Fulton Financial Co. (NASDAQ:FULT) Receives $19.50 Consensus Price Target from Analysts

Shares of Fulton Financial Co. (NASDAQ:FULT) have been given an average rating of “Hold” by the five brokerages that are covering the company, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $19.50.

A number of research firms have commented on FULT. StockNews.com cut shares of Fulton Financial from a “hold” rating to a “sell” rating in a research report on Monday, November 11th. Piper Sandler set a $21.00 price objective on shares of Fulton Financial in a research report on Thursday, October 17th. Keefe, Bruyette & Woods lifted their price objective on shares of Fulton Financial from $20.00 to $23.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Finally, Stephens raised shares of Fulton Financial from an “equal weight” rating to an “overweight” rating in a research report on Monday, December 9th.

Insider Activity at Fulton Financial

In related news, CEO Curtis J. Myers sold 24,192 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $21.16, for a total value of $511,902.72. Following the sale, the chief executive officer now directly owns 155,946 shares in the company, valued at $3,299,817.36. This represents a 13.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.07% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fulton Financial

A number of institutional investors and hedge funds have recently modified their holdings of FULT. Millennium Management LLC raised its position in shares of Fulton Financial by 511.1% during the second quarter. Millennium Management LLC now owns 3,256,000 shares of the bank’s stock worth $55,287,000 after purchasing an additional 2,723,170 shares during the period. Emerald Advisers LLC raised its position in shares of Fulton Financial by 213.6% during the third quarter. Emerald Advisers LLC now owns 1,307,559 shares of the bank’s stock worth $23,706,000 after purchasing an additional 890,630 shares during the period. Emerald Mutual Fund Advisers Trust raised its position in shares of Fulton Financial by 272.2% during the third quarter. Emerald Mutual Fund Advisers Trust now owns 861,691 shares of the bank’s stock worth $15,622,000 after purchasing an additional 630,152 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Fulton Financial by 710.0% during the second quarter. The Manufacturers Life Insurance Company now owns 699,652 shares of the bank’s stock worth $11,880,000 after purchasing an additional 613,272 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Fulton Financial by 28.8% during the second quarter. Bank of New York Mellon Corp now owns 2,542,068 shares of the bank’s stock worth $43,164,000 after purchasing an additional 567,771 shares during the period. 72.02% of the stock is currently owned by institutional investors.

Fulton Financial Stock Performance

Shares of FULT stock opened at $21.12 on Friday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.93 and a current ratio of 0.93. The company has a market capitalization of $3.84 billion, a P/E ratio of 13.37 and a beta of 0.78. The company’s 50 day moving average price is $19.82 and its two-hundred day moving average price is $18.46. Fulton Financial has a 52 week low of $13.87 and a 52 week high of $22.49.

Fulton Financial (NASDAQ:FULT) last posted its quarterly earnings data on Tuesday, October 15th. The bank reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.06. Fulton Financial had a net margin of 16.37% and a return on equity of 11.33%. The company had revenue of $487.33 million for the quarter, compared to the consensus estimate of $321.00 million. During the same period last year, the company earned $0.43 earnings per share. On average, analysts expect that Fulton Financial will post 1.74 earnings per share for the current fiscal year.

About Fulton Financial

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.