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Fulton Financial Corp (FULT)
NASDAQ:FULT
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Fulton Financial
(NASDAQ:FULT)
68Neutral
Fulton Financial (FULT) vs. S&P 500 (SPY)
Market Cap
$2.77B
Dividend Yield4.14%
Average Volume (3M)1.57M
Price to Earnings (P/E)9.7
Beta (1Y)1.34
Revenue Growth21.45%
EPS Growth5.62%
CountryUS
Employees3,400
SectorFinancial
Sector Strength85
IndustryBanks - Regional
Share Statistics
EPS (TTM)0.49
Shares Outstanding182,199,920
10 Day Avg. Volume2,029,109
30 Day Avg. Volume1,570,167
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)2.88
Price to Cash Flow (P/CF)6.40
P/FCF Ratio3.30
Enterprise Value/Market Cap1.95
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit3.41
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$20.50Price Target Upside18.09% Upside
Rating ConsensusHold
Number of Analyst Covering3
Fulton Financial Business Overview & Revenue Model
Company DescriptionFulton 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 retirement accounts. The company also offers secured consumer loans, including home equity loans and lines of credit, automobile loans, personal lines of credit, and checking account overdraft protection; construction and jumbo residential mortgage loans; and commercial lending products comprising commercial real estate, commercial and industrial, and construction loans, as well as equipment lease financing loans. In addition, it provides letters of credit, cash management services, and traditional deposit products; and wealth management services, including investment management, trust, brokerage, insurance, and investment advisory services. Further, the company owns passive investments, as well as trust preferred securities; and sells various life insurance products. It provides its products and services through traditional financial center banking, as well as through a network of automated teller machines, telephone banking, mobile banking, and online banking. The company operated branches in Pennsylvania, Maryland, Delaware, New Jersey, and Virginia. Fulton Financial Corporation was incorporated in 1882 and is headquartered in Lancaster, Pennsylvania.
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
Neutral
17.36
Price Trends
17.39
Negative
18.70
Negative
18.55
Negative
Market Momentum
-0.09
Negative
57.62
Neutral
88.45
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FULT, the sentiment is Neutral. The current price of 17.36 is above the 20-day moving average (MA) of 16.11, below the 50-day MA of 17.39, and below the 200-day MA of 18.55, indicating a neutral trend. The MACD of -0.09 indicates Negative momentum. The RSI at 57.62 is Neutral, neither overbought nor oversold. The STOCH value of 88.45 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $3.31B | 11.04 | 18.55% | 3.33% | 4.84% | 4.75% | |
73 Outperform | $3.00B | 15.80 | 10.92% | 3.32% | 14.34% | 13.06% | |
72 Outperform | $3.12B | 11.98 | 10.25% | 1.15% | 5.14% | ― | |
71 Outperform | $3.07B | 10.08 | 7.83% | 2.74% | 13.04% | 31.39% | |
68 Neutral | $2.77B | 9.67 | 10.60% | 4.14% | 21.45% | 5.62% | |
66 Neutral | $2.94B | 12.66 | 9.11% | 4.53% | -0.47% | 5.97% | |
64 Neutral | $12.65B | 9.74 | 8.04% | 17044.64% | 12.65% | -5.11% |
* Financial Sector Average
Performance Comparison
FULT
Fulton Financial
17.36
1.02
6.24%
CBU
Community Bank System
56.85
11.34
24.92%
FBP
First Bancorp Puerto Rico
20.31
2.86
16.39%
RNST
Renasant
33.57
4.03
13.64%
WSFS
Wsfs Financial
53.30
7.55
16.50%
FHB
First Hawaiian
23.26
2.13
10.08%
Fulton Financial Earnings Call Summary
Earnings Call Date:Apr 15, 2025
(Q1-2025)
| % Change Since: 8.30%|
Next Earnings Date:Jul 22, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mixed picture, with strong financial performance and asset quality improvements being notable positives. However, challenges such as loan declines and potential revenue pressures due to a slower growth environment and fee income declines also featured prominently.Q1-2025 Updates
Positive Updates
Strong Financial Performance
Operating earnings per share increased by $0.04 to $0.52, with a strong balance sheet and revenue exceeding expectations. The operating efficiency ratio improved to 56.7%, operating return on assets increased to 1.25%, and operating return on average tangible common equity grew to 15.95%.
