Fulton Financial Co. (NASDAQ:FULT) Short Interest Update

by · The Cerbat Gem

Fulton Financial Co. (NASDAQ:FULT – Get Free Report) was the target of a large drop in short interest in the month of October. As of October 15th, there was short interest totalling 5,470,000 shares, a drop of 7.9% from the September 30th total of 5,940,000 shares. Based on an average trading volume of 1,400,000 shares, the short-interest ratio is presently 3.9 days.

Analyst Ratings Changes

FULT has been the topic of several recent analyst reports. StockNews.com raised Fulton Financial from a “sell” rating to a “hold” rating in a research note on Thursday, July 18th. Piper Sandler set a $21.00 price objective on shares of Fulton Financial in a report on Thursday, October 17th. Finally, Jefferies Financial Group dropped their price target on shares of Fulton Financial from $18.50 to $18.00 and set a “hold” rating on the stock in a research report on Wednesday, July 3rd. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $18.83.

Read Our Latest Analysis on Fulton Financial

Hedge Funds Weigh In On Fulton Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FULT. Millennium Management LLC raised its holdings in Fulton Financial by 511.1% during the second quarter. Millennium Management LLC now owns 3,256,000 shares of the bank’s stock valued at $55,287,000 after buying an additional 2,723,170 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Fulton Financial by 18.6% in the 2nd quarter. American Century Companies Inc. now owns 3,022,534 shares of the bank’s stock valued at $51,323,000 after acquiring an additional 474,099 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Fulton Financial by 28.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,542,068 shares of the bank’s stock worth $43,164,000 after purchasing an additional 567,771 shares during the last quarter. Fulton Bank N.A. boosted its position in Fulton Financial by 0.9% during the second quarter. Fulton Bank N.A. now owns 2,057,813 shares of the bank’s stock worth $34,942,000 after purchasing an additional 17,955 shares during the period. Finally, Emerald Advisers LLC grew its holdings in Fulton Financial by 213.6% during the third quarter. Emerald Advisers LLC now owns 1,307,559 shares of the bank’s stock valued at $23,706,000 after purchasing an additional 890,630 shares during the last quarter. Institutional investors own 72.02% of the company’s stock.

Fulton Financial Stock Down 1.5 %

Shares of FULT traded down $0.28 during mid-day trading on Thursday, reaching $18.11. The company’s stock had a trading volume of 1,244,499 shares, compared to its average volume of 1,465,406. The company has a market cap of $3.29 billion, a price-to-earnings ratio of 11.25 and a beta of 0.73. The business has a fifty day moving average of $18.12 and a 200 day moving average of $17.44. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.26. Fulton Financial has a 1 year low of $12.75 and a 1 year high of $20.33.

Fulton Financial (NASDAQ:FULT – Get Free Report) last posted its quarterly earnings results on Tuesday, October 15th. The bank reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.06. Fulton Financial had a net margin of 16.37% and a return on equity of 11.14%. The business had revenue of $487.33 million during the quarter, compared to analyst estimates of $321.00 million. During the same period in the prior year, the firm earned $0.43 earnings per share. As a group, analysts forecast that Fulton Financial will post 1.75 earnings per share for the current fiscal year.

Fulton Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st were issued a dividend of $0.17 per share. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $0.68 annualized dividend and a dividend yield of 3.75%. Fulton Financial’s dividend payout ratio is 42.24%.

Fulton Financial Company Profile

(Get Free Report)

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.

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