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Relative valuation derived from Financials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 57.8GRADE C+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
10.2%
Sector: 8.5%
Dividend Analysis audit
INCOME
3.85%
Trailing Yield
$3.85
Per $100 Invested
Solid dividend yield for income-focused strategies.
Est. Payout Ratio
44%SAFE
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, FULTON FINANCIAL CORP (FULT) receives a "Hold" rating with a composite score of 54.2/100, ranked #790 out of 4446 stocks. Key factor scores: Quality 58/100, Value 76/100, Momentum 52/100. This is quantitative analysis only — not investment advice.
FULTON FINANCIAL CORP (FULT) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does FULTON FINANCIAL CORP Do?
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 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. FULTON FINANCIAL CORP (FULT) is classified as a mid-cap stock in the Financials sector, specifically within the Banking industry. The company is led by CEO E. Philip Wenger and employs approximately 3,300 people, headquartered in Lancaster, Pennsylvania. With a market capitalization of $3.7B, FULT is one of the notable companies in the Financials sector.
FULTON FINANCIAL CORP (FULT) Stock Rating — Hold (April 2026)
As of April 2026, FULTON FINANCIAL CORP receives a Hold rating with a composite score of 54.2/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.FULT ranks #790 out of 4,446 stocks in our coverage universe. Within the Financials sector, FULTON FINANCIAL CORP ranks #233 of 891 stocks, placing it in the upper half of its Financials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
FULT Stock Price and 52-Week Range
FULTON FINANCIAL CORP (FULT) currently trades at $21.54. The stock lost $0.28 (1.3%) in the most recent trading session. The 52-week high for FULT is $22.99, which means the stock is currently trading -6.3% from its annual peak. The 52-week low is $14.32, putting the stock 50.4% above its annual trough. Recent trading volume was 2.7M shares, reflecting moderate market activity.
Is FULT Overvalued or Undervalued? — Valuation Analysis
FULTON FINANCIAL CORP (FULT) carries a value factor score of 76/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The trailing price-to-earnings ratio is 11.54x, compared to the Financials sector average of 14.88x — a discount of 22%. The price-to-book ratio stands at 1.18x, versus the sector average of 1.22x. The price-to-sales ratio is 15.41x, compared to 0.90x for the average Financials stock. On an enterprise value basis, FULT trades at 9.22x EV/EBITDA, versus 3.26x for the sector.
Based on these multiples, FULTON FINANCIAL CORP appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.
FULTON FINANCIAL CORP Profitability — ROE, Margins, and Quality Score
FULTON FINANCIAL CORP (FULT) earns a quality factor score of 58/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 10.2%, compared to the Financials sector average of 8.5%, which is within a healthy range. Return on assets (ROA) comes in at 1.1% versus the sector average of 1.2%.
On a margin basis, FULTON FINANCIAL CORP reports gross margins of 0.0%. The operating margin is 165.9% (sector: 21.8%). Net profit margin stands at 132.6%, versus 17.7% for the average Financials stock. Revenue growth is running at -37.8% on a trailing basis, compared to 9.4% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
FULT Debt, Balance Sheet, and Financial Health
FULTON FINANCIAL CORP has a debt-to-equity ratio of 820.0%, compared to the Financials sector average of 121.0%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. The current ratio is 1.12x, suggesting adequate working capital coverage. Total debt on the balance sheet is $1.47B. Cash and equivalents stand at $307M.
FULT has a beta of 1.00, meaning it is roughly in line with the broader market in terms of price volatility. The stability factor score for FULTON FINANCIAL CORP is 76/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
FULTON FINANCIAL CORP Revenue and Earnings History — Quarterly Trend
In TTM 2026, FULTON FINANCIAL CORP reported revenue of $266M and earnings per share (EPS) of $2.10. Net income for the quarter was $356M. Gross margin was 0.0%. Operating income came in at $445M.
In FY 2025, FULTON FINANCIAL CORP reported revenue of $277M and earnings per share (EPS) of $2.10. Net income for the quarter was $392M. Revenue grew -6.5% year-over-year compared to FY 2024. Operating income came in at $486M.
