Fulton Financial (NASDAQ:FULT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
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 weighed in on FULT. BidaskClub upgraded Fulton Financial from a “hold” rating to a “buy” rating in a research note on Thursday, March 8th. Barclays increased their target price on Fulton Financial from $18.00 to $19.00 and gave the stock an “underweight” rating in a research note on Tuesday, January 2nd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $18.80.
Fulton Financial (NASDAQ:FULT) opened at $19.00 on Tuesday. The firm has a market capitalization of $3,330.00, a P/E ratio of 17.92 and a beta of 1.02. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.98 and a current ratio of 0.98. Fulton Financial has a 52 week low of $16.45 and a 52 week high of $19.90.
Fulton Financial (NASDAQ:FULT) last announced its earnings results on Monday, January 22nd. The bank reported $0.28 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.28. The company had revenue of $206.37 million for the quarter, compared to analyst estimates of $201.30 million. Fulton Financial had a return on equity of 8.51% and a net margin of 19.59%. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.24 earnings per share. research analysts expect that Fulton Financial will post 1.25 EPS for the current year.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Millennium Management LLC grew its position in Fulton Financial by 3,372.9% during the fourth quarter. Millennium Management LLC now owns 776,919 shares of the bank’s stock worth $13,907,000 after buying an additional 754,548 shares in the last quarter. Citadel Advisors LLC grew its position in Fulton Financial by 67.2% during the third quarter. Citadel Advisors LLC now owns 1,198,412 shares of the bank’s stock worth $22,471,000 after buying an additional 481,665 shares in the last quarter. BlackRock Inc. grew its position in Fulton Financial by 2.2% during the fourth quarter. BlackRock Inc. now owns 18,973,800 shares of the bank’s stock worth $339,632,000 after buying an additional 415,507 shares in the last quarter. Deutsche Bank AG grew its position in Fulton Financial by 177.8% during the fourth quarter. Deutsche Bank AG now owns 561,216 shares of the bank’s stock worth $10,042,000 after buying an additional 359,167 shares in the last quarter. Finally, MetLife Investment Advisors LLC acquired a new stake in Fulton Financial during the fourth quarter worth approximately $3,349,000. Institutional investors own 63.43% of the company’s stock.
About Fulton Financial
Fulton Financial Corporation is a financial holding company. The Company is the bank holding company of Fulton Bank N.A. (the Bank). As of December 31, 2016, the Company’s six subsidiary banks were located primarily in suburban or semi-rural geographic markets throughout a five-state region (Pennsylvania, Delaware, Maryland, New Jersey and Virginia).
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