Fulton Financial (NASDAQ:FULT) Cut to “Sell” at StockNews.com

Fulton Financial (NASDAQ:FULT) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a report issued on Monday.

Separately, Piper Sandler set a $21.00 target price on Fulton Financial in a report on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $18.83.

Fulton Financial Stock Performance

NASDAQ:FULT traded up $0.63 during trading hours on Monday, reaching $21.28. 1,615,260 shares of the stock were exchanged, compared to its average volume of 1,480,220. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.26. The firm has a 50 day simple moving average of $18.19 and a 200-day simple moving average of $17.71. Fulton Financial has a 52 week low of $13.27 and a 52 week high of $21.65. The stock has a market capitalization of $3.87 billion, a P/E ratio of 13.47 and a beta of 0.73.

Fulton Financial (NASDAQ:FULT) last released its earnings results on Tuesday, October 15th. The bank reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.06. Fulton Financial had a return on equity of 11.14% and a net margin of 16.37%. The company had revenue of $487.33 million for the quarter, compared to the consensus estimate of $321.00 million. During the same quarter last year, the business posted $0.43 EPS. As a group, sell-side analysts forecast that Fulton Financial will post 1.74 earnings per share for the current fiscal year.

Institutional Trading of Fulton Financial

Several large investors have recently added to or reduced their stakes in the business. Millennium Management LLC increased its position in Fulton Financial by 511.1% in the 2nd quarter. Millennium Management LLC now owns 3,256,000 shares of the bank’s stock valued at $55,287,000 after acquiring an additional 2,723,170 shares during the period. American Century Companies Inc. increased its position in Fulton Financial by 18.6% in the 2nd quarter. American Century Companies Inc. now owns 3,022,534 shares of the bank’s stock valued at $51,323,000 after acquiring an additional 474,099 shares during the period. Bank of New York Mellon Corp increased its position in Fulton Financial by 28.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,542,068 shares of the bank’s stock valued at $43,164,000 after acquiring an additional 567,771 shares during the period. Fulton Bank N.A. increased its position in Fulton Financial by 0.9% in the 2nd quarter. Fulton Bank N.A. now owns 2,057,813 shares of the bank’s stock valued at $34,942,000 after acquiring an additional 17,955 shares during the period. Finally, Emerald Advisers LLC increased its position in Fulton Financial by 213.6% in the 3rd quarter. Emerald Advisers LLC now owns 1,307,559 shares of the bank’s stock valued at $23,706,000 after acquiring an additional 890,630 shares during the period. 72.02% of the stock is currently owned by institutional investors and hedge funds.

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.