In Q3 2025, FULTON FINANCIAL CORP reported revenue of $70M and earnings per share (EPS) of $0.54. Net income for the quarter was $100M. Revenue grew 18.0% year-over-year compared to Q3 2024. Operating income came in at $128M.
In Q2 2025, FULTON FINANCIAL CORP reported revenue of $69M and earnings per share (EPS) of $0.53. Net income for the quarter was $99M. Revenue grew -39.0% year-over-year compared to Q2 2024. Operating income came in at $123M.
Over the past 8 quarters, FULTON FINANCIAL CORP has demonstrated a growth trajectory, with revenue expanding from $113M to $266M. Investors analyzing FULT stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
FULT Dividend Yield and Income Analysis
FULTON FINANCIAL CORP (FULT) currently pays a dividend yield of 3.9%. At this yield, a $10,000 investment in FULT stock would generate approximately $$385.00 in annual dividend income. This compares to the Financials sector average dividend yield of 2.5%, meaning FULT offers above-average income for its sector. With a net margin of 132.6%, the dividend appears well-covered by earnings, suggesting sustainable payouts going forward.
FULT Momentum and Technical Analysis Profile
FULTON FINANCIAL CORP (FULT) has a momentum factor score of 52/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 39/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 10/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
FULT vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing FULT against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full FULT vs S&P 500 (SPY) comparison to assess how FULTON FINANCIAL CORP stacks up against the broader market across all factor dimensions.
FULT Next Earnings Date
No upcoming earnings date has been announced for FULTON FINANCIAL CORP (FULT) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy FULT? — Investment Thesis Summary
FULTON FINANCIAL CORP presents a balanced picture with arguments on both sides. The value score of 76/100 suggests attractive pricing relative to fundamentals. Low volatility (stability score 76/100) reduces downside risk.
In summary, FULTON FINANCIAL CORP (FULT) earns a Hold rating with a composite score of 54.2/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on FULT stock.
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Institutional Research Dossier
FULTON FINANCIAL CORP (FULT) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
Fulton Financial Corporation (FULT) currently holds a 'Hold' rating, a position supported by a mixed financial profile. While the company exhibits attractive valuation metrics and solid profitability compared to its sector, concerns arise from its significant revenue decline and relatively weak investment and momentum scores. The current valuation appears to reflect these challenges, suggesting that the stock is fairly priced given its current trajectory.
The primary takeaway is that FULT presents a balanced risk-reward scenario. Its strong profitability and value metrics offer potential upside, but the substantial revenue contraction and lower investment scores warrant caution. Investors should closely monitor the company's ability to stabilize and grow revenue, as this will be crucial in determining its future performance and justifying a more bullish outlook.
Business Strategy & Overview
Fulton Financial Corporation operates as a regional financial holding company, primarily serving customers in Pennsylvania, Maryland, Delaware, New Jersey, and Virginia. The company's core business revolves around providing traditional banking products and services, including checking and savings accounts, various loan products (mortgages, commercial loans, and consumer loans), and wealth management services. Fulton differentiates itself through a community-banking model, emphasizing personalized service and local market knowledge.
The company's revenue streams are diversified across net interest income (from lending activities) and non-interest income (from fees, wealth management, and other services). Fulton's strategic positioning focuses on maintaining a strong presence in its existing markets while selectively expanding into adjacent areas. This approach aims to balance growth with controlled risk management.
Fulton's product pipeline is centered on enhancing its digital banking capabilities and expanding its wealth management offerings. The company is investing in technology to improve customer experience and streamline operations. Furthermore, Fulton is actively seeking opportunities to grow its wealth management business through acquisitions and organic growth initiatives.
The banking industry is highly competitive, with both large national banks and smaller regional players vying for market share. Fulton competes primarily on service quality, local expertise, and competitive pricing. The company's ability to maintain its market position depends on its ability to adapt to changing customer preferences and regulatory requirements.
