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Fulton Financial Corp (FULT)
NASDAQ:FULT
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Fulton Financial
(NASDAQ:FULT)
62Neutral
Fulton Financial (FULT) vs. S&P 500 (SPY)
Market Cap
$3.18B
Dividend Yield3.95%
Average Volume (3M)1.06M
Price to Earnings (P/E)11.7
Beta (1Y)1.33
Revenue Growth21.10%
EPS Growth-4.20%
CountryUS
Employees3,400
SectorFinancial
Sector Strength77
IndustryBanking
Share Statistics
EPS (TTM)1.57
Shares Outstanding182,199,510
10 Day Avg. Volume1,177,003
30 Day Avg. Volume1,060,317
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)2.79
Price to Cash Flow (P/CF)6.20
P/FCF Ratio3.20
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$22.67Price Target Upside31.50% Upside
Rating ConsensusHold
Number of Analyst Covering4
Fulton Financial Business Overview & Revenue Model
Company DescriptionFulton Financial Corporation (FULT) is a regional financial services holding company based in Lancaster, Pennsylvania. It operates through a network of community banks, providing a wide range of financial products and services, including retail and commercial banking, mortgage banking, investment management, and trust services. The company primarily serves individuals, small businesses, and commercial entities across the Mid-Atlantic region of the United States.
How the Company Makes MoneyFulton Financial makes money primarily through interest income derived from its lending activities, including commercial, consumer, and real estate loans. The company also generates revenue from non-interest income sources such as service charges on deposit accounts, fees from wealth management and investment services, and income from mortgage banking activities. Additionally, Fulton Financial benefits from a diversified portfolio of products and services, strategic geographical presence, and strong customer relationships, which contribute to its overall earnings. The company may also engage in strategic partnerships and alliances to enhance its service offerings and expand its market reach.
Fulton Financial Financial Statement Overview
Summary
Fulton Financial demonstrates strong revenue growth and profitability with a 53.9% increase in revenue and solid profit margins. The balance sheet is robust with no debt, though equity could be strengthened. Cash flow is a concern due to a decline in operating cash flow leading to negative free cash flow, but historical management suggests potential for recovery.Income Statement
Fulton Financial has demonstrated strong revenue growth with a rate of 53.9% from 2023 to 2024. The gross profit margin remains healthy at 100%, indicating efficient cost management. Although the net profit margin is slightly lower at 18.2%, it reflects solid profitability. The EBIT margin improved significantly to 98.7%, showcasing operational efficiency.78
Positive
Balance Sheet
The balance sheet reflects a robust position with a debt-to-equity ratio of 0, indicating no leverage risks. Return on equity is strong at 9.0%, highlighting efficient use of equity. The equity ratio stands at 10.0%, which is reasonable, but there might be room to strengthen equity further to increase financial stability.72
Positive
Cash Flow
Fulton Financial's cash flow presents some challenges, with a significant decline in operating cash flow leading to negative free cash flow in 2024. The free cash flow to net income ratio is -0.11, indicating cash flow constraints. However, the company has managed cash well historically, suggesting potential for recovery.60
Neutral
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 1.58B | 1.03B | 1.01B | 903.48M | 858.60M | Gross Profit |
| 1.58B | 1.08B | 1.01B | 903.48M | 858.60M | EBIT |
| 1.56B | 446.51M | 430.22M | 334.25M | 202.23M | EBITDA |
| 0.00 | 381.72M | 378.95M | 363.64M | 231.57M | Net Income Common Stockholders |
| 288.74M | 284.28M | 286.98M | 275.50M | 178.04M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 279.04M | 532.31M | 126.90M | 1.59B | 1.78B | Total Assets |
| 32.07B | 27.57B | 26.93B | 25.80B | 25.91B | Total Debt |
| 1.22B | 1.64B | 2.68B | 1.04B | 1.93B | Net Debt |
| 158.35M | 1.10B | 2.55B | 865.83M | 1.81B | Total Liabilities |
| 28.87B | 24.81B | 24.35B | 23.08B | 23.29B | Stockholders Equity |
| 3.20B | 2.76B | 2.58B | 2.71B | 2.62B |
| Cash Flow | Free Cash Flow | |||
| -32.63M | 330.03M | 577.02M | 324.59M | 134.25M | Operating Cash Flow |
| -32.63M | 362.98M | 598.27M | 342.27M | 154.49M | Investing Cash Flow |
| 0.00 | -809.22M | -1.54B | -213.97M | -2.50B | Financing Cash Flow |
| -60.24M | 314.02M | -15.90M | -337.52M | 3.67B |
Fulton Financial Technical Analysis
Negative
17.24
Price Trends
19.87
Negative
19.84
Negative
18.58
Negative
Market Momentum
-0.64
Positive
23.69
Positive
6.62
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FULT, the sentiment is Negative. The current price of 17.24 is below the 20-day moving average (MA) of 19.53, below the 50-day MA of 19.87, and below the 200-day MA of 18.58, indicating a bearish trend. The MACD of -0.64 indicates Positive momentum. The RSI at 23.69 is Positive, neither overbought nor oversold. The STOCH value of 6.62 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FULT.
