Fulton Financial (NASDAQ:FULT) Lowered to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Fulton Financial (NASDAQ:FULT) from a buy rating to a hold rating in a research note released on Monday, Zacks.com reports.

According to Zacks, “Fulton Financial Corp. is a bank holding company. It provides retail and commercial banking and investment management and trust services in central and eastern Pennsylvania, southern New Jersey, northern Maryland and southern Delaware through its wholly-owned subsidiaries: Fulton Bank, Lebanon Valley Farmers Bank, Swineford National Bank, Lafayette Ambassador Bank, FNB Bank, N.A., Great Valley Bank, Hagerstown Trust Company, Delaware National Bank, The Bank of Gloucester County, The Woodstown National Bank & Trust Company, and The Peoples Bank of Elkton. “

A number of other brokerages have also recently issued reports on FULT. BidaskClub cut shares of Fulton Financial from a sell rating to a strong sell rating in a research report on Friday, January 24th. ValuEngine raised shares of Fulton Financial from a sell rating to a hold rating in a research report on Monday, November 25th. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. The stock has an average rating of Hold and an average price target of $19.00.

Shares of NASDAQ FULT opened at $16.71 on Monday. Fulton Financial has a 1 year low of $14.85 and a 1 year high of $18.00. The stock has a market cap of $2.73 billion, a P/E ratio of 12.11 and a beta of 0.99. The firm has a 50-day moving average of $17.05 and a 200 day moving average of $16.76. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.95 and a quick ratio of 0.95.

Fulton Financial (NASDAQ:FULT) last issued its quarterly earnings results on Tuesday, January 21st. The bank reported $0.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.02). Fulton Financial had a net margin of 22.34% and a return on equity of 10.02%. The business had revenue of $217.76 million for the quarter, compared to analysts’ expectations of $216.83 million. During the same period last year, the business earned $0.33 earnings per share. Research analysts expect that Fulton Financial will post 1.36 earnings per share for the current fiscal year.

In other Fulton Financial news, EVP Daniel R. Stolzer sold 6,000 shares of the firm’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $17.59, for a total transaction of $105,540.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.02% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the business. Janus Henderson Group PLC increased its stake in Fulton Financial by 33.1% during the 4th quarter. Janus Henderson Group PLC now owns 3,486,474 shares of the bank’s stock valued at $60,769,000 after purchasing an additional 867,837 shares in the last quarter. Victory Capital Management Inc. increased its stake in Fulton Financial by 4.8% during the 4th quarter. Victory Capital Management Inc. now owns 2,685,178 shares of the bank’s stock valued at $44,225,000 after purchasing an additional 123,617 shares in the last quarter. Geode Capital Management LLC increased its stake in Fulton Financial by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 2,605,281 shares of the bank’s stock valued at $45,410,000 after purchasing an additional 58,654 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Fulton Financial by 9.0% during the 4th quarter. Bank of New York Mellon Corp now owns 2,293,167 shares of the bank’s stock valued at $39,971,000 after purchasing an additional 190,304 shares in the last quarter. Finally, Palisade Capital Management LLC NJ increased its stake in Fulton Financial by 0.5% during the 4th quarter. Palisade Capital Management LLC NJ now owns 1,473,055 shares of the bank’s stock valued at $25,675,000 after purchasing an additional 7,414 shares in the last quarter. Institutional investors and hedge funds own 64.93% of the company’s stock.

About Fulton Financial

Fulton Financial Corporation operates as a multi-bank financial holding company that provides banking and financial services to businesses and consumers. It accepts various checking accounts and savings deposit products, certificates of deposit, and individual retirement accounts. The company also offers consumer loans, including home equity loans and lines of credit, automobile loans, automobile and equipment leases, personal lines of credit, and checking account overdraft protection; construction and jumbo residential mortgage loans; and commercial lending products comprising commercial, financial, agricultural, and real estate loans.

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