Fulton Financial (NASDAQ:FULT) Reaches New 1-Year High - Here's Why

Fulton Financial Co. (NASDAQ:FULT - Get Free Report)'s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $20.74 and last traded at $20.13, with a volume of 56309 shares. The stock had previously closed at $18.38.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on FULT shares. StockNews.com raised shares of Fulton Financial from a "sell" rating to a "hold" rating in a research report on Thursday, July 18th. Piper Sandler set a $21.00 price objective on shares of Fulton Financial in a research report on Thursday, October 17th. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, Fulton Financial presently has an average rating of "Hold" and a consensus price target of $18.83.

Fulton Financial Price Performance

The stock has a market capitalization of $3.89 billion, a P/E ratio of 13.43 and a beta of 0.73. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.90 and a current ratio of 0.90. The business has a fifty day simple moving average of $18.06 and a 200-day simple moving average of $17.56.

Fulton Financial (NASDAQ:FULT - Get Free Report) last issued its earnings results on Tuesday, October 15th. The bank reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.06. Fulton Financial had a net margin of 16.37% and a return on equity of 11.14%. The business had revenue of $487.33 million for the quarter, compared to analyst estimates of $321.00 million. During the same period in the prior year, the firm earned $0.43 earnings per share. Sell-side analysts expect that Fulton Financial Co. will post 1.75 earnings per share for the current fiscal year.

Fulton Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st were given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date of this dividend was Tuesday, October 1st. Fulton Financial's payout ratio is 43.04%.

Hedge Funds Weigh In On Fulton Financial

A number of institutional investors have recently modified their holdings of the company. Family Firm Inc. bought a new stake in Fulton Financial during the 2nd quarter valued at $46,000. Coston McIsaac & Partners bought a new stake in shares of Fulton Financial during the third quarter worth about $54,000. Blue Trust Inc. raised its holdings in shares of Fulton Financial by 21.9% in the 2nd quarter. Blue Trust Inc. now owns 3,840 shares of the bank's stock worth $61,000 after acquiring an additional 691 shares during the last quarter. Headlands Technologies LLC bought a new position in Fulton Financial in the 1st quarter valued at about $66,000. Finally, AE Wealth Management LLC acquired a new position in Fulton Financial during the 2nd quarter valued at about $172,000. 72.02% of the stock is owned by institutional investors and hedge funds.

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.