Fulton Financial Corp (FULT)
NASDAQ:FULT
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Fulton Financial
(NASDAQ:FULT)
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Rating:69Neutral
Price Target:
$22.50
▲(4.46% Upside)
Action:DowngradedDate:04/02/26
The score is driven primarily by improving profitability and a strengthened balance sheet, plus attractive valuation (low P/E and solid dividend yield). Offsetting factors include mixed technical momentum and business execution risks tied to revenue volatility and successful delivery on 2026 guidance and acquisition integration.
Positive Factors
Improved profitability
Fulton's record operating EPS and rising net margin (net margin ~21% in 2025) reflect durable operational leverage from expense discipline and higher yields. Sustained margin expansion supports internal capital generation, buybacks and reinvestment, bolstering long-term earnings power even if top-line growth moderates.
Negative Factors
Top-line volatility
A sharp revenue decline in 2025 despite margin gains highlights earnings concentration risks and sensitivity to loan volumes, prepayments and fee timing. Persistent top-line volatility can undermine predictable EPS progress and makes hitting multi-year targets dependent on consistent loan and fee recovery.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved profitability
Fulton's record operating EPS and rising net margin (net margin ~21% in 2025) reflect durable operational leverage from expense discipline and higher yields. Sustained margin expansion supports internal capital generation, buybacks and reinvestment, bolstering long-term earnings power even if top-line growth moderates.
Read all positive factors
Fulton Financial (FULT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.20B
Dividend Yield3.52%
Average Volume (3M)2.21M
Price to Earnings (P/E)9.0
Beta (1Y)1.10
Revenue Growth9.60%
EPS Growth20.38%
CountryUS
Employees3,400
SectorGeneral
Sector StrengthN/A
IndustryBanks - Regional
Share Statistics
EPS (TTM)0.53
Shares Outstanding192,446,170
10 Day Avg. Volume2,165,907
30 Day Avg. Volume2,212,332
Financial Highlights & Ratios
PEG Ratio0.28
Price to Book (P/B)1.02
Price to Sales (P/S)1.87
P/FCF Ratio12.46
Enterprise Value/Market Cap1.23
Enterprise Value/Revenue2.73
Enterprise Value/Gross Profit4.05
Enterprise Value/Ebitda9.77
Forecast
1Y Price Target
$23.00Price Target Upside6.78% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)2.01
Revenue Forecast (FY)$1.44B
Fulton Financial Business Overview & Revenue Model
Company Description
Fulton Financial Corporation operates as a financial holding company that provides consumer and commercial banking products and services. It accepts various checking accounts and savings deposit products, certificates of deposit, and individual re...
How the Company Makes Money
Fulton Financial primarily earns money through (1) net interest income and (2) noninterest income. Net interest income is generated by taking in funds—mainly through customer deposits and other borrowings—and deploying those funds into interest-ea...
Fulton Financial Earnings Call Summary
Earnings Call Date:Jan 21, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 22, 2026
Earnings Call Sentiment Positive
The call emphasized strong operating performance in 2025 with record operating EPS, improved margins, diversified fee growth, deposit momentum, improved capital and credit metrics, and clear guidance for 2026. Challenges were disclosed including $800M of strategic derisking actions that weighed on loan growth, some quarter-specific expense volatility, declines in certain deposit categories, modest declines in allowance coverage and localized yield pressure. Management framed most headwinds as deliberate, temporary or manageable and provided guidance and hiring plans to support mid-single-digit loan growth in 2026.Positive Updates
Record Operating Earnings Per Share
Operating earnings per diluted share for FY2025 were $2.16, a new company record, driven by improved margins, disciplined expense management and diversified revenue growth.
Negative Updates
Significant Strategic Actions Reduced Loan Growth
Strategic credit actions and portfolio derisking represented more than $800 million of headwinds in 2025 (including $211 million of resolved adversely rated loans and ~$30 million indirect auto runoff), suppressing organic loan growth during the year.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Operating Earnings Per Share
Operating earnings per diluted share for FY2025 were $2.16, a new company record, driven by improved margins, disciplined expense management and diversified revenue growth.