Fulton Financial Risk Analysis
Fulton Financial disclosed 29 risk factors in its most recent earnings report. Fulton Financial reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Fulton Financial Peers Comparison
Overall Rating
UnderperformOutperform
Sector (64)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $4.71B | 10.38 | 7.53% | 3.65% | 15.34% | -3.89% | |
70 Outperform | $6.82B | 14.43 | 6.60% | 3.10% | 11.96% | 11.66% | |
65 Neutral | $668.84M | 19.96 | 4.78% | 4.18% | 10.94% | 26.35% | |
65 Neutral | $839.38M | 10.69 | 9.62% | 2.69% | 17.70% | 3.88% | |
64 Neutral | $13.80B | 10.64 | 9.23% | 4.22% | 17.66% | -7.66% | |
62 Neutral | $3.18B | 11.71 | 9.69% | 3.95% | 21.10% | -4.20% | |
61 Neutral | $4.87B | 12.51 | 7.62% | 4.30% | 6.80% | 1.48% |
* Financial Sector Average
Performance Comparison
FULT
Fulton Financial
17.24
2.57
17.52%
FNB
F.N.B.
13.08
0.02
0.15%
HBNC
Horizon Bancorp
15.11
3.43
29.37%
PB
Prosperity Bancshares
70.66
10.15
16.77%
UBSI
United Bankshares
34.04
0.70
2.10%
FMBH
First Mid-Illinois Bancshares
35.00
5.08
16.98%
Fulton Financial Earnings Call Summary
Earnings Call Date: Jan 21, 2025 | % Change Since: -18.33% | Next Earnings Date: Apr 22, 2025
Earnings Call Sentiment Positive
Fulton Financial reported a strong year with record revenue and successful integration of strategic transactions. However, challenges such as a decline in loans and a decreased net interest margin were noted. The company remains optimistic about future growth and efficiency improvements.Highlights
Record Revenue Achievement
Fulton Financial reached $1.2 billion in total revenue for the year, marking a record for the company.
Successful Integration of Republic Transaction
Completed and integrated the Republic transaction, delivering strong financial results and realizing cost savings as planned.
Significant Deposit Growth
Total deposit growth was $4.6 billion or 21.3% for the year, including Republic deposits.
Strong Noninterest Income Growth
Noninterest income grew $31 million or 13.4% to $259 million, with all noninterest income-generating businesses recording growth.
Dividend Increase
Declared dividends of $0.69 per share, a 6% increase year-over-year.
Lowlights
Loan Decline in Fourth Quarter
Total loans declined $131 million linked quarter due to portfolio repositioning and planned decline in the indirect auto portfolio.
Net Interest Margin Decline
Net interest margin decreased by 8 basis points to 3.41% in the fourth quarter.
Provision for Credit Losses Increase
Provision for credit losses was $16.7 million, with ACL to total loans increasing to 1.58%.
Company Guidance
During the Fulton Financial Q4 2024 earnings call held on January 22, 2025, detailed operating guidance for 2025 was provided. The company expects net interest income on a non-FTE basis to range between $995 million and $1.02 billion, with a provision for credit losses anticipated between $60 million and $80 million. Noninterest income is projected to be between $265 million and $280 million, while noninterest expenses on an operating basis are expected to fall between $755 million and $775 million. The effective tax rate for the year is estimated to be around 18%. Operating earnings per diluted share for Q4 2024 were $0.48, with total deposit growth remaining flat, and total loans declining by $131 million due to portfolio repositioning. The bank's loan-to-deposit ratio stood at 92%, and its net interest margin was 3.41%. The call also highlighted the successful integration of Republic's transaction and cost savings from the FultonFirst initiative.Fulton Financial Corporate Events
Executive/Board Changes
Fulton Financial’s Senior Executive VP Departs
Neutral
Jan 31, 2025
On January 31, 2025, Karthik Sridharan, the Senior Executive Vice President and Chief Operations and Technology Officer of Fulton Financial Corporation, will depart from the company. His exit will be treated as a termination without cause according to his employment agreement. Sridharan will receive his annual salary for twelve months, a prorated cash bonus, and continued benefits for the same duration. Additionally, certain vested awards will be retained, while other unvested awards will be forfeited.
Business Operations and StrategyFinancial Disclosures
Fulton Financial Highlights Strategy and Performance Updates
Positive
Jan 24, 2025
On January 24, 2025, Fulton Financial Corporation released a new corporate presentation on its Investor Relations website, highlighting the company’s strategy and performance updates. This presentation showcases Fulton’s financial achievements, including a record operating diluted EPS of $1.85 in 2024 and an improved operating ROAA of 1.14% in the fourth quarter of 2024. The release emphasizes the company’s dynamic growth strategy and its position in a target-rich market, supported by recent acquisitions and ongoing investment in digital technologies.
Stock BuybackDividends
Fulton Financial Boosts Dividend and Announces Buyback
Positive
Dec 17, 2024
Fulton Financial Corporation’s Board of Directors declared an increased quarterly cash dividend of eighteen cents per share on its common stock, reflecting a one cent increase from the previous quarter, and a quarterly dividend on its Preferred Stock, payable in January 2025. Additionally, the Board approved a $125 million repurchase program for 2025, allowing for the repurchase of common and preferred stock, subject to various factors such as market conditions and financial performance.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.