DA Davidson Boosts Fulton Financial (NASDAQ:FULT) Price Target to $22.00

Fulton Financial (NASDAQ:FULT - Free Report) had its price objective boosted by DA Davidson from $21.00 to $22.00 in a research note published on Friday morning,Benzinga reports. They currently have a neutral rating on the bank's stock.

Other analysts have also issued reports about the stock. StockNews.com upgraded shares of Fulton Financial from a "sell" rating to a "hold" rating in a report on Thursday. Keefe, Bruyette & Woods increased their price objective on shares of Fulton Financial from $23.00 to $24.00 and gave the stock a "market perform" rating in a research report on Thursday. Piper Sandler set a $21.00 target price on Fulton Financial in a research report on Thursday, October 17th. Finally, Stephens upgraded Fulton Financial from an "equal weight" rating to an "overweight" rating in a research report on Monday, December 9th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat, Fulton Financial has an average rating of "Hold" and a consensus price target of $20.33.

Fulton Financial Price Performance

FULT stock traded down $0.02 during midday trading on Friday, reaching $20.56. The stock had a trading volume of 1,381,033 shares, compared to its average volume of 1,763,216. The company's fifty day simple moving average is $20.47 and its 200 day simple moving average is $19.11. The company has a market cap of $3.74 billion, a price-to-earnings ratio of 13.10 and a beta of 0.79. The company has a current ratio of 0.90, a quick ratio of 0.93 and a debt-to-equity ratio of 0.32. Fulton Financial has a 52-week low of $13.87 and a 52-week high of $22.49.

Fulton Financial (NASDAQ:FULT - Get Free Report) last announced its quarterly earnings data on Tuesday, January 21st. The bank reported $0.48 EPS for the quarter, topping analysts' consensus estimates of $0.42 by $0.06. Fulton Financial had a return on equity of 11.41% and a net margin of 15.87%. During the same quarter in the prior year, the business earned $0.42 EPS. As a group, sell-side analysts predict that Fulton Financial will post 1.79 earnings per share for the current fiscal year.

Fulton Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.50%. This is a positive change from Fulton Financial's previous quarterly dividend of $0.17. The ex-dividend date was Tuesday, December 31st. Fulton Financial's dividend payout ratio (DPR) is presently 45.86%.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Fulton Financial

Several hedge funds have recently modified their holdings of the stock. Nordea Investment Management AB boosted its position in Fulton Financial by 6.5% during the fourth quarter. Nordea Investment Management AB now owns 567,790 shares of the bank's stock worth $11,007,000 after purchasing an additional 34,844 shares in the last quarter. JPMorgan Chase & Co. raised its position in Fulton Financial by 130.4% during the third quarter. JPMorgan Chase & Co. now owns 557,303 shares of the bank's stock worth $10,104,000 after acquiring an additional 315,435 shares during the last quarter. Segall Bryant & Hamill LLC purchased a new stake in shares of Fulton Financial in the third quarter valued at about $3,489,000. Geode Capital Management LLC grew its position in shares of Fulton Financial by 2.0% in the third quarter. Geode Capital Management LLC now owns 4,371,223 shares of the bank's stock valued at $79,264,000 after purchasing an additional 85,574 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its stake in shares of Fulton Financial by 145.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 89,378 shares of the bank's stock worth $1,620,000 after purchasing an additional 52,997 shares in the last quarter. 72.02% of the stock is owned by institutional investors and hedge funds.

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.