Fulton Financial (NASDAQ:FULT) Rating Lowered to Sell at Zacks Investment Research

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Zacks Investment Research lowered shares of Fulton Financial (NASDAQ:FULT) from a hold rating to a sell rating in a research report sent to investors on Thursday, Zacks.com reports.

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. “

Several other research analysts have also recently commented on FULT. Boenning Scattergood reissued an outperform rating and set a $47.75 target price on shares of WSFS Financial in a research note on Thursday, June 20th. BidaskClub raised Zai Lab from a buy rating to a strong-buy rating in a research note on Friday, June 28th. DA Davidson reissued a buy rating on shares of Umpqua in a research note on Thursday, April 18th. Finally, ValuEngine raised Xylem from a hold rating to a buy rating in a research note on Friday, June 21st. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. The stock has an average rating of Hold and a consensus price target of $18.88.

FULT opened at $16.45 on Thursday. Fulton Financial has a 12 month low of $14.38 and a 12 month high of $18.45. The firm has a market cap of $2.78 billion, a PE ratio of 13.37, a price-to-earnings-growth ratio of 1.49 and a beta of 1.02. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.97 and a quick ratio of 0.96. The business’s fifty day moving average is $16.18.

Fulton Financial (NASDAQ:FULT) last released its earnings results on Tuesday, April 16th. The bank reported $0.33 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.33. Fulton Financial had a return on equity of 9.50% and a net margin of 21.95%. The firm had revenue of $210.00 million during the quarter, compared to analysts’ expectations of $212.93 million. During the same period in the previous year, the firm posted $0.28 EPS. Fulton Financial’s revenue for the quarter was up 6.5% on a year-over-year basis. As a group, equities research analysts anticipate that Fulton Financial will post 1.38 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Monday, July 1st will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $0.52 annualized dividend and a dividend yield of 3.16%. Fulton Financial’s dividend payout ratio is currently 44.07%.

In other news, COO Curtis J. Myers sold 6,500 shares of the company’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $17.03, for a total transaction of $110,695.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider David M. Campbell sold 5,160 shares of the company’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $17.00, for a total value of $87,720.00. Following the transaction, the insider now directly owns 7,283 shares of the company’s stock, valued at $123,811. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 14,660 shares of company stock valued at $249,145. Insiders own 1.02% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. Toronto Dominion Bank boosted its position in shares of Fulton Financial by 25.3% during the 1st quarter. Toronto Dominion Bank now owns 3,167 shares of the bank’s stock worth $49,000 after acquiring an additional 639 shares in the last quarter. ETF Managers Group LLC boosted its position in shares of Fulton Financial by 9.5% in the 1st quarter. ETF Managers Group LLC now owns 8,203 shares of the bank’s stock valued at $127,000 after purchasing an additional 709 shares during the period. Creative Planning boosted its position in shares of Fulton Financial by 5.0% in the 1st quarter. Creative Planning now owns 16,423 shares of the bank’s stock valued at $254,000 after purchasing an additional 776 shares during the period. Eagle Boston Investment Management Inc. boosted its position in shares of Fulton Financial by 1.2% in the 1st quarter. Eagle Boston Investment Management Inc. now owns 67,551 shares of the bank’s stock valued at $1,045,000 after purchasing an additional 830 shares during the period. Finally, Advisor Group Inc. boosted its position in shares of Fulton Financial by 15.9% in the 4th quarter. Advisor Group Inc. now owns 10,827 shares of the bank’s stock valued at $166,000 after purchasing an additional 1,488 shares during the period. 64.91% of the stock is owned by institutional investors and hedge funds.

About Fulton Financial

Fulton Financial Corporation operates as a multi-bank financial holding company that provides banking and financial services to businesses and consumers. It accepts various checking accounts and savings deposit products, certificates of deposit, and individual retirement accounts. The company also offers consumer loans, including home equity loans and lines of credit, automobile loans, automobile and equipment leases, personal lines of credit, and checking account overdraft protection; construction and jumbo residential mortgage loans; and commercial lending products comprising commercial, financial, agricultural, and real estate loans.

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