Fulton Financial (NASDAQ:FULT) Rating Increased to Hold at Zacks Investment Research

Fulton Financial (NASDAQ:FULT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released 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. “

A number of other research analysts have also issued reports on FULT. BidaskClub upgraded Fulton Financial from a “sell” rating to a “hold” rating in a research report on Friday, June 28th. Boenning Scattergood restated a “hold” rating on shares of Fulton Financial in a research report on Wednesday, July 17th. Finally, ValuEngine lowered Fulton Financial from a “hold” rating to a “sell” rating in a research report on Friday, June 21st. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $18.83.

NASDAQ:FULT opened at $15.83 on Thursday. Fulton Financial has a 12-month low of $14.38 and a 12-month high of $17.60. The firm has a market capitalization of $2.63 billion, a P/E ratio of 13.41 and a beta of 1.02. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.96 and a quick ratio of 0.95. The business has a 50 day simple moving average of $16.04 and a 200 day simple moving average of $16.29.

Fulton Financial (NASDAQ:FULT) last released its quarterly earnings data on Tuesday, July 16th. The bank reported $0.35 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.01. Fulton Financial had a return on equity of 10.51% and a net margin of 23.75%. The business had revenue of $221.94 million during the quarter, compared to analyst estimates of $218.51 million. During the same quarter in the previous year, the firm posted $0.20 EPS. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. Research analysts anticipate that Fulton Financial will post 1.39 EPS for the current fiscal year.

Hedge funds have recently made changes to their positions in the business. NumerixS Investment Technologies Inc acquired a new position in Fulton Financial during the 2nd quarter worth $25,000. Advisory Services Network LLC boosted its position in Fulton Financial by 34.9% during the 2nd quarter. Advisory Services Network LLC now owns 2,418 shares of the bank’s stock worth $40,000 after acquiring an additional 625 shares during the period. Meeder Asset Management Inc. acquired a new position in Fulton Financial during the 2nd quarter worth $62,000. CWM LLC boosted its position in Fulton Financial by 8.3% during the 2nd quarter. CWM LLC now owns 8,722 shares of the bank’s stock worth $143,000 after acquiring an additional 667 shares during the period. Finally, Quantamental Technologies LLC acquired a new position in Fulton Financial during the 2nd quarter worth $166,000. Institutional investors own 64.70% of the company’s stock.

Fulton Financial Company Profile

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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