Fulton Financial (NASDAQ:FULT) Posts Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Fulton Financial (NASDAQ:FULT) posted its earnings results on Tuesday. The bank reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.06, Briefing.com reports. Fulton Financial had a return on equity of 11.33% and a net margin of 16.37%. During the same quarter last year, the firm posted $0.42 EPS.

Fulton Financial Price Performance

Fulton Financial stock traded up $0.25 during trading hours on Tuesday, reaching $21.11. 1,836,710 shares of the stock were exchanged, compared to its average volume of 1,710,926. The stock has a 50 day moving average of $20.49 and a two-hundred day moving average of $19.06. The company has a market cap of $3.84 billion, a P/E ratio of 13.36 and a beta of 0.79. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.32. Fulton Financial has a twelve month low of $13.87 and a twelve month high of $22.49.

Fulton Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date of this dividend was Tuesday, December 31st. This is an increase from Fulton Financial’s previous quarterly dividend of $0.17. Fulton Financial’s payout ratio is 45.57%.

Analyst Ratings Changes

A number of analysts have recently issued reports on FULT shares. Keefe, Bruyette & Woods raised their target price on shares of Fulton Financial from $20.00 to $23.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Piper Sandler set a $21.00 price objective on shares of Fulton Financial in a research report on Thursday, October 17th. StockNews.com downgraded Fulton Financial from a “hold” rating to a “sell” rating in a research report on Monday, November 11th. Finally, Stephens raised Fulton Financial from an “equal weight” rating to an “overweight” rating in a report on Monday, December 9th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $19.50.

Insider Buying and Selling

In other news, CEO Curtis J. Myers sold 24,192 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $21.16, for a total value of $511,902.72. Following the sale, the chief executive officer now directly owns 155,946 shares in the company, valued at approximately $3,299,817.36. This trade represents a 13.43 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.07% of the stock is currently owned by company insiders.

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.