Fulton Financial (NASDAQ:FULT) Announces Quarterly Earnings Results, Beats Estimates By $0.08 EPS

Fulton Financial (NASDAQ:FULT - Get Free Report) posted its quarterly earnings data on Tuesday. The bank reported $0.52 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.44 by $0.08, Zacks reports. Fulton Financial had a return on equity of 11.41% and a net margin of 15.87%. The business had revenue of $322.64 million during the quarter, compared to the consensus estimate of $315.07 million. During the same quarter in the prior year, the company earned $0.40 earnings per share.

Fulton Financial Stock Performance

Shares of NASDAQ:FULT traded down $0.09 during midday trading on Friday, reaching $15.88. 2,878,814 shares of the company's stock traded hands, compared to its average volume of 1,556,508. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.90 and a current ratio of 0.90. Fulton Financial has a one year low of $14.33 and a one year high of $22.49. The company has a market cap of $2.89 billion, a price-to-earnings ratio of 10.11 and a beta of 0.68. The stock has a 50 day moving average of $17.98 and a 200 day moving average of $19.20.

Fulton Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.53%. The ex-dividend date of this dividend was Tuesday, April 1st. Fulton Financial's payout ratio is 42.35%.

Analyst Ratings Changes

Several brokerages recently issued reports on FULT. Keefe, Bruyette & Woods decreased their price target on shares of Fulton Financial from $24.00 to $21.00 and set a "market perform" rating for the company in a research note on Thursday. DA Davidson reiterated a "neutral" rating and set a $20.00 target price on shares of Fulton Financial in a report on Wednesday. Piper Sandler cut their price target on Fulton Financial from $22.00 to $20.00 and set a "neutral" rating on the stock in a research note on Thursday. Hovde Group lifted their price objective on Fulton Financial from $22.00 to $22.50 and gave the company a "market perform" rating in a research note on Monday, January 27th. Finally, StockNews.com raised Fulton Financial from a "sell" rating to a "hold" rating in a research note on Thursday, January 23rd. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $19.79.

Insider Transactions at Fulton Financial

In other Fulton Financial news, President Angela M. Snyder sold 13,322 shares of the company's stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $20.69, for a total transaction of $275,632.18. Following the completion of the sale, the president now directly owns 63,682 shares of the company's stock, valued at approximately $1,317,580.58. This represents a 17.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.07% of the company's stock.

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.