Fulton Financial (NASDAQ:FULT) Upgraded at Raymond James Financial

Fulton Financial (NASDAQ:FULT) was upgraded by investment analysts at Raymond James Financial from a “market perform” rating to an “outperform” rating in a research report issued on Tuesday,Finviz reports. The firm presently has a $21.00 target price on the bank’s stock. Raymond James Financial’s price target suggests a potential upside of 12.36% from the stock’s current price.

Several other equities research analysts have also commented on the stock. Piper Sandler reiterated a “neutral” rating on shares of Fulton Financial in a research note on Wednesday, July 9th. Zacks Research lowered shares of Fulton Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 15th. Weiss Ratings restated a “buy (b-)” rating on shares of Fulton Financial in a research note on Saturday, September 27th. Jefferies Financial Group restated a “hold” rating on shares of Fulton Financial in a research note on Wednesday, July 9th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Fulton Financial from $21.00 to $22.00 and gave the stock a “market perform” rating in a research note on Thursday, July 17th. Three research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $21.10.

Fulton Financial Trading Up 1.9%

NASDAQ:FULT opened at $18.69 on Tuesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.92 and a current ratio of 0.92. The firm has a market cap of $3.40 billion, a price-to-earnings ratio of 10.93 and a beta of 0.82. Fulton Financial has a 52 week low of $14.32 and a 52 week high of $22.49. The firm has a 50-day moving average price of $18.82 and a two-hundred day moving average price of $17.99.

Fulton Financial (NASDAQ:FULT) last posted its quarterly earnings data on Tuesday, July 15th. The bank reported $0.55 EPS for the quarter, beating the consensus estimate of $0.43 by $0.12. The firm had revenue of $328.45 million during the quarter, compared to analyst estimates of $320.47 million. Fulton Financial had a net margin of 17.00% and a return on equity of 12.64%. During the same quarter last year, the business posted $0.52 EPS. On average, equities analysts expect that Fulton Financial will post 1.91 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director E Philip Wenger sold 5,000 shares of Fulton Financial stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $19.28, for a total value of $96,400.00. Following the completion of the transaction, the director directly owned 90,477 shares in the company, valued at approximately $1,744,396.56. The trade was a 5.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.07% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. EverSource Wealth Advisors LLC grew its stake in Fulton Financial by 373.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,662 shares of the bank’s stock valued at $30,000 after buying an additional 1,311 shares in the last quarter. State of Wyoming purchased a new position in shares of Fulton Financial during the 2nd quarter valued at $30,000. Quarry LP grew its position in shares of Fulton Financial by 1,669.6% during the 1st quarter. Quarry LP now owns 1,982 shares of the bank’s stock valued at $36,000 after purchasing an additional 1,870 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Fulton Financial by 42.2% in the first quarter. GAMMA Investing LLC now owns 3,072 shares of the bank’s stock worth $56,000 after purchasing an additional 911 shares during the period. Finally, Byrne Asset Management LLC boosted its stake in Fulton Financial by 114.5% during the first quarter. Byrne Asset Management LLC now owns 3,217 shares of the bank’s stock valued at $58,000 after buying an additional 1,717 shares during the period. 72.02% of the stock is currently owned by hedge funds and other institutional investors.

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.