Today: Today, Zacks Investment Research Lowers Fulton Financial Corp. (FULT) to Sell

Today, Zacks Investment Research Lowers Fulton Financial Corp. (FULT) to Sell

Zacks Investment Research lowered shares of Fulton Financial Corp. (NASDAQ:FULT) from a hold rating to a sell rating in a research report sent to investors on Thursday.

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 equities research analysts have also commented on FULT. FBR & Co restated a hold rating on shares of Fulton Financial Corp. in a research report on Wednesday, July 20th. Hovde Group initiated coverage on Fulton Financial Corp. in a research report on Monday, September 12th. They set an outperform rating and a $16.00 price target on the stock. Finally, Keefe, Bruyette & Woods restated a market perform rating on shares of Fulton Financial Corp. in a research report on Wednesday, October 12th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. The company presently has an average rating of Hold and an average price target of $14.25.

Shares of Fulton Financial Corp. (NASDAQ:FULT) opened at 14.20 on Thursday. The firm has a market capitalization of $2.46 billion, a price-to-earnings ratio of 16.36 and a beta of 1.19. The stock’s 50 day moving average price is $14.43 and its 200-day moving average price is $13.90. Fulton Financial Corp. has a 12 month low of $11.48 and a 12 month high of $14.86.

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 14th. Shareholders of record on Friday, September 30th were given a $0.10 dividend. The ex-dividend date was Wednesday, September 28th. This represents a $0.40 dividend on an annualized basis and a yield of 2.82%. Fulton Financial Corp.’s payout ratio is 45.98%.

In related news, COO Philmer H. Rohrbaugh purchased 14,000 shares of Fulton Financial Corp. stock in a transaction dated Tuesday, August 16th. The shares were acquired at an average cost of $13.96 per share, for a total transaction of $195,440.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Curtis J. Myers sold 15,580 shares of the firm’s stock in a transaction on Monday, August 29th. The stock was sold at an average price of $14.34, for a total value of $223,417.20. The disclosure for this sale can be found here. 0.75% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its position in Fulton Financial Corp. by 5.2% in the second quarter. Dimensional Fund Advisors LP now owns 13,548,422 shares of the company’s stock valued at $182,902,000 after buying an additional 673,829 shares in the last quarter. Vanguard Group Inc. raised its position in Fulton Financial Corp. by 3.8% in the second quarter. Vanguard Group Inc. now owns 13,009,839 shares of the company’s stock valued at $175,633,000 after buying an additional 480,635 shares in the last quarter. BlackRock Fund Advisors raised its position in Fulton Financial Corp. by 1.3% in the second quarter. BlackRock Fund Advisors now owns 8,859,535 shares of the company’s stock valued at $119,604,000 after buying an additional 116,436 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its position in Fulton Financial Corp. by 3.0% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 5,232,975 shares of the company’s stock valued at $70,645,000 after buying an additional 150,581 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in Fulton Financial Corp. by 6.2% in the second quarter. Bank of New York Mellon Corp now owns 3,613,949 shares of the company’s stock valued at $48,789,000 after buying an additional 211,857 shares in the last quarter. Institutional investors and hedge funds own 59.15% of the company’s stock.

About Fulton Financial Corp.

Fulton Financial Corporation is a multi-bank financial holding company. The Company provides a range of banking and financial services to businesses and consumers through its banking subsidiaries: Fulton Bank, N.A., Fulton Bank of New Jersey, The Columbia Bank, Lafayette Ambassador Bank, FNB Bank, N.A.

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