Fulton Financial Corporation (NASDAQ:FULT) Sees Large Increase in Short Interest

Fulton Financial Corporation (NASDAQ:FULT) was the target of a large increase in short interest in the month of December. As of December 31st, there was short interest totaling 8,155,572 shares, an increase of 24.0% from the December 15th total of 6,575,315 shares. Based on an average daily trading volume, of 2,038,469 shares, the days-to-cover ratio is currently 4.0 days. Currently, 4.6% of the company’s shares are short sold. Currently, 4.6% of the company’s shares are short sold. Based on an average daily trading volume, of 2,038,469 shares, the days-to-cover ratio is currently 4.0 days.

Fulton Financial Stock Down 0.8%

Shares of FULT traded down $0.17 during mid-day trading on Monday, reaching $20.00. The company had a trading volume of 2,977,604 shares, compared to its average volume of 1,483,756. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.90 and a current ratio of 0.90. The company has a market capitalization of $3.61 billion, a price-to-earnings ratio of 10.47 and a beta of 0.85. The firm has a 50-day moving average price of $19.09 and a 200 day moving average price of $18.77. Fulton Financial has a 52 week low of $14.32 and a 52 week high of $21.40.

Fulton Financial (NASDAQ:FULT) last announced its quarterly earnings data on Tuesday, October 21st. The bank reported $0.55 EPS for the quarter, beating the consensus estimate of $0.48 by $0.07. The company had revenue of $264.20 million for the quarter, compared to the consensus estimate of $332.51 million. Fulton Financial had a net margin of 19.01% and a return on equity of 12.75%. During the same period in the prior year, the firm posted $0.50 EPS. On average, sell-side analysts forecast that Fulton Financial will post 1.91 EPS for the current year.

Fulton Financial announced that its board has approved a stock repurchase program on Tuesday, December 16th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the bank to purchase up to 4.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Fulton Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend was Wednesday, December 31st. This is a positive change from Fulton Financial’s previous quarterly dividend of $0.18. Fulton Financial’s dividend payout ratio is 39.79%.

Analyst Upgrades and Downgrades

Several research analysts have commented on FULT shares. Keefe, Bruyette & Woods upped their price objective on shares of Fulton Financial from $20.00 to $21.00 and gave the stock a “market perform” rating in a report on Wednesday, November 26th. Weiss Ratings downgraded shares of Fulton Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Finally, Raymond James Financial raised Fulton Financial from a “market perform” rating to an “outperform” rating and set a $21.00 price objective on the stock in a research report on Tuesday, October 7th. One investment analyst has rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Fulton Financial currently has an average rating of “Hold” and a consensus target price of $20.90.

Insider Buying and Selling at Fulton Financial

In related news, Director E Philip Wenger sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $19.55, for a total transaction of $97,750.00. Following the completion of the transaction, the director owned 85,477 shares in the company, valued at $1,671,075.35. This represents a 5.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.08% of the company’s stock.

Institutional Trading of Fulton Financial

Institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada lifted its position in Fulton Financial by 4.9% during the first quarter. Royal Bank of Canada now owns 220,706 shares of the bank’s stock valued at $3,992,000 after purchasing an additional 10,242 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Fulton Financial by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,096 shares of the bank’s stock worth $1,955,000 after purchasing an additional 4,727 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Fulton Financial by 5.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 448,832 shares of the bank’s stock valued at $8,119,000 after buying an additional 21,596 shares during the last quarter. Jane Street Group LLC lifted its holdings in shares of Fulton Financial by 914.9% during the 1st quarter. Jane Street Group LLC now owns 308,243 shares of the bank’s stock valued at $5,576,000 after buying an additional 277,871 shares during the period. Finally, Strs Ohio purchased a new position in shares of Fulton Financial in the 1st quarter worth $152,000. Hedge funds and other 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.