Fulton Financial (FULT)
NASDAQ:FULT
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Fulton Financial
(NASDAQ:FULT)
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Rating:71Outperform
Price Target:
$24.00
▲(9.14% Upside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by solid financial fundamentals (improving leverage, healthy profitability, and strong cash conversion) and a supportive earnings update (affirmed guidance, improved efficiency, solid capital and buybacks). Valuation is a clear positive with a low P/E and a ~3.4% dividend yield. Offsetting factors include the sharp TTM revenue contraction noted in the financial statements and only neutral near-term technical momentum.
Positive Factors
Improved leverage and capital position
Leverage has materially improved, with equity rising from roughly $2.58B to $3.51B and a lower debt-to-equity ratio. This stronger capital posture and CET1 buffer reduce solvency and regulatory risk, support lending capacity, and enable capital actions like buybacks while preserving long-term stability.
Negative Factors
Sharp recent revenue contraction
A severe TTM revenue decline interrupts prior multi-year growth and poses a durable risk if persistent. Sustained top-line weakness can erode operating leverage, pressure margins and free cash flow, and force trade-offs between investment, credit reserves and shareholder returns over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved leverage and capital position
Leverage has materially improved, with equity rising from roughly $2.58B to $3.51B and a lower debt-to-equity ratio. This stronger capital posture and CET1 buffer reduce solvency and regulatory risk, support lending capacity, and enable capital actions like buybacks while preserving long-term stability.
Read all positive factors
Fulton Financial (FULT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.10B
Dividend Yield3.52%
Average Volume (3M)1.76M
Price to Earnings (P/E)9.6
Beta (1Y)1.09
Revenue Growth-0.24%
EPS Growth23.07%
CountryUS
Employees3,400
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)1.57
Shares Outstanding191,133,590
10 Day Avg. Volume1,525,015
30 Day Avg. Volume1,763,609
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 Cap1.05
Enterprise Value/Revenue2.29
Enterprise Value/Gross Profit3.36
Enterprise Value/Ebitda8.32
Forecast
1Y Price Target
$24.00Price Target Upside9.14% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)2.02
Revenue Forecast (FY)$1.43B
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:Apr 22, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 21, 2026
Earnings Call Sentiment Positive
The call communicated a predominantly positive operational and strategic picture: stable and repeatable operating earnings, improving efficiency, diversified fee growth, solid capital generation, and a strategically accretive acquisition. Headwinds were acknowledged — modest NII/margin pressure, portfolio runoff in construction and indirect auto, seasonal fee fluctuations, and near-term acquisition costs — but management expressed confidence in continued disciplined execution, affirmed full-year guidance, and highlighted positions (asset repricing, deposit discipline, and cost saves from BlueFoundry) that should support margin and growth going forward.Positive Updates
Solid Operating Earnings
Operating net income available to common shareholders of $99.7M, or $0.55 per diluted share (consistent with prior quarter); GAAP EPS $0.51 after acquisition-related items.
Negative Updates
Net Interest Income and Margin Pressure
Net interest income totaled $262M, down approximately $4M (driven largely by day count and slightly lower loan and security yields); net interest margin 3.58%, down 1 basis point linked quarter.
Read all updates
Q1-2026 Updates
Positive
Negative
Solid Operating Earnings
Operating net income available to common shareholders of $99.7M, or $0.55 per diluted share (consistent with prior quarter); GAAP EPS $0.51 after acquisition-related items.
