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Fulton Financial
(NASDAQ:FULT)
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Rating:73Outperform
Price Target:
$27.00
▲(9.89% Upside)
Action:Reiterated
Date:08/08/26
FULT scores well primarily on solid financial performance (healthy profitability, improved leverage, and generally good cash conversion) and a positive earnings update with narrowed/improved guidance and strong capital returns. Valuation is supportive with a moderate P/E and a ~3% dividend yield. The score is tempered by only neutral technical momentum and stated near-term headwinds (integration-related expense pressure, modest organic growth, funding mix pressure, and a slight rise in charge-offs).
Positive Factors
Sustained profitability (TTM net margin ~21%)
Fulton's TTM net margin near 21% and improved earnings versus prior years show durable operating profitability. Free cash flow closely tracks net income (~0.90–0.96x), reinforcing earnings quality and enabling reinvestment, capital returns, and balance-sheet resilience over months.
Negative Factors
Elevated non-interest expense and integration costs
Acquisition-related charges, amortization and other integration expenses lifted operating non-interest costs materially. Until targeted cost saves are realized, elevated expense run-rate will pressure operating leverage and limit margin expansion despite revenue gains, weighing on earnings durability.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained profitability (TTM net margin ~21%)
Fulton's TTM net margin near 21% and improved earnings versus prior years show durable operating profitability. Free cash flow closely tracks net income (~0.90–0.96x), reinforcing earnings quality and enabling reinvestment, capital returns, and balance-sheet resilience over months.
Read all positive factors
Fulton Financial (FULT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.67B
Dividend Yield3.09%
Average Volume (3M)2.06M
Price to Earnings (P/E)11.7
Beta (1Y)1.04
Revenue Growth0.30%
EPS Growth22.36%
CountryUS
Employees3,400
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)1.56
Shares Outstanding190,914,570
10 Day Avg. Volume1,942,865
30 Day Avg. Volume2,064,275
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$26.33Price Target Upside7.18% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)2.08
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 primarily makes money through (1) net interest income and (2) noninterest (fee) income. Net interest income is earned from the spread between interest collected on earning assets—mainly commercial loans, commercial real estate loa...
Fulton Financial Earnings Call Summary
Earnings Call Date:Jul 22, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 20, 2026
Earnings Call Sentiment Positive
The call presented a largely positive operational and financial picture: record operating earnings, margin expansion, strengthened capital, a successful strategic acquisition and growth in fees and AUM. Headwinds include elevated non-interest expenses driven by acquisition and integration costs, modest organic loan growth outside of the acquisition, slight uptick in charge-offs, and some deposit pricing/funding mix pressure. Management narrowed and improved several guidance items, emphasized disciplined credit and capital management, and signaled expected cost saves from the acquisition over time.Positive Updates
Record Operating Earnings
Operating earnings of $115.9 million ($0.60 per diluted share), up from $0.55 per diluted share in Q1; net income available to common shareholders $99.9 million ($0.52 per diluted share).
Negative Updates
Elevated Non-Interest Expense
Total non-interest expense $231.0 million (prior quarter $200.3 million); operating non-interest expense $210.6 million. Quarter included $13.8 million acquisition-related costs, $5.9 million intangible amortization, ~$0.8 million debt extinguishment costs and a $2.1 million pension charge.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Operating Earnings
Operating earnings of $115.9 million ($0.60 per diluted share), up from $0.55 per diluted share in Q1; net income available to common shareholders $99.9 million ($0.52 per diluted share).
Read all positive updates
Company Guidance
Fulton narrowed and updated several full‑year targets: net interest income to $1.12–$1.135 billion, loan growth to “low single digits” (after modest H1 growth and organic Q2 loan growth of roughly $103 million excluding the Blue Foundry acquisition), provision for loan losses lowered to $40–$60 million, the low end of non‑interest income raised to $290 million (from $285M), and operating non‑interest expense tightened to $810–$830 million; there was no change to the full‑year tax range. Management emphasized capital and capital return flexibility — CET1 ~12.1%, tangible common equity 8.8% (up 26 bps), Q2 repurchases of 525,000 shares (~$11.1M), $35.6M repurchased YTD and about $115M remaining on the buyback — and expects stable to slightly higher NIM in the near term as asset repricing and securities rolloff provide tailwinds.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 | 522.53M | 529.28M | 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
24.57
Price Trends
23.94
Positive
22.52
Positive
20.93
Positive
Market Momentum
0.14
Positive
53.27
Neutral
55.97
Neutral
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 24.57 is above the 20-day moving average (MA) of 24.46, above the 50-day MA of 23.94, and above the 200-day MA of 20.93, indicating a bullish trend. The MACD of 0.14 indicates Positive momentum. The RSI at 53.27 is Neutral, neither overbought nor oversold. The STOCH value of 55.97 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | $4.30B | 12.50 | 11.71% | 2.30% | 0.26% | 23.49% | |
80 Outperform | $4.51B | 12.30 | 19.03% | 2.64% | 2.45% | 26.38% | |
79 Outperform | $2.78B | 12.67 | 32.32% | ― | 2.65% | 13.98% | |
75 Outperform | $4.07B | 15.53 | 7.66% | 2.89% | 34.13% | 25.12% | |
73 Outperform | $4.67B | 11.71 | 11.15% | 3.05% | 0.30% | 22.36% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $3.71B | 11.90 | 9.55% | 4.93% | -5.41% | 45.98% |
* Financial Sector Average
FULT
Fulton Financial
24.30
6.36
35.46%
CATY
Cathay General Bancorp
64.20
17.79
38.34%
FBP
First Bancorp Puerto Rico
29.36
8.74
42.39%
FIBK
First Interstate Bancsystem
38.46
9.83
34.32%
INDB
Independent Bank
85.34
20.76
32.15%
TBBK
Bancorp
68.32
2.49
3.78%
Fulton Financial Corporate Events
Business Operations and StrategyExecutive/Board Changes
Fulton Financial strengthens board with new independent director
Positive
Jul 21, 2026
On July 21, 2026, Fulton Financial Corporation announced that its board of directors elected David S. Schulz to join the board for a term beginning September 14, 2026 and running until the 2027 annual meeting of shareholders. With Schulz’s a...
Executive/Board ChangesShareholder Meetings
Fulton Financial Shareholders Back Governance and Auditor at Meeting
Positive
May 28, 2026
Fulton Financial Corporation held its 2026 Annual Meeting of Shareholders on May 28, 2026, where director George K. Martin retired from the Board after the meeting in line with the company’s corporate governance guideline that directors over...
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.