Fulton Financial Corporation (NASDAQ:FULT) Sees Large Decrease in Short Interest

Fulton Financial Corporation (NASDAQ:FULT) was the target of a significant drop in short interest in the month of September. As of September 15th, there was short interest totaling 2,910,000 shares, a drop of 26.0% from the August 31st total of 3,930,000 shares. Based on an average daily volume of 1,640,000 shares, the days-to-cover ratio is presently 1.8 days. Based on an average daily volume of 1,640,000 shares, the days-to-cover ratio is presently 1.8 days.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on FULT shares. DA Davidson lifted their price target on Fulton Financial from $17.00 to $20.00 and gave the stock a “neutral” rating in a research note on Thursday, July 17th. Zacks Research cut shares of Fulton Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 15th. Keefe, Bruyette & Woods lifted their target price on shares of Fulton Financial from $21.00 to $22.00 and gave the stock a “market perform” rating in a research note on Thursday, July 17th. Piper Sandler restated a “neutral” rating on shares of Fulton Financial in a research report on Wednesday, July 9th. Finally, Raymond James Financial upgraded shares of Fulton Financial from a “market perform” rating to an “outperform” rating and set a $21.00 price target on the stock in a research report on Tuesday. Three investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $21.10.

Fulton Financial Stock Performance

Shares of FULT stock opened at $18.51 on Thursday. The company’s 50-day moving average price is $18.83 and its 200-day moving average price is $18.00. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.37. The stock has a market cap of $3.37 billion, a price-to-earnings ratio of 10.82 and a beta of 0.82. Fulton Financial has a twelve month low of $14.32 and a twelve month high of $22.49.

Fulton Financial (NASDAQ:FULT) last announced its quarterly earnings results on Tuesday, July 15th. The bank reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.12. The firm had revenue of $328.45 million for the quarter, compared to analysts’ expectations of $320.47 million. Fulton Financial had a net margin of 17.00% and a return on equity of 12.64%. During the same quarter in the previous year, the company posted $0.52 EPS. As a group, equities analysts predict that Fulton Financial will post 1.91 earnings per share for the current year.

Fulton Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, October 1st will be issued a $0.18 dividend. The ex-dividend date is Wednesday, October 1st. This represents a $0.72 dividend on an annualized basis and a yield of 3.9%. Fulton Financial’s dividend payout ratio is currently 42.11%.

Insider Activity

In related news, Director E Philip Wenger sold 5,000 shares of Fulton Financial stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $19.28, for a total value of $96,400.00. Following the sale, the director directly owned 90,477 shares in the company, valued at approximately $1,744,396.56. The trade was a 5.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.08% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC lifted its holdings in Fulton Financial by 1.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 36,303 shares of the bank’s stock valued at $657,000 after acquiring an additional 684 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new position in shares of Fulton Financial in the 1st quarter valued at $287,000. Silver Oak Securities Incorporated acquired a new position in shares of Fulton Financial in the 1st quarter valued at $333,000. New York State Teachers Retirement System lifted its position in Fulton Financial by 1.3% in the first quarter. New York State Teachers Retirement System now owns 240,935 shares of the bank’s stock valued at $4,359,000 after buying an additional 2,985 shares during the last quarter. Finally, Blue Trust Inc. lifted its position in Fulton Financial by 15.1% in the first quarter. Blue Trust Inc. now owns 5,728 shares of the bank’s stock valued at $104,000 after buying an additional 752 shares during the last quarter. 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.