Customer Deposit Growth
Solid customer deposit growth was reported, with total deposits increasing by $200 million or 3%, driven by interest-bearing money market products. The average cost of total deposits decreased by eleven basis points to 2.03%.
Asset Quality Improvement
Non-performing loan (NPL) to total loan ratio declined due to accelerated resolution of troubled assets. Net charge-offs decreased by one basis point linked quarter, and the allowance for credit losses to total loans ratio increased to 159%.
Negative Updates
Loan Decline
Total loans declined by $182 million during the quarter, impacted by a $38 million decline in indirect auto balances, a $231 million decline in commercial construction balances, and strategic decisions impacting overall balances.
Potential Revenue Pressure
Net interest income could trend towards the lower half of the guidance range due to a potential prolonged slower growth environment and expected interest rate cuts.
Fee Income Decline
Non-interest income declined modestly primarily due to day count and transactional activity. Fee income as a percentage of revenue was 21% for the quarter.
Company Guidance
During the first quarter of 2025, Fulton Financial reported an increase in operating earnings per share to $0.52, a $0.04 rise from the previous quarter, driven by positive operating leverage and strong balance sheet management. The company achieved a quarterly operating efficiency ratio of 56.7%, an operating return on assets of 1.25%, and an operating return on average tangible common equity of 15.95%. Tangible book value per share increased by 13.8% on an annualized basis. The bank saw a $200 million, or 3%, growth in deposits, primarily in interest-bearing money market products, despite a $105 million decline in broker deposits. However, total loans declined by $182 million due to strategic actions, including a $38 million drop in indirect auto balances and a $231 million decrease in commercial construction balances. The loan-to-deposit ratio decreased to 91%. The net interest margin increased slightly to 3.43%, while net interest income was $251 million, a $2.5 million decrease from the prior quarter. Non-interest income was $67.2 million, and non-interest expense on an operating basis was $182.9 million, a reduction of $7.8 million from the previous quarter. Provision expense was reduced by $2.8 million to $13.9 million, and the allowance for credit losses to total loans ratio increased to 159%. Despite a stable credit environment, the company remains cautious due to macroeconomic uncertainties. Fulton Financial confirmed its 2025 operating guidance but noted that net interest income and non-interest income might trend towards the lower half of the guidance range due to potential slower growth and anticipated interest rate cuts.Fulton Financial Corporate Events
Stock BuybackFinancial Disclosures
Fulton Financial Approves $25M Subordinated Notes Repurchase
Positive
Apr 15, 2025
On April 15, 2025, Fulton Financial Corporation’s Board approved a supplemental authorization to repurchase up to $25 million of its outstanding Subordinated Notes due 2030 under its $125 million share repurchase program. The program, which expires on December 31, 2025, allows for purchases based on market conditions and the company’s financial position. In the first quarter of 2025, Fulton Financial reported a net income of $90.4 million, an increase from the previous quarter, driven by a solid net interest margin and reduced non-interest expenses. The company saw a rise in customer deposits and maintained a strong capital position, reflecting a positive start to the year despite a decrease in net loans.
Spark’s Take on FULT Stock
According to Spark, TipRanks’ AI Analyst, FULT is a Neutral.
Fulton Financial’s financial performance is strong, supported by robust revenue growth and profitability, though cash flow management needs improvement. The stock is technically weak, presenting potential buying opportunities if the downtrend stabilizes. Valuation is reasonable, offering an attractive entry point for investors. The company shows confidence through strategic initiatives, as highlighted in the earnings call.
To see Spark’s full report on FULT stock, click here.
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.