Fulton Financial (NASDAQ:FULT) Releases Quarterly Earnings Results, Beats Estimates By $0.06 EPS

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

Fulton Financial Stock Up 1.2 %

FULT traded up $0.25 during trading hours on Tuesday, hitting $21.11. 1,836,710 shares of the company’s stock were exchanged, compared to its average volume of 1,710,926. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.32. Fulton Financial has a 1-year low of $13.87 and a 1-year high of $22.49. The stock’s 50-day moving average is $20.49 and its two-hundred day moving average is $19.06. The stock has a market cap of $3.84 billion, a price-to-earnings ratio of 13.36 and a beta of 0.79.

Fulton Financial Increases Dividend

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

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other Fulton Financial news, CEO Curtis J. Myers sold 24,192 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $21.16, for a total transaction of $511,902.72. Following the transaction, the chief executive officer now owns 155,946 shares of the company’s stock, valued at $3,299,817.36. The trade was a 13.43 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 1.07% of the company’s stock.

Fulton Financial Company Profile

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.