Fulton's recent financial performance has been impacted by broader macroeconomic trends, including interest rate fluctuations and economic uncertainty. The company's strategy involves managing its interest rate risk, controlling expenses, and maintaining strong credit quality. Fulton's success hinges on its ability to navigate these challenges and capitalize on opportunities in its target markets.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
-37.8%
Sector: 9.4%
-503% VS SCTR
Economic Moat Analysis
Fulton Financial's economic moat can be classified as Narrow. The company's competitive advantage stems primarily from its established regional presence and customer relationships, which create a degree of switching costs and intangible assets. However, these advantages are not substantial enough to warrant a Wide moat rating.
The switching costs associated with banking relationships are moderate. Customers may be hesitant to switch banks due to the inconvenience of transferring accounts, setting up new payment arrangements, and establishing new credit relationships. Fulton's long-standing presence in its markets has allowed it to build strong customer loyalty, which contributes to these switching costs.
Fulton's intangible assets include its brand reputation and local market knowledge. The company has cultivated a positive image in its communities, which helps it attract and retain customers. Furthermore, Fulton's understanding of the local economies and customer needs allows it to tailor its products and services effectively.
However, Fulton's moat is not impenetrable. The banking industry is highly competitive, and customers have numerous options for their financial services. Large national banks have greater resources and broader product offerings, while smaller community banks may offer more personalized service. Fulton must continuously invest in its customer relationships and product offerings to maintain its competitive edge.
Furthermore, the rise of fintech companies poses a threat to traditional banks like Fulton. These companies are leveraging technology to offer innovative financial products and services, often at lower costs. Fulton must adapt to this changing landscape by investing in its own digital capabilities and partnering with fintech companies where appropriate.
Ultimately, Fulton's narrow moat provides it with a modest competitive advantage, but it is not immune to competitive pressures. The company must continue to execute its strategy effectively to maintain its market position and generate sustainable returns.
Financial Health & Profitability
Fulton Financial's financial health presents a mixed picture. While the company exhibits strong profitability metrics, its revenue growth has been concerning. The TTM revenue of $276.77 million represents a significant decline of -37.8% compared to the sector average of 9.3%. This revenue contraction is a key area of concern and warrants close monitoring.
Despite the revenue decline, Fulton's profitability metrics are impressive. The company's net income of $391.61 million translates to a net margin of 132.6%, significantly higher than the sector average of 17.8%. Similarly, its operating margin of 165.9% far exceeds the sector average of 22.0%. This suggests that Fulton is highly efficient in managing its expenses and generating profits from its existing revenue base.
Fulton's return on equity (ROE) of 10.2% is also above the sector average of 8.5%, indicating that the company is effectively utilizing its equity to generate profits. The company's free cash flow (FCF) of $471.06 million demonstrates its ability to generate cash from its operations, providing financial flexibility for investments and shareholder returns.
However, Fulton's balance sheet leverage is relatively high. The company's debt-to-equity (D/E) ratio of 820.00 is significantly higher than the sector average of 115.00. This high leverage increases the company's financial risk and could limit its ability to pursue growth opportunities. The current ratio of 1.12 indicates that the company has sufficient liquid assets to cover its short-term liabilities.
Analyzing the quarterly financial history reveals a volatile revenue trend. While net income and operating margins have remained relatively stable, revenue has fluctuated significantly. This volatility adds uncertainty to the company's future financial performance. The consistent profitability despite revenue fluctuations suggests effective cost management, but sustained revenue growth is crucial for long-term success.
In summary, Fulton's financial health is characterized by strong profitability and cash flow generation, but tempered by a significant revenue decline and high leverage. The company's ability to stabilize and grow revenue will be critical in determining its future financial performance.
Valuation Assessment
Fulton Financial's valuation metrics suggest that the stock is attractively priced relative to its sector. The company's price-to-earnings (P/E) ratio of 9.3x is significantly lower than the sector average of 15.5x, indicating that the stock is undervalued based on its earnings. Similarly, its enterprise value-to-EBITDA (EV/EBITDA) ratio of 1.7x is substantially lower than the sector average of 3.5x, further supporting the undervaluation thesis.
