Fulton Financial (NASDAQ:FULT) Shares Gap Up - Still a Buy?

Shares of Fulton Financial Co. (NASDAQ:FULT) experienced a significant gap up before the trading session on Wednesday. The stock had closed the previous day at $20.50 but opened notably higher at $21.35. As of the last trade, Fulton Financial shares were priced at $20.94, with a trading volume of 80,691 shares.

Recent Analyst Ratings

Several analysts have updated their ratings on Fulton Financial recently. Stephens upgraded the stock from an "equal weight" rating to an "overweight" rating in a report on December 9th. Additionally, Keefe, Bruyette & Woods increased their price target from $20.00 to $23.00 while maintaining a "market perform" rating in a note released on December 4th. Conversely, StockNews.com downgraded the stock from a "hold" to a "sell" rating on November 11th. Piper Sandler, on October 17th, set a price target of $21.00. The consensus among analysts is that one has a sell rating, three suggest holding, and two recommend buying Fulton Financial shares, resulting in a general consensus rating of "Hold" with a target price of $19.50, according to MarketBeat.com.

Fulton Financial Stock Performance

The stock has shown an increase of 1.6% recently. Fulton Financial's 50-day simple moving average stands at $19.89, while the 200-day simple moving average is $18.49. Key financial metrics include a debt-to-equity ratio of 0.32, a current ratio of 0.93, and a quick ratio of 0.93. The company boasts a market capitalization of approximately $3.79 billion, a price-to-earnings ratio of 12.97, and a beta of 0.78.

Recently, Fulton Financial reported its quarterly earnings on October 15th, revealing earnings per share (EPS) of $0.50, surpassing analyst predictions of $0.44 by $0.06. The bank's revenue for the quarter hit $487.33 million, exceeding the expected amount of $321.00 million. The return on equity was reported at 11.33%, with a net margin of 16.37%. For the current fiscal year, analysts project that Fulton Financial will achieve an EPS of 1.74.

Insider Transactions

In recent insider news, CEO Curtis J. Myers sold 24,192 shares of Fulton Financial on December 6th. These shares were sold at an average price of $21.16, resulting in a total transaction value of $511,902.72. Following this sale, the CEO retains ownership of 155,946 shares, valued at around $3,299,817.36, marking a 13.43% reduction in his ownership. Details of this transaction were disclosed in a filing with the Securities and Exchange Commission (SEC), where it is accessible. Notably, insiders hold about 1.07% of the company’s stock.

Institutional Investor Activity

Several institutional investors have recently adjusted their stakes in Fulton Financial. Millennium Management LLC significantly increased its holdings by 511.1% in the second quarter, owning 3,256,000 shares valued at $55,287,000 after acquiring an additional 2,723,170 shares. Emerald Advisers LLC also boosted their shares by 213.6% in the third quarter, bringing their total to 1,307,559 shares worth $23,706,000. Emerald Mutual Fund Advisers Trust increased its stake by 272.2%, now owning 861,691 shares valued at $15,622,000. Furthermore, The Manufacturers Life Insurance Company lifted its position by 710.0% and now possesses 699,652 shares worth $11,880,000, while Bank of New York Mellon Corp raised its holdings by 28.8%, owning 2,542,068 shares valued at $43,164,000. Overall, institutional investors own 72.02% of the company's stock.

Overview of Fulton Financial

Fulton Financial Corporation operates as a financial holding company that delivers consumer and commercial banking services across Pennsylvania, Delaware, Maryland, New Jersey, and Virginia. The company offers a range of banking products, including checking and savings accounts, certificates of deposit, and retirement accounts.

Conclusion and Market Insights

If you're considering investing in Fulton Financial, it's worth noting that while the current consensus rating stands at "Hold", several top analysts are highlighting alternative stocks that may present a more lucrative investment opportunity. Therefore, potential investors may want to research further before making any decisions.

Fulton, Financial, Stocks