Short Interest in Fulton Financial Co. (NASDAQ:FULT) Rises By 5.4%

Fulton Financial Co. (NASDAQ:FULT) was the recipient of a large increase in short interest in December. As of December 15th, there was short interest totalling 6,060,000 shares, an increase of 5.4% from the November 30th total of 5,750,000 shares. Based on an average daily volume of 1,430,000 shares, the days-to-cover ratio is currently 4.2 days.

Fulton Financial Trading Down 1.0 %

Shares of NASDAQ:FULT opened at $19.09 on Friday. The company’s 50-day moving average price is $20.28 and its 200 day moving average price is $18.74. Fulton Financial has a fifty-two week low of $13.87 and a fifty-two week high of $22.49. The company has a market cap of $3.47 billion, a PE ratio of 12.08 and a beta of 0.78. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.32.

Fulton Financial (NASDAQ:FULT) last released its earnings results on Tuesday, October 15th. The bank reported $0.50 EPS for the quarter, beating 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 firm had revenue of $487.33 million for the quarter, compared to analysts’ expectations of $321.00 million. During the same quarter last year, the company earned $0.43 EPS. Sell-side analysts anticipate that Fulton Financial will post 1.74 earnings per share for the current year.

Fulton Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.18 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.72 annualized dividend and a dividend yield of 3.77%. This is a boost from Fulton Financial’s previous quarterly dividend of $0.17. Fulton Financial’s payout ratio is currently 45.57%.

Wall Street Analyst Weigh In

FULT has been the subject of several analyst reports. Keefe, Bruyette & Woods upped their target price on shares of Fulton Financial from $20.00 to $23.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Stephens raised shares of Fulton Financial from an “equal weight” rating to an “overweight” rating in a research report on Monday, December 9th. StockNews.com lowered Fulton Financial from a “hold” rating to a “sell” rating in a research report on Monday, November 11th. Finally, Piper Sandler set a $21.00 price target on Fulton Financial in a report on Thursday, October 17th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $19.50.

Insider Buying and Selling

In other news, CEO Curtis J. Myers sold 24,192 shares of the stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $21.16, for a total value of $511,902.72. Following the completion of the sale, the chief executive officer now owns 155,946 shares in the company, valued at approximately $3,299,817.36. This trade represents a 13.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.07% of the company’s stock.

Institutional Trading of Fulton Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quarry LP acquired a new position in Fulton Financial in the third quarter worth approximately $33,000. Coston McIsaac & Partners bought a new stake in shares of Fulton Financial during the 3rd quarter worth $54,000. Blue Trust Inc. grew its holdings in shares of Fulton Financial by 28.8% in the 3rd quarter. Blue Trust Inc. now owns 4,946 shares of the bank’s stock worth $84,000 after acquiring an additional 1,106 shares during the last quarter. TD Private Client Wealth LLC raised its position in shares of Fulton Financial by 11.6% during the third quarter. TD Private Client Wealth LLC now owns 6,519 shares of the bank’s stock worth $118,000 after purchasing an additional 676 shares during the period. Finally, AE Wealth Management LLC purchased a new stake in shares of Fulton Financial during the second quarter valued at $172,000. 72.02% of the stock is owned by institutional investors and hedge funds.

Fulton Financial Company Profile

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.