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

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

Fulton Financial Stock Performance

NASDAQ:FULT opened at $21.11 on Wednesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.93 and a current ratio of 0.93. Fulton Financial has a fifty-two week low of $13.87 and a fifty-two week high of $22.49. The firm has a market cap of $3.84 billion, a PE ratio of 13.36 and a beta of 0.79. The business has a 50 day moving average price of $20.49 and a 200-day moving average price of $19.09.

Fulton Financial Increases Dividend

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

Insider Buying and Selling

In related news, CEO Curtis J. Myers sold 24,192 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was 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 of the company’s stock, valued at $3,299,817.36. This trade represents a 13.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.07% of the stock is owned by insiders.

Wall Street Analyst Weigh In

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

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.