earnings

Fulton Financial Co. (NASDAQ:FULT) – DA Davidson dropped their FY2024 EPS estimates for shares of Fulton Financial in a report released on Thursday, October 17th. DA Davidson analyst M. Navas now forecasts that the bank will earn $1.67 per share for the year, down from their previous forecast of $1.70. The consensus estimate for Fulton Financial’s current full-year earnings is $1.73 per share. DA Davidson also issued estimates for Fulton Financial’s Q4 2024 earnings at $0.40 EPS and FY2025 earnings at $1.74 EPS.

Fulton Financial (NASDAQ:FULT) last issued its quarterly earnings data on Tuesday, October 15th. The bank reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.06. The business had revenue of $487.33 million during the quarter, compared to analysts’ expectations of $321.00 million. Fulton Financial had a net margin of 17.93% and a return on equity of 11.29%. During the same period last year, the company posted $0.43 EPS.

A number of other research analysts have also recently commented on FULT. Piper Sandler set a $21.00 price target on shares of Fulton Financial in a report on Thursday. StockNews.com raised shares of Fulton Financial from a “sell” rating to a “hold” rating in a research report on Thursday, July 18th. Finally, Jefferies Financial Group lowered their price objective on Fulton Financial from $18.50 to $18.00 and set a “hold” rating for the company in a research report on Wednesday, July 3rd. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $18.83.

Fulton Financial Price Performance

Fulton Financial stock opened at $18.08 on Friday. Fulton Financial has a 12-month low of $11.99 and a 12-month high of $20.33. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $3.29 billion, a PE ratio of 11.23 and a beta of 0.73. The firm has a 50-day moving average price of $18.12 and a 200-day moving average price of $17.28.

Institutional Investors Weigh In On Fulton Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. grew its position in Fulton Financial by 28.8% during the third quarter. Blue Trust Inc. now owns 4,946 shares of the bank’s stock valued at $84,000 after buying an additional 1,106 shares during the period. Good Life Advisors LLC purchased a new stake in shares of Fulton Financial during the third quarter worth $830,000. Creative Planning grew its stake in Fulton Financial by 26.5% during the 3rd quarter. Creative Planning now owns 33,554 shares of the bank’s stock valued at $608,000 after acquiring an additional 7,039 shares in the last quarter. Inspire Investing LLC increased its holdings in shares of Fulton Financial by 10.9% in the third quarter. Inspire Investing LLC now owns 22,737 shares of the bank’s stock valued at $412,000 after purchasing an additional 2,229 shares during the last quarter. Finally, CWM LLC raised its holdings in shares of Fulton Financial by 19.6% during the 3rd quarter. CWM LLC now owns 23,741 shares of the bank’s stock worth $430,000 after acquiring an additional 3,896 shares during the period. 72.02% of the stock is owned by institutional investors and hedge funds.

Fulton Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st were issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 3.76%. The ex-dividend date was Tuesday, October 1st. Fulton Financial’s dividend payout ratio (DPR) is currently 42.24%.

Fulton Financial Company Profile

Fulton Financial Corporation operates as a financial holding company that provides consumer and commercial banking products and services in Pennsylvania, Delaware, Maryland, New Jersey, and Virginia. It accepts various checking accounts and savings deposit products, certificates of deposit, and individual retirement accounts.