Fulton Financial Corporation (NASDAQ:FULT) Short Interest Update

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) was the recipient of 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 stock are short sold. Based on an average trading volume of 1,430,000 shares, the short-interest ratio is currently 2.7 days. Based on an average trading volume of 1,430,000 shares, the short-interest ratio is currently 2.7 days. Approximately2.1% of the company's stock are short sold.

Fulton Financial Stock Up 0.1%

Shares of FULT stock opened at $18.6060 on Wednesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a market cap of $3.39 billion, a PE ratio of 10.89 and a beta of 0.82. The business's fifty day moving average is $18.36 and its 200-day moving average is $18.06. Fulton Financial has a 1 year low of $14.32 and a 1 year high of $22.49.

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

Fulton Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 3.9%. The ex-dividend date was Tuesday, July 1st. Fulton Financial's dividend payout ratio (DPR) is currently 42.11%.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other Fulton Financial news, Director E Philip Wenger sold 5,000 shares of the stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $18.41, for a total value of $92,050.00. Following the completion of the sale, the director owned 599,102 shares of the company's stock, valued at $11,029,467.82. This trade represents a 0.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.07% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. EJF Capital LLC increased its holdings 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 valued at $409,000 after acquiring an additional 582 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position 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 worth $657,000 after purchasing an additional 684 shares during the period. Private Advisor Group LLC boosted its position in Fulton Financial by 2.0% during the first quarter. Private Advisor Group LLC now owns 35,552 shares of the bank's stock worth $643,000 after purchasing an additional 704 shares during the period. Xponance Inc. grew its holdings 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 purchasing an additional 717 shares during the last quarter. Finally, Raymond James Financial Inc. raised its position in shares of Fulton Financial by 0.8% in the second quarter. Raymond James Financial Inc. now owns 88,351 shares of the bank's stock valued at $1,594,000 after purchasing an additional 741 shares during the period. Hedge funds and other institutional investors own 72.02% 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 in Pennsylvania, Delaware, Maryland, New Jersey, and Virginia. It accepts various checking accounts and savings deposit products, certificates of deposit, and individual retirement accounts.

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