Fulton Financial (NASDAQ:FULT) Reaches New 12-Month High – Should You Buy?

Fulton Financial Co. (NASDAQ:FULT) shares reached a new 52-week high on Friday . The stock traded as high as $21.72 and last traded at $21.68, with a volume of 402607 shares traded. The stock had previously closed at $21.24.

Analysts Set New Price Targets

FULT has been the subject of a number of research reports. StockNews.com downgraded Fulton Financial from a “hold” rating to a “sell” rating in a research note on Monday, November 11th. Piper Sandler set a $21.00 price target on Fulton Financial in a report on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Fulton Financial currently has a consensus rating of “Hold” and a consensus price target of $18.83.

Fulton Financial Stock Up 1.7 %

The firm’s 50 day simple moving average is $18.74 and its 200 day simple moving average is $17.98. The company has a market cap of $3.93 billion, a price-to-earnings ratio of 13.68 and a beta of 0.73. 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 (NASDAQ:FULT) last posted its earnings results on Tuesday, October 15th. The bank reported $0.50 EPS for the quarter, beating the consensus estimate of $0.44 by $0.06. Fulton Financial had a return on equity of 11.33% and a net margin of 16.37%. The firm had revenue of $487.33 million for the quarter, compared to analysts’ expectations of $321.00 million. During the same period last year, the firm earned $0.43 EPS. Sell-side analysts anticipate that Fulton Financial Co. will post 1.74 EPS for the current fiscal year.

Fulton Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st were paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date was Tuesday, October 1st. Fulton Financial’s dividend payout ratio is currently 43.04%.

Hedge Funds Weigh In On Fulton Financial

Institutional investors and hedge funds have recently bought and sold shares of the stock. Millennium Management LLC lifted its stake in shares of Fulton Financial by 511.1% in the 2nd quarter. Millennium Management LLC now owns 3,256,000 shares of the bank’s stock worth $55,287,000 after acquiring an additional 2,723,170 shares during the period. Emerald Advisers LLC boosted its stake in Fulton Financial by 213.6% during the 3rd quarter. Emerald Advisers LLC now owns 1,307,559 shares of the bank’s stock valued at $23,706,000 after purchasing an additional 890,630 shares in the last quarter. Emerald Mutual Fund Advisers Trust increased its position 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 valued at $15,622,000 after purchasing an additional 630,152 shares during the period. The Manufacturers Life Insurance Company raised its stake in shares of Fulton Financial by 710.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 699,652 shares of the bank’s stock worth $11,880,000 after buying an additional 613,272 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Fulton Financial by 28.8% in the second quarter. Bank of New York Mellon Corp now owns 2,542,068 shares of the bank’s stock valued at $43,164,000 after buying an additional 567,771 shares during the period. Institutional investors own 72.02% of the company’s stock.

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.