Fulton Financial Co. (NASDAQ:FULT) Short Interest Down 8.5% in September

Fulton Financial Co. (NASDAQ:FULT) was the target of a significant decrease in short interest in the month of September. As of September 15th, there was short interest totalling 5,620,000 shares, a decrease of 8.5% from the August 31st total of 6,140,000 shares. Based on an average daily volume of 1,600,000 shares, the days-to-cover ratio is currently 3.5 days.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Jefferies Financial Group lowered their target price on shares of Fulton Financial from $18.50 to $18.00 and set a “hold” rating on the stock in a report on Wednesday, July 3rd. StockNews.com raised shares of Fulton Financial from a “sell” rating to a “hold” rating in a report on Thursday, July 18th. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $18.40.

Fulton Financial Trading Down 4.4 %

Shares of NASDAQ FULT traded down $0.79 during mid-day trading on Tuesday, reaching $17.34. The company had a trading volume of 1,411,754 shares, compared to its average volume of 1,450,242. The business’s 50-day moving average is $18.33 and its 200-day moving average is $17.10. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.26. The stock has a market cap of $3.15 billion, a price-to-earnings ratio of 10.77 and a beta of 0.74. Fulton Financial has a 52 week low of $11.63 and a 52 week high of $20.33.

Fulton Financial (NASDAQ:FULT) last issued its earnings results on Tuesday, July 16th. The bank reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.22. The company had revenue of $334.71 million for the quarter, compared to analysts’ expectations of $296.38 million. Fulton Financial had a net margin of 17.93% and a return on equity of 11.29%. The firm’s quarterly revenue was up 22.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.47 EPS. Equities analysts expect that Fulton Financial will post 1.73 earnings per share for the current year.

Fulton Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 3.92%. The ex-dividend date is Tuesday, October 1st. Fulton Financial’s payout ratio is currently 42.24%.

Hedge Funds Weigh In On Fulton Financial

Several hedge funds and other institutional investors have recently modified their holdings of the stock. State Board of Administration of Florida Retirement System grew its stake in shares of Fulton Financial by 70.9% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 79,410 shares of the bank’s stock worth $1,262,000 after purchasing an additional 32,941 shares during the period. Entropy Technologies LP acquired a new stake in Fulton Financial during the 1st quarter worth $452,000. BNP Paribas Financial Markets boosted its stake in Fulton Financial by 78.8% during the 1st quarter. BNP Paribas Financial Markets now owns 83,162 shares of the bank’s stock worth $1,321,000 after purchasing an additional 36,663 shares during the last quarter. Rafferty Asset Management LLC boosted its stake in Fulton Financial by 53.7% during the 4th quarter. Rafferty Asset Management LLC now owns 270,480 shares of the bank’s stock worth $4,452,000 after purchasing an additional 94,538 shares during the last quarter. Finally, Edgestream Partners L.P. acquired a new stake in Fulton Financial during the 1st quarter worth $1,941,000. 72.02% of the stock is owned by hedge funds and other institutional investors.

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.