Fulton Financial Corp (NASDAQ:FULT) Sees Significant Increase in Short Interest

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Fulton Financial Corp (NASDAQ:FULT) was the recipient of a large growth in short interest in October. As of October 31st, there was short interest totalling 6,860,000 shares, a growth of 10.1% from the September 30th total of 6,230,000 shares. Approximately 4.2% of the shares of the stock are sold short. Based on an average daily trading volume, of 793,000 shares, the days-to-cover ratio is presently 8.7 days.

A number of institutional investors and hedge funds have recently made changes to their positions in FULT. Fulton Bank N.A. boosted its stake in Fulton Financial by 1.4% in the second quarter. Fulton Bank N.A. now owns 1,994,692 shares of the bank’s stock valued at $32,653,000 after acquiring an additional 26,929 shares in the last quarter. WINTON GROUP Ltd boosted its stake in Fulton Financial by 39.7% in the second quarter. WINTON GROUP Ltd now owns 473,965 shares of the bank’s stock valued at $7,759,000 after acquiring an additional 134,784 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in Fulton Financial by 17.7% in the second quarter. Nisa Investment Advisors LLC now owns 93,300 shares of the bank’s stock valued at $1,527,000 after acquiring an additional 14,000 shares in the last quarter. CWM Advisors LLC boosted its stake in Fulton Financial by 8.3% in the second quarter. CWM Advisors LLC now owns 10,985 shares of the bank’s stock valued at $180,000 after acquiring an additional 845 shares in the last quarter. Finally, Commonwealth Equity Services LLC boosted its stake in Fulton Financial by 9.0% in the second quarter. Commonwealth Equity Services LLC now owns 203,566 shares of the bank’s stock valued at $3,332,000 after acquiring an additional 16,808 shares in the last quarter. Institutional investors own 64.87% of the company’s stock.

Several analysts have recently issued reports on FULT shares. BidaskClub cut shares of Fulton Financial from a “buy” rating to a “hold” rating in a research report on Thursday. ValuEngine cut shares of Fulton Financial from a “hold” rating to a “sell” rating in a research report on Friday, November 1st. Finally, Zacks Investment Research raised shares of Fulton Financial from a “sell” rating to a “hold” rating in a research report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $18.83.

Fulton Financial stock traded down $0.16 during midday trading on Friday, reaching $17.10. The stock had a trading volume of 3,833,700 shares, compared to its average volume of 942,256. 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 company has a fifty day moving average of $16.60 and a 200 day moving average of $16.42. Fulton Financial has a 52-week low of $14.38 and a 52-week high of $17.86. The firm has a market cap of $2.83 billion, a price-to-earnings ratio of 14.49 and a beta of 1.02.

Fulton Financial (NASDAQ:FULT) last released its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.37 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.35 by $0.02. The firm had revenue of $221.07 million for the quarter, compared to the consensus estimate of $222.21 million. Fulton Financial had a net margin of 22.88% and a return on equity of 10.31%. The company’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period last year, the firm earned $0.37 earnings per share. Equities research analysts predict that Fulton Financial will post 1.41 EPS for the current year.

Fulton Financial Company Profile

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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