Fulton Financial (NASDAQ:FULT) Posts Quarterly Earnings Results

Fulton Financial (NASDAQ:FULT) announced its quarterly earnings data on Tuesday. The bank reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.06, Briefing.com reports. Fulton Financial had a return on equity of 11.33% and a net margin of 16.37%. During the same quarter in the previous year, the company posted $0.42 EPS.

Fulton Financial Stock Performance

NASDAQ FULT traded up $0.25 during trading on Tuesday, reaching $21.11. The company’s stock had a trading volume of 1,836,810 shares, compared to its average volume of 1,710,926. Fulton Financial has a 12 month low of $13.87 and a 12 month high of $22.49. The firm has a 50 day moving average price of $20.49 and a 200 day moving average price of $19.06. The firm has a market capitalization of $3.84 billion, a price-to-earnings ratio of 13.36 and a beta of 0.79. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.32.

Fulton Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 3.41%. This is a positive change from Fulton Financial’s previous quarterly dividend of $0.17. The ex-dividend date was Tuesday, December 31st. Fulton Financial’s dividend payout ratio (DPR) is currently 45.57%.

Insider Activity at Fulton Financial

In other Fulton Financial news, CEO Curtis J. Myers sold 24,192 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $21.16, for a total transaction of $511,902.72. Following the sale, the chief executive officer now directly owns 155,946 shares in the company, valued at $3,299,817.36. This represents a 13.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.07% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Stephens upgraded shares of Fulton Financial from an “equal weight” rating to an “overweight” rating in a research note on Monday, December 9th. Piper Sandler set a $21.00 price target on Fulton Financial in a research note on Thursday, October 17th. StockNews.com cut shares of Fulton Financial from a “hold” rating to a “sell” rating in a research report on Monday, November 11th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Fulton Financial from $20.00 to $23.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Fulton Financial has an average rating of “Hold” and an average price target of $19.50.

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.