Fulton Financial Corporation (NASDAQ:FULT) Short Interest Update

Fulton Financial Corporation (NASDAQ:FULT) saw a significant growth in short interest in December. As of December 31st, there was short interest totaling 8,155,572 shares, a growth 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. Approximately 4.6% of the shares of the company are sold short. Approximately 4.6% of the shares of the company are sold short. Based on an average daily trading volume, of 2,038,469 shares, the days-to-cover ratio is currently 4.0 days.

Fulton Financial Trading Down 0.8%

Fulton Financial stock traded down $0.17 during trading hours on Monday, hitting $20.00. The stock had a trading volume of 2,977,604 shares, compared to its average volume of 1,483,756. The business’s 50 day simple moving average is $19.09 and its 200-day simple moving average is $18.77. Fulton Financial has a one year low of $14.32 and a one year high of $21.40. The stock has a market cap of $3.61 billion, a price-to-earnings ratio of 10.47 and a beta of 0.85. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.14.

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

Fulton Financial announced that its board has authorized a share repurchase plan on Tuesday, December 16th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the bank to reacquire up to 4.2% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

Fulton Financial Increases Dividend

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

Wall Street Analysts Forecast Growth

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

Insider Activity

In related news, Director E Philip Wenger sold 5,000 shares of the company’s stock in a transaction dated Monday, January 12th. The shares were sold at an average price of $19.55, for a total value of $97,750.00. Following the transaction, the director directly owned 85,477 shares in the company, valued at approximately $1,671,075.35. This represents a 5.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.08% of the company’s stock.

Institutional Investors Weigh In On Fulton Financial

Several large investors have recently modified their holdings of the company. Nisa Investment Advisors LLC increased its holdings in Fulton Financial by 2.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 23,924 shares of the bank’s stock worth $467,000 after buying an additional 580 shares during the last quarter. EJF Capital LLC increased its stake in shares of Fulton Financial by 2.6% during the 2nd quarter. EJF Capital LLC now owns 22,686 shares of the bank’s stock worth $409,000 after purchasing an additional 582 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Fulton Financial by 16.8% in the 4th quarter. GAMMA Investing LLC now owns 4,262 shares of the bank’s stock worth $82,000 after purchasing an additional 613 shares during the period. Arizona State Retirement System lifted its stake in Fulton Financial by 1.2% in the third quarter. Arizona State Retirement System now owns 53,768 shares of the bank’s stock valued at $1,002,000 after purchasing an additional 623 shares during the last quarter. Finally, Jones Financial Companies Lllp grew its holdings in Fulton Financial by 48.0% during the third quarter. Jones Financial Companies Lllp now owns 1,995 shares of the bank’s stock valued at $38,000 after purchasing an additional 647 shares during the period. 72.02% of the stock is currently owned by institutional investors and hedge funds.

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.