Read all positive updates
Company Guidance
Fulton affirmed its full‑year 2026 operating guidance (the only change being an updated interest‑rate assumption of a 25 bps cut in July versus March) and reiterated NII guidance while calling for annualized mid‑single‑digit loan growth, controlled expense growth and strong capital generation; in Q1 the company delivered operating EPS $0.55 (operating net income $99.7M; GAAP EPS $0.51), operating ROAA 1.3% and operating ROTCE 14.76%, an improved efficiency ratio of 56.7% with operating noninterest expense $190.7M (total noninterest expense $200.3M), pre‑provision net revenue $141M (up $9.2M linked quarter), net interest income $262M and NIM 3.58% (down 1 bp), noninterest income $69.8M (>20% of revenue), provision $14.4M with an allowance of $367.5M (1.51% of loans), nonperforming assets 55 bps of assets, net charge‑offs 25 bps annualized, CET1 ~11.9% and TCE 8.6%, repurchases of ~$24.5M in the quarter with ~$125M remaining authorization, and the BlueFoundry deal expected to be immediately earnings and tangible‑book accretive (about $27M of integration costs in Q2–Q4 with a 50% cost‑save run rate by year‑end).Fulton Financial Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
74
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.88B | 1.89B | 1.80B | 1.50B | 1.09B | 997.16M |
| Gross Profit | 1.28B | 1.28B | 1.13B | 1.03B | 988.70M | 952.08M |
| EBITDA | 517.86M | 529.28M | 401.62M | 381.72M | 378.95M | 363.64M |
| Net Income | 393.38M | 391.61M | 288.74M | 284.28M | 286.98M | 275.50M |
Balance Sheet | ||||||
| Total Assets | 32.24B | 32.12B | 32.07B | 27.57B | 26.93B | 25.80B |
| Cash, Cash Equivalents and Short-Term Investments | 3.32B | 3.41B | 3.37B | 2.93B | 3.31B | 4.83B |
| Total Debt | 1.25B | 1.30B | 1.78B | 2.49B | 2.87B | 1.45B |
| Total Liabilities | 28.73B | 28.63B | 28.87B | 24.81B | 24.35B | 23.08B |
| Stockholders Equity | 3.51B | 3.49B | 3.20B | 2.76B | 2.58B | 2.71B |
Cash Flow | ||||||
| Free Cash Flow | 389.30M | 284.34M | 374.11M | 330.03M | 573.54M | 320.71M |
| Operating Cash Flow | 418.48M | 304.48M | 416.56M | 362.98M | 594.79M | 338.39M |
| Investing Cash Flow | -196.01M | -82.18M | 1.63B | -809.22M | -1.54B | -210.09M |
| Financing Cash Flow | -190.02M | -224.57M | -1.53B | 314.02M | -15.90M | -337.52M |
Fulton Financial Technical Analysis
Positive
21.99
Price Trends
20.92
Positive
20.75
Positive
19.47
Positive
Market Momentum
>-0.01
Positive
53.30
Neutral
84.88
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 21.99 is above the 20-day moving average (MA) of 21.32, above the 50-day MA of 20.92, and above the 200-day MA of 19.47, indicating a bullish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 53.30 is Neutral, neither overbought nor oversold. The STOCH value of 84.88 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 (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $3.84B | 9.62 | 11.37% | 2.72% | 0.18% | 22.52% | |
75 Outperform | $3.73B | 9.34 | 18.53% | 3.38% | 1.43% | 22.08% | |
71 Outperform | $4.10B | 9.64 | 11.45% | 3.52% | -0.24% | 23.07% | |
71 Outperform | $3.80B | 11.52 | 7.01% | 3.05% | 27.40% | 13.49% | |
71 Outperform | $2.30B | 9.42 | 30.56% | ― | 13.52% | 15.83% | |
68 Neutral | $3.45B | 13.72 | 9.13% | 5.24% | -5.29% | 45.44% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
FULT
Fulton Financial
21.44
4.93
29.89%
CATY
Cathay General Bancorp
57.27
15.64
37.58%
FBP
First Bancorp Puerto Rico
24.11
4.58
23.43%
FIBK
First Interstate Bancsystem
35.49
10.33
41.04%
INDB
Independent Bank
78.82
20.08
34.19%
TBBK
Bancorp
55.32
3.01
5.75%
Fulton Financial Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Fulton Financial Completes Subordinated Notes Offering for Refinancing
Positive
May 5, 2026
On May 5, 2026, Fulton Financial Corporation completed a $300 million underwritten public offering of 5.950% fixed-to-floating rate subordinated notes due 2036, issued under its existing indenture with Wilmington Trust as trustee. The company plan...
Financial DisclosuresRegulatory Filings and Compliance
Fulton Financial Issues Preliminary Q1 2026 Financial Update
Neutral
Apr 27, 2026
Fulton Financial Corporation has released a fixed income presentation, with data as of or for the period ended March 31, 2026, to be used by management during meetings with investors, analysts and other stakeholders throughout the first quarter of...
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.