Fulton Financial Corporation (NASDAQ:FULT) Short Interest Down 27.9% in July

Key Points

• Fulton Financial Corporation saw a significant decline in short interest of 27.9% in July, bringing the total to 3,870,000 shares shorted, which is approximately 2.1% of the company's stock.
• The company reported a quarterly EPS of $0.55, exceeding expectations, with revenue of $328.45 million for the quarter.
• Fulton Financial declared a quarterly dividend of $0.18 per share, with a dividend yield of 3.9%.

Fulton Financial Corporation (NASDAQ:FULT - Get Free Report) saw a large decline in short interest in July. As of July 31st, there was short interest totaling 3,870,000 shares, adeclineof27.9% from the July 15th total of 5,370,000 shares. Approximately2.1% of the company's shares are sold short. Based on an average trading volume of 1,430,000 shares, the days-to-cover ratio is presently 2.7 days. Based on an average trading volume of 1,430,000 shares, the days-to-cover ratio is presently 2.7 days. Approximately2.1% of the company's shares are sold short.

Fulton Financial Stock Performance

Shares of NASDAQ FULT traded down $0.09 during trading on Monday, reaching $19.55. The stock had a trading volume of 361,036 shares, compared to its average volume of 1,444,562. The stock has a market cap of $3.56 billion, a PE ratio of 11.44 and a beta of 0.82. The firm's 50 day moving average price is $18.45 and its two-hundred day moving average price is $18.01. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.92 and a current ratio of 0.92. Fulton Financial has a one year low of $14.32 and a one year high of $22.49.

Fulton Financial (NASDAQ:FULT - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The bank reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.12. Fulton Financial had a return on equity of 12.64% and a net margin of 17.00%.The company had revenue of $328.45 million during the quarter, compared to analysts' expectations of $320.47 million. During the same quarter in the prior year, the business posted $0.52 earnings per share. On average, research analysts forecast that Fulton Financial will post 1.91 earnings per share for the current fiscal year.

Fulton Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st were paid a $0.18 dividend. The ex-dividend date of this dividend was Tuesday, July 1st. This represents a $0.72 annualized dividend and a dividend yield of 3.7%. Fulton Financial's dividend payout ratio is presently 42.11%.

Insiders Place Their Bets

In other Fulton Financial news, Director E Philip Wenger sold 5,000 shares of Fulton Financial stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $18.41, for a total value of $92,050.00. Following the completion of the transaction, the director directly owned 599,102 shares of the company's stock, valued at $11,029,467.82. The trade was a 0.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.08% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. EJF Capital LLC boosted its stake in Fulton Financial by 2.6% during the second quarter. EJF Capital LLC now owns 22,686 shares of the bank's stock valued at $409,000 after buying an additional 582 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Fulton Financial by 1.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 36,303 shares of the bank's stock valued at $657,000 after buying an additional 684 shares in the last quarter. Private Advisor Group LLC boosted its stake in Fulton Financial by 2.0% during the first quarter. Private Advisor Group LLC now owns 35,552 shares of the bank's stock valued at $643,000 after buying an additional 704 shares in the last quarter. Xponance Inc. boosted its stake in Fulton Financial by 5.5% during the first quarter. Xponance Inc. now owns 13,775 shares of the bank's stock valued at $249,000 after buying an additional 717 shares in the last quarter. Finally, Raymond James Financial Inc. grew its position in Fulton Financial by 0.8% in the second quarter. Raymond James Financial Inc. now owns 88,351 shares of the bank's stock worth $1,594,000 after buying an additional 741 shares during the last quarter. Institutional investors own 72.02% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FULT. DA Davidson boosted their target price on Fulton Financial from $17.00 to $20.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Keefe, Bruyette & Woods upped their price objective on Fulton Financial from $21.00 to $22.00 and gave the stock a "market perform" rating in a report on Thursday, July 17th. Piper Sandler reissued a "neutral" rating on shares of Fulton Financial in a report on Wednesday, July 9th. Finally, Jefferies Financial Group reissued a "hold" rating on shares of Fulton Financial in a report on Wednesday, July 9th. One research analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $21.13.

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.