BlackRock Fund Advisors recently announced the acquisition of new stake in Fulton Financial Corporation (NASDAQ:FULT). The institutional investor has increased its shareholding in the Financial company by 3.69% to 19.24 million shares with purchase of 0.68 million shares. This fresh investment now brings its stake to 11.48% valued currently at $330.93 million. In addition, The Vanguard Group, Inc. raised its holdings by 0.32 million to 17.16 million shares. And Dimensional Fund Advisors LP has lifted its position by 1.21% or 0.15 million shares – to 12.16 million shares.
With over 2.05 million Fulton Financial Corporation (FULT) shares trading Tuesday and a closing price of $15.06 on the day, the dollar volume was approximately $30.91 million. The shares have shown a negative half year performance of -8.48% and its price on 03/14/23 gained nearly 0.87%. Currently, there are 167.54M common shares owned by the public and among those 165.99M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 8 analysts who have offered their price forecasts for FULT have a consensus price objective of $17.71. The analysts have set the share’s price value over the next 12 months at a high of $20.00 and a low of $17.00. The average price target is 14.96% above its recent price level and an upside to the estimated low will see the stock gain 11.41% over that period. But an upside of 24.7% will see the stock hit the forecast high price target while median target price for the stock is $17.00.
Insiders at the company have transacted a total of 87 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 69 of these insider trades were purchases, accounting for 212,387 shares. Insider sales of the common stock occurred on 18 occasions, with total insider shares sold totaling 140,747 shares.
The top 3 mutual fund holders in Fulton Financial Corporation are iShares Core S&P Mid Cap ETF, Vanguard Total Stock Market Index, and Vanguard Small Cap Index Fund. iShares Core S&P Mid Cap ETF owns 5.22 million shares of the company’s stock, all valued at over $89.87 million. The company bought an additional 11844.0 shares recently to bring their total holdings to about 3.12% of the shares outstanding. Vanguard Total Stock Market Index bought 6944.0 shares to see its total holdings expand to 5.14 million shares valued at over $88.47 million and representing 3.07% of the shares outstanding. Vanguard Small Cap Index Fund bought 23718.0 shares to bring its total holdings to over 4.34 million shares at a value of $74.64 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.59% of the shares outstanding.
Shares of Fulton Financial Corporation (NASDAQ: FULT) opened at $15.98, up $1.05 from a prior closing price of $14.93. However, the script later moved the day high at 16.20, up 0.87%. The company’s stock has a 5-day price change of -7.89% and -12.44% over the past three months. FULT shares are trading -10.52% year to date (YTD), with the 12-month market performance down to -13.91% lower. It has a 12-month low price of $13.67 and touched a high of $18.85 over the same period. FULT has an average intraday trading volume of 1.02 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -10.62%, -9.93%, and -8.93% respectively.
Institutional ownership of Fulton Financial Corporation (NASDAQ: FULT) shares accounts for 66.90% of the company’s 167.54M shares outstanding. Mutual fund holders own 44.28%, while other institutional holders and individual stakeholders account for 5.97% and 22.44% respectively.
It has a market capitalization of $2.53B and a beta (3y monthly) value of 0.82. The stock’s trailing 12-month PE ratio is 9.01, while the earnings-per-share (ttm) stands at $1.67. The company has a PEG of 1.13 and the debt-to-equity ratio at 0.23. Price movements for the stock have been influenced by the stock’s volatility, which stands at 6.64% over the week and 2.84% over the month.
Analysts forecast that Fulton Financial Corporation (FULT) will achieve an EPS of $0.48 for the current quarter, $0.48 for the next quarter and $1.92 for 2024. The lowest estimate earnings-per-share for the quarter is $0.42 while analysts give the company a high EPS estimate of $0.53. Comparatively, EPS for the current quarter was $0.38 a year ago. Earnings per share for the fiscal year are expected to increase by 3.00%, and 0.73% over the next financial year. EPS should shrink at an annualized rate of 8.00% over the next five years, compared to 9.40% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 8 brokerage firm advisors rate Fulton Financial Corporation (FULT) as a “Moderate Buy” at a consensus score of 2.70. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 7 of the 8 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the FULT, a number of firms have released research notes about the stock. Janney stated their Neutral rating for the stock in a research note on January 10, 2023, with the firm’s price target at $19.50. Stephens coverage for the Fulton Financial Corporation (FULT) stock in a research note released on April 21, 2022 offered a Overweight rating with a price target of $20.50. Raymond James was of a view on June 17, 2020 that the stock is Outperform, while Stephens gave the stock Equal-Weight rating on June 01, 2020, issuing a price target of $12. Piper Jaffray on their part issued Neutral rating on January 17, 2019.
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