Fulton Financial (FULT) Downgraded to “Hold” at Zacks Investment Research

Fulton Financial (NASDAQ:FULT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Friday.

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. “

Several other brokerages have also recently commented on FULT. BidaskClub cut Fulton Financial from a “sell” rating to a “strong sell” rating in a report on Tuesday, October 2nd. Barclays raised Fulton Financial from an “underweight” rating to an “overweight” rating and boosted their target price for the stock from $18.00 to $19.00 in a report on Wednesday, October 3rd. ValuEngine raised Fulton Financial from a “sell” rating to a “hold” rating in a report on Saturday, December 1st. Finally, Boenning Scattergood reissued a “hold” rating on shares of Fulton Financial in a report on Wednesday, October 17th. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $19.17.

NASDAQ:FULT traded up $0.05 during midday trading on Friday, hitting $16.17. 1,104,627 shares of the stock were exchanged, compared to its average volume of 1,178,698. Fulton Financial has a one year low of $14.38 and a one year high of $19.55. The stock has a market cap of $2.84 billion, a price-to-earnings ratio of 15.11, a PEG ratio of 1.41 and a beta of 1.02. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.97 and a quick ratio of 0.97.

Fulton Financial (NASDAQ:FULT) last announced its earnings results on Tuesday, October 16th. The bank reported $0.37 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.04. Fulton Financial had a return on equity of 8.89% and a net margin of 20.45%. The firm had revenue of $214.23 million for the quarter, compared to analysts’ expectations of $209.72 million. During the same quarter in the previous year, the company earned $0.28 earnings per share. On average, sell-side analysts expect that Fulton Financial will post 1.2 EPS for the current year.

In other Fulton Financial news, insider David M. Campbell purchased 6,002 shares of the firm’s stock in a transaction on Thursday, November 8th. The shares were purchased at an average price of $16.67 per share, for a total transaction of $100,053.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ronald H. Spair purchased 10,000 shares of the firm’s stock in a transaction on Tuesday, December 4th. The stock was acquired at an average price of $16.73 per share, for a total transaction of $167,300.00. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 18,002 shares of company stock worth $300,773. 0.84% of the stock is currently owned by company insiders.

A number of institutional investors have recently bought and sold shares of FULT. Retirement Systems of Alabama grew its position in Fulton Financial by 0.4% during the 4th quarter. Retirement Systems of Alabama now owns 228,318 shares of the bank’s stock worth $3,534,000 after purchasing an additional 978 shares in the last quarter. Paradigm Asset Management Co. LLC grew its position in Fulton Financial by 6.7% during the 3rd quarter. Paradigm Asset Management Co. LLC now owns 22,200 shares of the bank’s stock worth $370,000 after purchasing an additional 1,400 shares in the last quarter. Riverhead Capital Management LLC grew its position in Fulton Financial by 18.4% during the 3rd quarter. Riverhead Capital Management LLC now owns 21,260 shares of the bank’s stock worth $354,000 after purchasing an additional 3,300 shares in the last quarter. Tower Bridge Advisors grew its position in Fulton Financial by 29.2% during the 3rd quarter. Tower Bridge Advisors now owns 15,785 shares of the bank’s stock worth $263,000 after purchasing an additional 3,563 shares in the last quarter. Finally, Glen Harbor Capital Management LLC grew its position in Fulton Financial by 29.9% during the 2nd quarter. Glen Harbor Capital Management LLC now owns 16,256 shares of the bank’s stock worth $268,000 after purchasing an additional 3,744 shares in the last quarter. Hedge funds and other institutional investors own 63.07% of the company’s stock.

About Fulton Financial

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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