DA Davidson Weighs in on Fulton Financial Co.’s FY2024 Earnings (NASDAQ:FULT)

Fulton Financial Co. (NASDAQ:FULT) – Equities researchers at DA Davidson raised their FY2024 earnings per share estimates for Fulton Financial in a note issued to investors on Thursday, July 18th. DA Davidson analyst M. Navas now anticipates that the bank will earn $1.70 per share for the year, up from their previous forecast of $1.42. DA Davidson currently has a “Neutral” rating and a $18.00 target price on the stock. The consensus estimate for Fulton Financial’s current full-year earnings is $1.70 per share.

Several other equities analysts also recently weighed in on FULT. Keefe, Bruyette & Woods increased their target price on Fulton Financial from $17.00 to $19.00 and gave the stock a “market perform” rating in a research report on Tuesday, April 30th. Stephens increased their target price on Fulton Financial from $15.50 to $17.50 and gave the stock an “equal weight” rating in a research report on Tuesday, May 7th. Janney Montgomery Scott upgraded Fulton Financial from a “neutral” rating to a “buy” rating and set a $19.50 target price on the stock in a research report on Monday, April 29th. StockNews.com upgraded Fulton Financial from a “sell” rating to a “hold” rating in a research note on Thursday, July 18th. Finally, Jefferies Financial Group dropped their price target on Fulton Financial from $18.50 to $18.00 and set a “hold” rating for the company in a research note on Wednesday, July 3rd. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, Fulton Financial has an average rating of “Hold” and an average target price of $18.40.

Fulton Financial Stock Performance

NASDAQ FULT opened at $20.14 on Monday. The business’s 50-day moving average price is $16.98 and its 200 day moving average price is $16.15. Fulton Financial has a twelve month low of $11.63 and a twelve month high of $20.33. The company has a market capitalization of $3.66 billion, a PE ratio of 12.51 and a beta of 0.75. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.35.

Fulton Financial (NASDAQ:FULT) last released its earnings results on Tuesday, July 16th. The bank reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.22. Fulton Financial had a return on equity of 11.09% and a net margin of 17.93%. The firm had revenue of $334.71 million for the quarter, compared to the consensus estimate of $296.38 million. During the same period in the prior year, the business posted $0.47 earnings per share. The firm’s revenue for the quarter was up 22.4% compared to the same quarter last year.

Institutional Investors Weigh In On Fulton Financial

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in Fulton Financial by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 19,444,753 shares of the bank’s stock valued at $320,061,000 after purchasing an additional 216,465 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Fulton Financial by 2.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 11,918,831 shares of the bank’s stock valued at $196,188,000 after purchasing an additional 297,923 shares in the last quarter. Hsbc Holdings PLC grew its stake in Fulton Financial by 36.0% during the 4th quarter. Hsbc Holdings PLC now owns 2,593,793 shares of the bank’s stock valued at $43,043,000 after purchasing an additional 686,269 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Fulton Financial by 5.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,062,343 shares of the bank’s stock valued at $33,946,000 after purchasing an additional 100,902 shares in the last quarter. Finally, Fulton Bank N.A. grew its stake in Fulton Financial by 0.9% during the 2nd quarter. Fulton Bank N.A. now owns 2,057,813 shares of the bank’s stock valued at $34,942,000 after purchasing an additional 17,955 shares in the last quarter. Institutional investors and hedge funds own 72.02% of the company’s stock.

Fulton Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Monday, July 1st were paid a $0.17 dividend. The ex-dividend date of this dividend was Monday, July 1st. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.38%. Fulton Financial’s dividend payout ratio (DPR) is currently 42.24%.

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.