Fulton Financial Corp (NASDAQ:FULT) was the target of a significant increase in short interest during the month of October. As of October 31st, there was short interest totalling 6,860,000 shares, an increase of 10.1% from the September 30th total of 6,230,000 shares. Based on an average trading volume of 793,000 shares, the short-interest ratio is currently 8.7 days. Approximately 4.2% of the shares of the company are short sold.
A number of large investors have recently made changes to their positions in the business. Advisory Services Network LLC raised its holdings in Fulton Financial by 34.9% during the 2nd quarter. Advisory Services Network LLC now owns 2,418 shares of the bank’s stock worth $40,000 after purchasing an additional 625 shares during the last quarter. CWM LLC raised its holdings in Fulton Financial by 8.3% during the 2nd quarter. CWM LLC now owns 8,722 shares of the bank’s stock worth $143,000 after purchasing an additional 667 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. raised its holdings in Fulton Financial by 1.3% during the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 55,907 shares of the bank’s stock worth $915,000 after purchasing an additional 700 shares during the last quarter. CWM Advisors LLC raised its holdings in Fulton Financial by 8.3% during the 2nd quarter. CWM Advisors LLC now owns 10,985 shares of the bank’s stock worth $180,000 after purchasing an additional 845 shares during the last quarter. Finally, Royal Bank of Canada raised its holdings in Fulton Financial by 0.3% during the 2nd quarter. Royal Bank of Canada now owns 247,970 shares of the bank’s stock worth $4,061,000 after purchasing an additional 863 shares during the last quarter. 64.87% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have recently issued reports on FULT. ValuEngine downgraded shares of Fulton Financial from a “hold” rating to a “sell” rating in a research note on Friday, November 1st. Zacks Investment Research upgraded shares of Fulton Financial from a “sell” rating to a “hold” rating in a research note on Tuesday, October 29th. Finally, BidaskClub downgraded shares of Fulton Financial from a “buy” rating to a “hold” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $18.83.
FULT traded down $0.16 during trading on Friday, reaching $17.10. 3,833,700 shares of the company’s stock were exchanged, compared to its average volume of 942,435. The company has a market capitalization of $2.84 billion, a P/E ratio of 14.49 and a beta of 1.02. Fulton Financial has a fifty-two week low of $14.38 and a fifty-two week high of $17.86. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.31. The business has a 50 day moving average price of $16.60 and a 200 day moving average price of $16.42.
Fulton Financial (NASDAQ:FULT) last announced its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.37 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.02. The firm had revenue of $221.07 million during the quarter, compared to analysts’ expectations of $222.21 million. Fulton Financial had a return on equity of 10.31% and a net margin of 22.88%. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.37 EPS. As a group, research analysts forecast that Fulton Financial will post 1.41 EPS for the current year.
About Fulton Financial
Fulton Financial Corporation operates as a multi-bank financial holding company that provides banking and financial services to businesses and consumers. It accepts various checking accounts and savings deposit products, certificates of deposit, and individual retirement accounts. The company also offers consumer loans, including home equity loans and lines of credit, automobile loans, automobile and equipment leases, personal lines of credit, and checking account overdraft protection; construction and jumbo residential mortgage loans; and commercial lending products comprising commercial, financial, agricultural, and real estate loans.
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