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Fulton Financial
(NASDAQ:FULT)
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Rating:70Outperform
Price Target:
$25.00
▲(5.04% Upside)
Action:Reiterated
Date:10/22/26
The score is driven primarily by solid financial performance (healthy profitability, improving leverage, and generally strong cash conversion) and a very constructive earnings update (record results and raised/lowered guidance ranges). Valuation is supportive with a mid-teens P/E and a solid dividend yield, while technical indicators are the main offset due to negative MACD and price sitting below key intermediate moving averages.
Positive Factors
Strong deposit franchise
Strong customer deposit generation and reduced reliance on wholesale funding improve the franchise’s funding profile. Relationship-based deposits can provide a more durable base for lending and fee growth, while lower external funding dependence supports resilience and financial flexibility.
Negative Factors
Modest loan growth
Limited loan expansion constrains the core earning-asset base and may restrict net interest income growth. Commercial payoffs and weaker construction balances also indicate that competitive pricing and credit decisions could make it harder to convert customer demand into sustained balance growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong deposit franchise
Strong customer deposit generation and reduced reliance on wholesale funding improve the franchise’s funding profile. Relationship-based deposits can provide a more durable base for lending and fee growth, while lower external funding dependence supports resilience and financial flexibility.
Read all positive factors
Fulton Financial (FULT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.52B
Dividend Yield3.21%
Average Volume (3M)1.86M
Price to Earnings (P/E)11.0
Beta (1Y)1.00
Revenue Growth2.96%
EPS Growth12.41%
CountryUS
Employees3,400
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)1.56
Shares Outstanding190,914,570
10 Day Avg. Volume1,835,590
30 Day Avg. Volume1,855,348
Financial Highlights & Ratios
PEG Ratio0.29
Price to Book (P/B)1.02
Price to Sales (P/S)1.87
P/FCF Ratio12.46
Enterprise Value/Market Cap1.21
Enterprise Value/Revenue2.87
Enterprise Value/Gross Profit4.14
Enterprise Value/Ebitda10.02
Forecast
1Y Price Target
$26.50Price Target Upside11.34% Upside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)2.1
Revenue Forecast (FY)$1.44B
Fulton Financial Business Overview & Revenue Model
Company Description
Fulton Financial Corporation (FFC) functions as a financial holding entity, providing a full spectrum of banking products and services for both individual consumers and businesses. The company facilitates various deposit accounts, including checki...
How the Company Makes Money
Fulton Financial makes money primarily through traditional bank spread-based and fee-based revenue streams. (1) Net interest income: The largest driver is typically the net interest margin—the difference between interest earned on interest-earning...
Fulton Financial Earnings Call Summary
Earnings Call Date:Oct 21, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jan 19, 2027
Earnings Call Sentiment Positive
The call was strongly positive overall. Fulton reported record profitability, solid deposit generation, improved credit quality, strong capital, broad fee-business growth, successful acquisition integration, and upward revisions to several 2026 guidance ranges. The principal challenges were modest loan growth, commercial and multifamily payoffs, slight net interest margin pressure, higher compensation and recruiting costs, and sensitivity to deposit betas and market conditions.Positive Updates
Record Third-Quarter Profitability
Fulton reported record financial results. Operating net income available to common shareholders increased to $119.8 million, or $0.62 per diluted share, compared with $115.9 million, or $0.60 per diluted share, in the second quarter. Operating PPNR increased to $156 million, operating return on average tangible common equity improved to 15.94%, and operating return on average assets increased to 1.4%.
Negative Updates
Modest Overall Loan Growth
Loan growth was modest during the quarter. Total loans increased by only $44 million, with ending loans described as relatively consistent.
Read all updates
Q3-2026 Updates
Positive
Negative
Record Third-Quarter Profitability
Fulton reported record financial results. Operating net income available to common shareholders increased to $119.8 million, or $0.62 per diluted share, compared with $115.9 million, or $0.60 per diluted share, in the second quarter. Operating PPNR increased to $156 million, operating return on average tangible common equity improved to 15.94%, and operating return on average assets increased to 1.4%.
