Fulton Financial Co. (NASDAQ:FULT – Get Rating) was the recipient of a significant increase in short interest in the month of September. As of September 30th, there was short interest totalling 5,380,000 shares, an increase of 10.5% from the September 15th total of 4,870,000 shares. Based on an average daily trading volume, of 968,600 shares, the days-to-cover ratio is currently 5.6 days.
Analyst Ratings Changes
A number of research analysts have recently issued reports on the company. DA Davidson reiterated a “neutral” rating on shares of Fulton Financial in a report on Wednesday, July 27th. StockNews.com began coverage on Fulton Financial in a report on Wednesday, October 12th. They issued a “hold” rating on the stock. Jefferies Financial Group lowered their price objective on Fulton Financial from $17.00 to $14.00 in a research report on Monday, July 11th. Finally, Piper Sandler raised their price objective on Fulton Financial to $20.00 in a research report on Wednesday, October 5th.
Fulton Financial Stock Performance
Fulton Financial stock traded up $0.34 during midday trading on Monday, hitting $17.55. 1,283,855 shares of the company’s stock were exchanged, compared to its average volume of 1,120,240. The stock has a market cap of $2.94 billion, a price-to-earnings ratio of 10.78 and a beta of 0.76. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.89 and a current ratio of 0.89. The firm’s 50 day simple moving average is $16.58 and its 200 day simple moving average is $15.85. Fulton Financial has a 12-month low of $13.72 and a 12-month high of $19.17.
Fulton Financial (NASDAQ:FULT – Get Rating) last issued its earnings results on Tuesday, July 19th. The bank reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.06. Fulton Financial had a net margin of 28.15% and a return on equity of 11.23%. The company had revenue of $240.65 million during the quarter, compared to analysts’ expectations of $227.88 million. During the same period last year, the company posted $0.38 earnings per share. Equities research analysts predict that Fulton Financial will post 1.73 EPS for the current year.
Fulton Financial Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Monday, October 3rd will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 3.42%. The ex-dividend date is Friday, September 30th. Fulton Financial’s dividend payout ratio (DPR) is 37.04%.
Insider Transactions at Fulton Financial
In other Fulton Financial news, EVP Angela M. Snyder sold 4,138 shares of the firm’s stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $17.53, for a total transaction of $72,539.14. Following the transaction, the executive vice president now directly owns 37,490 shares in the company, valued at approximately $657,199.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.00% of the company’s stock.
Institutional Investors Weigh In On Fulton Financial
Several hedge funds and other institutional investors have recently added to or reduced their stakes in FULT. CWM LLC boosted its holdings in shares of Fulton Financial by 18.2% in the 1st quarter. CWM LLC now owns 11,314 shares of the bank’s stock valued at $188,000 after buying an additional 1,739 shares during the period. Hennion & Walsh Asset Management Inc. bought a new stake in shares of Fulton Financial in the 1st quarter worth approximately $346,000. Verition Fund Management LLC lifted its position in shares of Fulton Financial by 70.4% in the 1st quarter. Verition Fund Management LLC now owns 38,112 shares of the bank’s stock valued at $633,000 after acquiring an additional 15,749 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in shares of Fulton Financial by 56.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 37,245 shares of the bank’s stock valued at $619,000 after acquiring an additional 13,449 shares in the last quarter. Finally, Teacher Retirement System of Texas lifted its position in Fulton Financial by 4.7% in the 1st quarter. Teacher Retirement System of Texas now owns 32,995 shares of the bank’s stock worth $548,000 after buying an additional 1,490 shares in the last quarter. Hedge funds and other institutional investors own 64.90% of the company’s stock.
About Fulton Financial
Fulton Financial Corporation operates as a financial holding company that provides consumer and commercial banking products and services. It accepts various checking accounts and savings deposit products, certificates of deposit, and individual retirement accounts. The company also offers secured consumer loans, including home equity loans and lines of credit, automobile loans, personal lines of credit, and checking account overdraft protection; construction and jumbo residential mortgage loans; and commercial lending products comprising commercial real estate, commercial and industrial, and construction loans, as well as equipment lease financing loans.