Fulton Financial Co. (NASDAQ:FULT) Sees Significant Decrease in Short Interest

Fulton Financial Co. (NASDAQ:FULT) was the target of a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 4,840,000 shares, a drop of 11.5% from the October 15th total of 5,470,000 shares. Based on an average daily volume of 1,410,000 shares, the days-to-cover ratio is presently 3.4 days.

Fulton Financial Stock Performance

Shares of NASDAQ:FULT traded down $0.01 on Monday, hitting $21.14. 360,090 shares of the company were exchanged, compared to its average volume of 1,476,450. The company has a current ratio of 0.93, a quick ratio of 0.90 and a debt-to-equity ratio of 0.32. The stock’s 50 day moving average price is $18.39 and its 200 day moving average price is $17.84. Fulton Financial has a 1-year low of $13.84 and a 1-year high of $21.65. The firm has a market capitalization of $3.85 billion, a P/E ratio of 13.39 and a beta of 0.73.

Fulton Financial (NASDAQ:FULT) last released its quarterly earnings results on Tuesday, October 15th. The bank reported $0.50 EPS for the quarter, beating the consensus estimate of $0.44 by $0.06. The company had revenue of $487.33 million for the quarter, compared to analyst estimates of $321.00 million. Fulton Financial had a net margin of 16.37% and a return on equity of 11.33%. During the same quarter last year, the business earned $0.43 earnings per share. Sell-side analysts predict that Fulton Financial will post 1.74 EPS for the current year.

Fulton Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st were issued a $0.17 dividend. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $0.68 dividend on an annualized basis and a yield of 3.22%. Fulton Financial’s payout ratio is currently 43.04%.

Institutional Investors Weigh In On Fulton Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. increased its holdings in shares of Fulton Financial by 5.5% in the first quarter. Russell Investments Group Ltd. now owns 72,770 shares of the bank’s stock valued at $1,156,000 after purchasing an additional 3,801 shares during the last quarter. State Board of Administration of Florida Retirement System grew its holdings in shares of Fulton Financial by 70.9% in the first quarter. State Board of Administration of Florida Retirement System now owns 79,410 shares of the bank’s stock valued at $1,262,000 after purchasing an additional 32,941 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp increased its position in shares of Fulton Financial by 9.0% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 34,184 shares of the bank’s stock worth $535,000 after acquiring an additional 2,828 shares during the period. Edgestream Partners L.P. acquired a new stake in Fulton Financial in the 1st quarter valued at about $1,941,000. Finally, CANADA LIFE ASSURANCE Co lifted its stake in Fulton Financial by 4.3% in the first quarter. CANADA LIFE ASSURANCE Co now owns 145,196 shares of the bank’s stock worth $2,304,000 after acquiring an additional 5,979 shares during the last quarter. Institutional investors and hedge funds own 72.02% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. StockNews.com lowered Fulton Financial from a “hold” rating to a “sell” rating in a research note on Monday, November 11th. Piper Sandler set a $21.00 target price on shares of Fulton Financial in a report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Fulton Financial presently has a consensus rating of “Hold” and an average price target of $18.83.

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.