Fulton Financial Co. (NASDAQ:FULT) Short Interest Down 8.5% in September

by · The Markets Daily

Fulton Financial Co. (NASDAQ:FULT – Get Free Report) was the target of a large decline in short interest in the month of September. As of September 15th, there was short interest totalling 5,620,000 shares, a decline of 8.5% from the August 31st total of 6,140,000 shares. Based on an average trading volume of 1,600,000 shares, the short-interest ratio is presently 3.5 days.

Fulton Financial Trading Down 4.4 %

FULT traded down $0.79 on Tuesday, hitting $17.34. The company had a trading volume of 1,411,754 shares, compared to its average volume of 1,450,242. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.26. The firm has a market cap of $3.15 billion, a P/E ratio of 10.77 and a beta of 0.74. The company’s fifty day moving average price is $18.33 and its 200 day moving average price is $17.10. Fulton Financial has a 1 year low of $11.63 and a 1 year high of $20.33.

Fulton Financial (NASDAQ:FULT – Get Free Report) last issued its quarterly earnings results on Tuesday, July 16th. The bank reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.22. The company had revenue of $334.71 million for the quarter, compared to analyst estimates of $296.38 million. Fulton Financial had a net margin of 17.93% and a return on equity of 11.29%. The business’s revenue for the quarter was up 22.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.47 earnings per share. As a group, equities analysts expect that Fulton Financial will post 1.73 earnings per share for the current year.

Fulton Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be paid a dividend of $0.17 per share. The ex-dividend date is Tuesday, October 1st. This represents a $0.68 dividend on an annualized basis and a yield of 3.92%. Fulton Financial’s dividend payout ratio (DPR) is presently 42.24%.

Institutional Trading of Fulton Financial

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Dana Investment Advisors Inc. grew its position in shares of Fulton Financial by 10.0% during the second quarter. Dana Investment Advisors Inc. now owns 181,471 shares of the bank’s stock worth $3,081,000 after buying an additional 16,547 shares in the last quarter. Truist Financial Corp grew its position in shares of Fulton Financial by 6.0% during the second quarter. Truist Financial Corp now owns 57,696 shares of the bank’s stock worth $980,000 after buying an additional 3,251 shares in the last quarter. Algert Global LLC acquired a new position in shares of Fulton Financial during the second quarter worth about $306,000. The Manufacturers Life Insurance Company grew its position in shares of Fulton Financial by 710.0% during the second quarter. The Manufacturers Life Insurance Company now owns 699,652 shares of the bank’s stock worth $11,880,000 after buying an additional 613,272 shares in the last quarter. Finally, Millennium Management LLC boosted its holdings in Fulton Financial by 511.1% in the second quarter. Millennium Management LLC now owns 3,256,000 shares of the bank’s stock valued at $55,287,000 after purchasing an additional 2,723,170 shares in the last quarter. 72.02% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on FULT. StockNews.com upgraded Fulton Financial from a “sell” rating to a “hold” rating in a report on Thursday, July 18th. Jefferies Financial Group reduced their price objective on shares of Fulton Financial from $18.50 to $18.00 and set a “hold” rating on the stock in a 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. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $18.40.

Read Our Latest Report on Fulton Financial

About Fulton Financial

(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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