Read all positive updates
Company Guidance
Fulton’s 2026 operating guidance calls for net interest income of $1.120–$1.140 billion (with an annual FTE adjustment of $16–$18 million), loan loss provision expense of $55–$75 million, noninterest income of $285–$300 million, and operating expenses of $800–$835 million, with an effective tax rate of 18.5%–19.5%; management also expects approximately $60 million of non‑operating expenses (including $22 million of core deposit intangible and $36 million of merger‑related costs). The company expects loan growth to revert to mid‑single digits as 2025 strategic runoffs (over $800 million of headwinds) moderate, notes roughly $5.7 billion of earning assets repricing over the next 12 months at a blended yield of 5.01%, and frames guidance on the assumptions of a 125 bps Fed cut in March and the Blue Foundry Bancorp acquisition closing early in 2Q‑2026.Fulton Financial Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
72
Positive
Cash Flow
63
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.89B | 1.80B | 1.50B | 1.09B | 997.16M |
| Gross Profit | 1.28B | 1.13B | 1.03B | 988.70M | 952.08M |
| EBITDA | 529.28M | 401.62M | 381.72M | 378.95M | 363.64M |
| Net Income | 391.61M | 288.74M | 284.28M | 286.98M | 275.50M |
Balance Sheet | |||||
| Total Assets | 32.12B | 32.07B | 27.57B | 26.93B | 25.80B |
| Cash, Cash Equivalents and Short-Term Investments | 1.18B | 3.37B | 2.93B | 3.31B | 4.83B |
| Total Debt | 1.30B | 1.78B | 2.49B | 2.87B | 1.45B |
| Total Liabilities | 28.63B | 28.87B | 24.81B | 24.35B | 23.08B |
| Stockholders Equity | 3.49B | 3.20B | 2.76B | 2.58B | 2.71B |
Cash Flow | |||||
| Free Cash Flow | 284.34M | 374.11M | 330.03M | 573.54M | 320.71M |
| Operating Cash Flow | 304.48M | 416.56M | 362.98M | 594.79M | 338.39M |
| Investing Cash Flow | -82.18M | 1.63B | -809.22M | -1.54B | -210.09M |
| Financing Cash Flow | -224.57M | -1.53B | 314.02M | -15.90M | -337.52M |
Fulton Financial Technical Analysis
Positive
21.54
Price Trends
20.72
Positive
19.89
Positive
18.97
Positive
Market Momentum
0.29
Negative
65.30
Neutral
87.37
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FULT, the sentiment is Positive. The current price of 21.54 is above the 20-day moving average (MA) of 20.10, above the 50-day MA of 20.72, and above the 200-day MA of 18.97, indicating a bullish trend. The MACD of 0.29 indicates Negative momentum. The RSI at 65.30 is Neutral, neither overbought nor oversold. The STOCH value of 87.37 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FULT.
Fulton Financial Risk Analysis
Fulton Financial disclosed 33 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $3.54B | 9.62 | 18.37% | 3.38% | 2.35% | 13.72% | |
74 Outperform | $3.58B | 9.05 | 10.89% | 2.72% | -1.59% | 9.34% | |
69 Neutral | $4.20B | 9.05 | 11.60% | 3.52% | 9.60% | 20.38% | |
68 Neutral | $3.44B | 11.75 | 8.83% | 5.24% | -5.43% | 4.19% | |
67 Neutral | $2.47B | 13.54 | 28.91% | ― | 29.24% | 21.49% | |
64 Neutral | $3.89B | 17.62 | 6.21% | 3.05% | 11.05% | -10.78% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
FULT
Fulton Financial
21.54
6.47
42.90%
CATY
Cathay General Bancorp
53.47
16.72
45.50%
FBP
First Bancorp Puerto Rico
22.64
5.37
31.06%
FIBK
First Interstate Bancsystem
34.03
10.73
46.07%
INDB
Independent Bank
79.62
27.14
51.71%
TBBK
Bancorp
58.52
13.28
29.35%
Fulton Financial Corporate Events
Business Operations and StrategyM&A Transactions
Fulton Financial Closes Blue Foundry Bancorp Acquisition, Expands
Positive
Apr 1, 2026
On April 1, 2026, Fulton Financial Corporation announced it had completed its acquisition of Rutherford, N.J.-based Blue Foundry Bancorp, advancing its growth plan in New Jersey and bringing its balance sheet to $34 billion in assets. Blue Foundry...
Business Operations and StrategyM&A TransactionsRegulatory Filings and Compliance
Fulton Financial Secures Approvals for Blue Foundry Merger
Positive
Feb 23, 2026
Fulton Financial Corporation and Blue Foundry Bancorp said on February 23, 2026, that they have received all required regulatory approvals for their previously announced all-stock merger, under which Blue Foundry will be absorbed into Fulton, with...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.