Short Interest in Fulton Financial Corporation (NASDAQ:FULT) Declines By 26.0%

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

Fulton Financial Stock Up 1.9%

Shares of NASDAQ FULT opened at $18.69 on Tuesday. The stock has a market capitalization of $3.40 billion, a PE ratio of 10.93 and a beta of 0.82. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.37. The firm has a fifty day moving average of $18.82 and a 200-day moving average of $17.99. Fulton Financial has a 52-week low of $14.32 and a 52-week high of $22.49.

Fulton Financial (NASDAQ:FULT) last issued its earnings results on Tuesday, July 15th. The bank reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.12. Fulton Financial had a return on equity of 12.64% and a net margin of 17.00%.The business had revenue of $328.45 million for the quarter, compared to analyst estimates of $320.47 million. During the same period last year, the company posted $0.52 EPS. On average, analysts anticipate that Fulton Financial will post 1.91 EPS for the current year.

Fulton Financial Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on FULT shares. Zacks Research downgraded shares of Fulton Financial from a “strong-buy” rating to a “hold” rating in a report on Monday, September 15th. DA Davidson lifted their target price on shares of Fulton Financial from $17.00 to $20.00 and gave the stock a “neutral” rating in a research note on Thursday, July 17th. Weiss Ratings reissued a “buy (b-)” rating on shares of Fulton Financial in a research note on Saturday, September 27th. Jefferies Financial Group restated a “hold” rating on shares of Fulton Financial in a report on Wednesday, July 9th. Finally, Piper Sandler reiterated a “neutral” rating on shares of Fulton Financial in a research note on Wednesday, July 9th. Two investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Fulton Financial currently has an average rating of “Hold” and a consensus target price of $21.13.

Insider Activity at Fulton Financial

In related news, Director E Philip Wenger sold 5,000 shares of the stock in a transaction on Friday, September 12th. The stock was sold at an average price of $19.28, for a total transaction of $96,400.00. Following the sale, the director owned 90,477 shares of the company’s stock, valued at $1,744,396.56. This trade represents a 5.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.07% of the stock is currently owned by insiders.

Institutional Trading of Fulton Financial

A number of institutional investors and hedge funds have recently bought and sold shares of FULT. EJF Capital LLC lifted its position in Fulton Financial by 2.6% during the second quarter. EJF Capital LLC now owns 22,686 shares of the bank’s stock valued at $409,000 after buying an additional 582 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Fulton Financial by 1.9% during the 1st 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 in the last quarter. Private Advisor Group LLC boosted its position in Fulton Financial by 2.0% during the 1st quarter. Private Advisor Group LLC now owns 35,552 shares of the bank’s stock worth $643,000 after purchasing an additional 704 shares during the period. Xponance Inc. increased its holdings in Fulton Financial by 5.5% in the 1st quarter. Xponance Inc. now owns 13,775 shares of the bank’s stock valued at $249,000 after purchasing an additional 717 shares in the last quarter. Finally, Raymond James Financial Inc. increased its holdings in Fulton Financial by 0.8% in the 2nd quarter. Raymond James Financial Inc. now owns 88,351 shares of the bank’s stock valued at $1,594,000 after purchasing an additional 741 shares in the last quarter. Institutional investors and hedge funds own 72.02% of the company’s stock.

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.