Fulton Financial Corporation (FULT) Sees Significant Drop in Short Interest

Fulton Financial Corporation (NASDAQ:FULT) was the recipient of a significant drop in short interest during the month of July. As of July 31st, there was short interest totalling 3,674,718 shares, a drop of 35.5% from the July 14th total of 5,697,002 shares. Currently, 2.1% of the shares of the company are short sold. Based on an average trading volume of 916,687 shares, the short-interest ratio is presently 4.0 days.

FULT has been the subject of several research reports. Keefe, Bruyette & Woods restated a “hold” rating and set a $18.00 price objective on shares of Fulton Financial Corporation in a research report on Thursday, April 20th. Barclays PLC reiterated a “sell” rating and issued a $18.00 price target (up from $17.00) on shares of Fulton Financial Corporation in a research report on Friday, April 21st. Jefferies Group LLC reiterated a “hold” rating and issued a $20.00 price target on shares of Fulton Financial Corporation in a research report on Friday, May 5th. ValuEngine upgraded shares of Fulton Financial Corporation from a “hold” rating to a “buy” rating in a research report on Tuesday, June 6th. Finally, BidaskClub upgraded shares of Fulton Financial Corporation from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the stock. Fulton Financial Corporation presently has a consensus rating of “Hold” and an average price target of $18.33.

Shares of Fulton Financial Corporation (FULT) opened at 17.25 on Friday. Fulton Financial Corporation has a 52-week low of $13.81 and a 52-week high of $19.90. The firm has a market capitalization of $3.02 billion, a P/E ratio of 17.42 and a beta of 1.16. The stock has a 50 day moving average of $18.48 and a 200-day moving average of $18.35.

Fulton Financial Corporation (NASDAQ:FULT) last announced its quarterly earnings results on Tuesday, July 18th. The bank reported $0.26 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.26. The company had revenue of $193.93 million for the quarter, compared to analysts’ expectations of $194.02 million. Fulton Financial Corporation had a net margin of 20.86% and a return on equity of 8.02%. During the same period in the prior year, the company posted $0.23 EPS. Equities analysts expect that Fulton Financial Corporation will post $1.06 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Monday, July 3rd were paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 2.55%. The ex-dividend date of this dividend was Thursday, June 29th. Fulton Financial Corporation’s dividend payout ratio is presently 44.44%.

In other Fulton Financial Corporation news, insider Michael J. Deporter sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, July 21st. The shares were sold at an average price of $18.00, for a total transaction of $27,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Craig A. Roda sold 19,309 shares of the firm’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $18.42, for a total transaction of $355,671.78. The disclosure for this sale can be found here. Insiders have sold 26,348 shares of company stock valued at $484,312 over the last 90 days. Company insiders own 0.68% of the company’s stock.

A number of hedge funds have recently bought and sold shares of FULT. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Fulton Financial Corporation by 64.5% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,202 shares of the bank’s stock valued at $129,000 after buying an additional 2,824 shares in the last quarter. Advisor Group Inc. boosted its stake in Fulton Financial Corporation by 5.3% in the second quarter. Advisor Group Inc. now owns 8,336 shares of the bank’s stock valued at $158,000 after buying an additional 417 shares in the last quarter. Riverhead Capital Management LLC boosted its stake in Fulton Financial Corporation by 56.0% in the second quarter. Riverhead Capital Management LLC now owns 9,985 shares of the bank’s stock valued at $190,000 after buying an additional 3,585 shares in the last quarter. River Wealth Advisors LLC purchased a new stake in Fulton Financial Corporation during the first quarter valued at about $182,000. Finally, Capital Fund Management S.A. purchased a new stake in Fulton Financial Corporation during the first quarter valued at about $184,000. Institutional investors and hedge funds own 62.08% of the company’s stock.

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Fulton Financial Corporation Company Profile

Fulton Financial Corporation is a financial holding company. The Company is the bank holding company of Fulton Bank N.A. (the Bank). As of December 31, 2016, the Company’s six subsidiary banks were located primarily in suburban or semi-rural geographic markets throughout a five-state region (Pennsylvania, Delaware, Maryland, New Jersey and Virginia).

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