However, it's crucial to consider the company's negative revenue growth when assessing its valuation. The -37.8% revenue growth rate raises concerns about the sustainability of its earnings and cash flow. While the current valuation may appear cheap, it could be justified by the market's expectation of continued revenue decline.
The company's free cash flow yield, calculated by dividing free cash flow by market capitalization, is approximately 13.3%. This high yield suggests that the stock is generating a significant amount of cash relative to its market value. However, investors should carefully evaluate the quality and sustainability of this cash flow, given the revenue challenges.
Comparing Fulton's valuation to its historical averages is difficult without historical P/E and EV/EBITDA data. However, the recent quarterly financial history reveals consistent profitability, suggesting that the company has been able to maintain its earnings despite revenue fluctuations. This could indicate that the current valuation is indeed attractive, as it does not fully reflect the company's earnings power.
Overall, Fulton's valuation appears to be a mixed bag. While the P/E and EV/EBITDA ratios suggest undervaluation, the negative revenue growth warrants caution. The high free cash flow yield is a positive sign, but its sustainability needs to be assessed. The current 'Hold' rating reflects this uncertainty, as the stock's valuation could be justified by either its earnings potential or its revenue challenges.
A discounted cash flow (DCF) analysis, which is not possible with the provided data, would be beneficial to determine the intrinsic value of the stock. This would involve projecting the company's future cash flows and discounting them back to the present value. However, without detailed financial projections, it's difficult to arrive at a definitive valuation conclusion.
Risk & Uncertainty
Fulton Financial faces several specific risks that could negatively impact its business and financial performance. One of the most significant risks is the company's exposure to interest rate fluctuations. As a lending institution, Fulton's net interest income is sensitive to changes in interest rates. A rapid increase in interest rates could compress its net interest margin and reduce its profitability.
Another key risk is the company's high debt-to-equity ratio. This high leverage increases Fulton's financial risk and could make it more vulnerable to economic downturns. If the company experiences a decline in earnings or cash flow, it may struggle to meet its debt obligations.
Competition from larger national banks and fintech companies also poses a significant risk. These competitors have greater resources and broader product offerings, which could erode Fulton's market share. The company must continuously innovate and adapt to changing customer preferences to remain competitive.
Regulatory changes in the financial industry could also impact Fulton's business. New regulations could increase compliance costs, restrict lending activities, or limit the company's ability to generate revenue. Fulton must stay abreast of these changes and adapt its operations accordingly.
Finally, the company's reliance on its regional markets exposes it to geographic concentration risk. An economic downturn in Pennsylvania, Maryland, Delaware, New Jersey, or Virginia could negatively impact Fulton's loan portfolio and overall financial performance. Diversifying its geographic footprint could mitigate this risk.
Bulls Say / Bears Say
The Bull Case
BULL VIEWFulton's strong profitability metrics, including high net and operating margins, demonstrate efficient operations and the potential for continued earnings growth.
BULL VIEWThe company's low valuation multiples, such as P/E and EV/EBITDA, suggest that the stock is undervalued and offers significant upside potential.
BULL VIEWFulton's high free cash flow yield provides financial flexibility for investments, acquisitions, and shareholder returns, enhancing its long-term value.
The Bear Case
BEAR VIEWFulton's significant revenue decline raises concerns about its long-term growth prospects and ability to maintain its current profitability levels.
BEAR VIEWThe company's high debt-to-equity ratio increases its financial risk and vulnerability to economic downturns and interest rate fluctuations.
BEAR VIEWCompetition from larger national banks and fintech companies could erode Fulton's market share and pressure its margins, limiting its future growth potential.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score FULT and 4,400+ other equities.
FULTON FINANCIAL CORP exhibits a 442% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
1.1%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
0.0%
Sector: 0.0%
Operating Margin
Core business profitability
165.9%
Sector: 21.8%
Net Margin
Bottom-line profitability
132.6%
Sector: 17.7%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield2.48%
Yield Delta+55%
Income Projection audit
A $10,000 investment would generate approximately $385 annually in dividends at the current trailing rate.
