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

Fulton Financial Corporation (NASDAQ:FULT) was the target of a large decrease in short interest in the month of April. As of April 15th, there was short interest totaling 8,921,703 shares, a decrease of 30.3% from the March 31st total of 12,802,764 shares. Approximately 5.0% of the shares of the company are sold short. Based on an average trading volume of 1,946,283 shares, the short-interest ratio is presently 4.6 days.

Fulton Financial Stock Performance

Shares of NASDAQ FULT traded up $0.20 during midday trading on Thursday, hitting $21.59. 1,813,116 shares of the company’s stock traded hands, compared to its average volume of 1,913,984. Fulton Financial has a 1 year low of $16.52 and a 1 year high of $22.99. The stock has a market capitalization of $3.88 billion, a price-to-earnings ratio of 10.28 and a beta of 0.81. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a fifty day moving average of $20.81 and a 200 day moving average of $19.86.

Fulton Financial (NASDAQ:FULT) last released its earnings results on Wednesday, April 22nd. The bank reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.05. Fulton Financial had a net margin of 20.85% and a return on equity of 12.50%. The company had revenue of $331.86 million for the quarter, compared to analysts’ expectations of $359.36 million. During the same quarter last year, the business earned $0.52 EPS. On average, analysts forecast that Fulton Financial will post 2.17 earnings per share for the current year.

Fulton Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Wednesday, April 1st were paid a dividend of $0.19 per share. The ex-dividend date was Wednesday, April 1st. This represents a $0.76 dividend on an annualized basis and a yield of 3.5%. Fulton Financial’s dividend payout ratio (DPR) is presently 36.19%.

Analyst Upgrades and Downgrades

FULT has been the subject of several research reports. DA Davidson initiated coverage on shares of Fulton Financial in a research report on Wednesday, February 25th. They set a “neutral” rating and a $24.00 price target for the company. Weiss Ratings raised shares of Fulton Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, February 27th. Wall Street Zen raised shares of Fulton Financial from a “sell” rating to a “hold” rating in a research report on Saturday, April 25th. Finally, Raymond James Financial reaffirmed an “outperform” rating and set a $24.00 price target on shares of Fulton Financial in a research report on Monday. Two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $23.00.

Insider Transactions at Fulton Financial

In other news, Director E Philip Wenger sold 5,000 shares of the company’s stock in a transaction dated Monday, April 13th. The shares were sold at an average price of $21.42, for a total transaction of $107,100.00. Following the completion of the sale, the director owned 80,477 shares of the company’s stock, valued at $1,723,817.34. This represents a 5.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.01% of the company’s stock.

Institutional Investors Weigh In On Fulton Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund raised its stake in Fulton Financial by 6.1% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 43,822 shares of the bank’s stock worth $891,000 after acquiring an additional 2,516 shares during the period. Abel Hall LLC bought a new stake in Fulton Financial during the 1st quarter worth approximately $393,000. DGS Capital Management LLC grew its holdings in Fulton Financial by 51.1% during the 1st quarter. DGS Capital Management LLC now owns 36,879 shares of the bank’s stock valued at $750,000 after buying an additional 12,474 shares in the last quarter. QRG Capital Management Inc. grew its holdings in Fulton Financial by 15.9% during the 1st quarter. QRG Capital Management Inc. now owns 110,913 shares of the bank’s stock valued at $2,256,000 after buying an additional 15,232 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new stake in Fulton Financial during the 1st quarter valued at approximately $3,497,000. Institutional investors own 72.02% of the company’s stock.

About Fulton Financial

Fulton Financial Corporation, trading on the NASDAQ under the ticker FULT, is the financial holding company for Fulton Bank, headquartered in Lancaster, Pennsylvania. The company delivers a broad range of banking and financial services through its subsidiary, Fulton Bank, targeting both individual and corporate clients. Fulton Financial’s offerings include deposit accounts, lending solutions, treasury management, and specialized banking services designed to support personal wealth goals and business growth initiatives.

Through Fulton Bank, the company provides retail banking services such as checking and savings accounts, consumer and residential mortgage loans, and home equity products.