Fulton Financial (NASDAQ:FULT) Price Target Raised to $24.00

Fulton Financial (NASDAQ:FULT) had its price target hoisted by equities research analysts at Keefe, Bruyette & Woods from $23.00 to $24.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ target price suggests a potential upside of 16.34% from the company’s current price.

A number of other brokerages have also issued reports on FULT. Stephens raised Fulton Financial from an “equal weight” rating to an “overweight” rating in a research report on Monday, December 9th. StockNews.com lowered Fulton Financial from a “hold” rating to a “sell” rating in a research report on Monday, November 11th. Finally, Piper Sandler set a $21.00 price target on Fulton Financial in a research report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $19.67.

Fulton Financial Stock Down 2.3 %

Shares of Fulton Financial stock opened at $20.63 on Thursday. The stock’s fifty day moving average is $20.48 and its 200-day moving average is $19.10. The firm has a market capitalization of $3.76 billion, a PE ratio of 13.14 and a beta of 0.79. 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 12-month low of $13.87 and a 12-month high of $22.49.

Fulton Financial (NASDAQ:FULT) last announced its earnings results on Tuesday, January 21st. The bank reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.06. Fulton Financial had a return on equity of 11.78% and a net margin of 15.87%. During the same quarter last year, the firm earned $0.42 EPS. Equities analysts anticipate that Fulton Financial will post 1.79 earnings per share for the current year.

Insider Activity at Fulton Financial

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of FULT. Millennium Management LLC grew its stake in Fulton Financial by 511.1% in the second quarter. Millennium Management LLC now owns 3,256,000 shares of the bank’s stock valued at $55,287,000 after purchasing an additional 2,723,170 shares in the last quarter. Emerald Advisers LLC boosted its stake in shares of Fulton Financial by 213.6% during the 3rd quarter. Emerald Advisers LLC now owns 1,307,559 shares of the bank’s stock worth $23,706,000 after acquiring an additional 890,630 shares in the last quarter. Emerald Mutual Fund Advisers Trust boosted its stake in shares of Fulton Financial by 272.2% during the 3rd quarter. Emerald Mutual Fund Advisers Trust now owns 861,691 shares of the bank’s stock worth $15,622,000 after acquiring an additional 630,152 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Fulton Financial by 710.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 699,652 shares of the bank’s stock worth $11,880,000 after acquiring an additional 613,272 shares in the last quarter. Finally, State Street Corp boosted its stake in shares of Fulton Financial by 4.4% during the 3rd quarter. State Street Corp now owns 10,544,159 shares of the bank’s stock worth $191,166,000 after acquiring an additional 444,219 shares in the last quarter. Hedge funds and other institutional investors own 72.02% 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.