Read all positive updates
Company Guidance
For 2026, Fulton raised the lower-end of its net interest income range by $5 million to $1.125 billion, lowered its loan loss provision range to $30 million- $40 million, raised its non-interest income range to $295 million-$305 million, and raised the lower-end of its operating non-interest expense range to $820 million, with no changes to its outlook for full-year tax rate; for 2027, management cited a strategic long-term organic growth target in the mid-single-digits as a base, said securities assets were targeting around 17% over the next couple of years, described NIM as having a stable to slightly higher trend, and said buybacks would probably moderate linked quarter.Fulton Financial Financial Statement Overview
Summary
Income Statement
73
Positive
Balance Sheet
70
Positive
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.92B | 1.89B | 1.80B | 1.50B | 1.09B | 997.16M |
| Gross Profit | 1.33B | 1.28B | 1.13B | 1.03B | 988.70M | 952.08M |
| EBITDA | 548.10M | 536.32M | 401.62M | 381.72M | 378.95M | 363.64M |
| Net Income | 396.60M | 391.61M | 288.74M | 284.28M | 286.98M | 275.50M |
Balance Sheet | ||||||
| Total Assets | 34.56B | 32.12B | 32.07B | 27.57B | 26.93B | 25.80B |
| Cash, Cash Equivalents and Short-Term Investments | 6.39B | 3.41B | 3.37B | 2.93B | 3.31B | 4.83B |
| Total Debt | 1.71B | 1.30B | 1.78B | 2.49B | 2.87B | 1.45B |
| Total Liabilities | 30.74B | 28.63B | 28.87B | 24.81B | 24.35B | 23.08B |
| Stockholders Equity | 3.82B | 3.49B | 3.20B | 2.76B | 2.58B | 2.71B |
Cash Flow | ||||||
| Free Cash Flow | 395.30M | 284.34M | 374.11M | 330.03M | 573.54M | 320.71M |
| Operating Cash Flow | 426.43M | 304.48M | 416.56M | 362.98M | 594.79M | 338.39M |
| Investing Cash Flow | 15.89M | -82.18M | 1.63B | -809.22M | -1.54B | -210.09M |
| Financing Cash Flow | 16.08M | -224.57M | -1.53B | 314.02M | -15.90M | -337.52M |
Fulton Financial Technical Analysis
Positive
23.80
Price Trends
23.04
Positive
23.33
Positive
21.93
Positive
Market Momentum
-0.02
Negative
63.99
Neutral
88.58
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 23.8 is above the 20-day moving average (MA) of 22.48, above the 50-day MA of 23.04, and above the 200-day MA of 21.93, indicating a bullish trend. The MACD of -0.02 indicates Negative momentum. The RSI at 63.99 is Neutral, neither overbought nor oversold. The STOCH value of 88.58 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | $4.04B | 12.42 | 12.37% | 0.94% | 1.96% | ― | |
74 Outperform | $1.16B | 12.07 | 10.41% | 2.14% | 2.41% | 26.67% | |
73 Outperform | $2.13B | 12.87 | 10.83% | 2.61% | 4.87% | 25.01% | |
71 Outperform | $3.03B | 9.68 | 11.00% | 4.13% | 3.72% | 35.18% | |
70 Outperform | $4.52B | 10.96 | 11.39% | 3.21% | 2.96% | 12.41% | |
70 Outperform | $2.86B | 9.90 | 13.59% | ― | 8.29% | 67.64% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
FULT
Fulton Financial
23.67
6.34
36.55%
FCF
First Commonwealth
21.10
5.27
33.31%
PFS
Provident Financial Services
23.24
5.07
27.89%
UVSP
Univest Of Pennsylvania
42.14
12.62
42.73%
WSFS
Wsfs Financial
79.02
25.87
48.66%
CUBI
Customers Bancorp
84.54
15.64
22.70%
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.