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

Fulton Financial Co. (NASDAQ:FULT) saw a significant drop in short interest in 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.

Analysts Set New Price Targets

Several research firms recently issued reports on FULT. Piper Sandler set a $21.00 price objective on shares of Fulton Financial in a report on Thursday, October 17th. StockNews.com cut shares of Fulton Financial from a “hold” rating to a “sell” rating in a report on Monday, November 11th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, Fulton Financial has a consensus rating of “Hold” and a consensus target price of $18.83.

Fulton Financial Trading Up 0.8 %

Shares of FULT stock opened at $21.15 on Friday. 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 has a 1 year low of $13.84 and a 1 year high of $21.65. The firm’s fifty day simple moving average is $18.39 and its 200 day simple moving average is $17.84. The company has a current ratio of 0.93, a quick ratio of 0.90 and a debt-to-equity ratio of 0.32.

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

Fulton Financial Dividend Announcement

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

Institutional Trading of Fulton Financial

Several institutional investors have recently modified their holdings of the company. State Board of Administration of Florida Retirement System lifted its position in 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 worth $1,262,000 after purchasing an additional 32,941 shares during the period. Edgestream Partners L.P. bought a new position in shares of Fulton Financial during the 1st quarter worth about $1,941,000. Tidal Investments LLC bought a new position in shares of Fulton Financial during the 1st quarter worth about $807,000. Seven Eight Capital LP acquired a new stake in shares of Fulton Financial during the 2nd quarter valued at about $485,000. Finally, American Century Companies Inc. increased its stake in Fulton Financial by 18.6% in the second 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 during the period. 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.