Fulton Financial Co. (NASDAQ:FULT) Sees Significant Drop in Short Interest

Fulton Financial Co. (NASDAQ:FULT) was the recipient of a significant decrease in short interest during the month of November. As of November 30th, there was short interest totalling 5,750,000 shares, a decrease of 5.9% from the November 15th total of 6,110,000 shares. Based on an average daily volume of 1,430,000 shares, the short-interest ratio is presently 4.0 days.

Analyst Ratings Changes

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

Insider Activity at Fulton Financial

In other news, CEO Curtis J. Myers sold 24,192 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were 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 of the company’s stock, valued at approximately $3,299,817.36. The trade was a 13.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.07% of the company’s stock.

Institutional Investors Weigh In On Fulton Financial

Several hedge funds have recently bought and sold shares of the business. Blue Trust Inc. lifted its position in Fulton Financial by 21.9% during the second quarter. Blue Trust Inc. now owns 3,840 shares of the bank’s stock valued at $61,000 after purchasing an additional 691 shares during the period. Louisiana State Employees Retirement System increased its position in Fulton Financial by 12.7% during the second quarter. Louisiana State Employees Retirement System now owns 91,400 shares of the bank’s stock valued at $1,552,000 after acquiring an additional 10,300 shares during the last quarter. Family Firm Inc. bought a new position in Fulton Financial in the second quarter valued at about $46,000. Bank of New York Mellon Corp boosted its position in Fulton Financial by 28.8% in the second quarter. Bank of New York Mellon Corp now owns 2,542,068 shares of the bank’s stock worth $43,164,000 after purchasing an additional 567,771 shares during the last quarter. Finally, Legato Capital Management LLC bought a new stake in shares of Fulton Financial during the 2nd quarter valued at about $1,003,000. Institutional investors own 72.02% of the company’s stock.

Fulton Financial Stock Performance

NASDAQ:FULT opened at $20.50 on Wednesday. The company has a market capitalization of $3.73 billion, a price-to-earnings ratio of 12.97 and a beta of 0.78. The business has a 50 day moving average of $19.89 and a 200 day moving average of $18.49. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.93 and a quick ratio of 0.93. Fulton Financial has a 1-year low of $13.87 and a 1-year high of $22.49.

Fulton Financial (NASDAQ:FULT) last issued its earnings results on Tuesday, October 15th. The bank reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.06. The firm had revenue of $487.33 million for the quarter, compared to analysts’ expectations of $321.00 million. Fulton Financial had a net margin of 16.37% and a return on equity of 11.33%. During the same quarter last year, the business earned $0.43 earnings per share. On average, sell-side analysts predict that Fulton Financial will post 1.74 earnings per share for the current fiscal year.

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.