Barclays Maintains an 'Overweight' on Fulton Financial (FULT); 3Q11 EPS Review: ROA Progress Continues

Barclays maintains an 'Overweight' on Fulton Financial (NASDAQ: FULT) price target of $13.00.

Barclays analyst says, "While Fulton Financial Corp. expressed some caution around the economic environment, we believe its improving credit quality, strong capital base, and focus on increasing its ROA (+6bps to 0.98%) should position it well for a challenging growth backdrop. We expect its continued expense discipline and liability management levers to help it continue delivering solid near-term results."

"While our 2011 EPS estimate of $0.75 remained unchanged, we are lowering our 2012 EPS estimate to $0.90 from $0.95 to reflect modest net interest margin compression in this prolonged low rate environment. We expect the flattening in the yield curve and increasing loan competition to more than offset its opportunity to continue lowering its funding costs."

For more ratings news on Fulton Financial click here and for the rating history of Fulton Financial click here.

Shares of Fulton Financial closed at $9.12 yesterday.

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