Hovde Group Forecasts Strong Price Appreciation for Fulton Financial (NASDAQ:FULT) Stock

Fulton Financial (NASDAQ:FULT) had its target price raised by Hovde Group from $22.00 to $22.50 in a research report issued to clients and investors on Monday,Briefing.com Automated Import reports. The firm presently has a “market perform” rating on the bank’s stock. Hovde Group’s price objective would indicate a potential upside of 9.44% from the company’s current price.

FULT has been the subject of several other reports. StockNews.com raised shares of Fulton Financial from a “sell” rating to a “hold” rating in a report on Thursday. Piper Sandler set a $21.00 price target on Fulton Financial in a research report on Thursday, October 17th. Stephens raised Fulton Financial from an “equal weight” rating to an “overweight” rating in a research report on Monday, December 9th. DA Davidson raised their target price on Fulton Financial from $21.00 to $22.00 and gave the company a “neutral” rating in a report on Friday. Finally, Keefe, Bruyette & Woods increased their price objective on Fulton Financial from $23.00 to $24.00 and gave the company a “market perform” rating in a research report on Thursday. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Fulton Financial has a consensus rating of “Hold” and an average price target of $20.64.

Fulton Financial Stock Performance

Shares of FULT opened at $20.56 on Monday. Fulton Financial has a 52 week low of $13.87 and a 52 week high of $22.49. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.93 and a current ratio of 0.90. The company has a market capitalization of $3.74 billion, a PE ratio of 13.10 and a beta of 0.79. The company’s 50 day moving average price is $20.46 and its 200 day moving average price is $19.17.

Fulton Financial (NASDAQ:FULT) last posted its earnings results on Tuesday, January 21st. The bank reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.06. Fulton Financial had a net margin of 15.87% and a return on equity of 11.41%. During the same period in the previous year, the firm earned $0.42 earnings per share. Research analysts expect that Fulton Financial will post 1.79 EPS for the current fiscal year.

Insider Activity

In other Fulton Financial news, CEO Curtis J. Myers sold 24,192 shares of the business’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 completion of the transaction, the chief executive officer now directly owns 155,946 shares of the company’s stock, valued at approximately $3,299,817.36. The trade was a 13.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.07% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fulton Financial

Several institutional investors and hedge funds have recently modified their holdings of FULT. State Street Corp raised its holdings in Fulton Financial by 4.4% during the 3rd quarter. State Street Corp now owns 10,544,159 shares of the bank’s stock worth $191,166,000 after buying an additional 444,219 shares during the period. Geode Capital Management LLC raised its holdings in shares of Fulton Financial by 2.0% during the third quarter. Geode Capital Management LLC now owns 4,371,223 shares of the bank’s stock worth $79,264,000 after acquiring an additional 85,574 shares during the period. Millennium Management LLC lifted 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 in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Fulton Financial by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,358,099 shares of the bank’s stock worth $42,752,000 after purchasing an additional 31,754 shares during the period. Finally, Fisher Asset Management LLC raised its stake in shares of Fulton Financial by 4.2% in the 3rd quarter. Fisher Asset Management LLC now owns 1,908,477 shares of the bank’s stock valued at $34,601,000 after purchasing an additional 77,072 shares during the period. 72.02% of the stock is currently owned by institutional investors and hedge funds.

About Fulton Financial

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.