Barclays Maintains an 'Equalweight' on Fulton Financial (FULT); 3Q11 10-Q Review: Slowly Improving

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

Barclays analyst says, "Outlook: Economic conditions, while slowly improving, continue to place stress on FULT's borrowers and impact the pace of asset quality improvement. However, improvements in certain asset quality metrics had a positive impact on recent results."

"Margin: The average yield on loans equaled 5.07% at 3Q11 (5.13% at 2Q11),
despite the avg. prime rate remaining at 3.25%. The decrease in average yields on loans was attributable to repayments of higher-yielding loans and declining rates on fixed and adjustable rate loans which, unlike floating rate loans, have a lagged
repricing effect."

"Putbacks: At 3Q11, the reserve for losses on potential repurchase of loans was
$1.5mn. Management believes these reserves are adequate for known potential
repurchases. However, continued declines in collateral values or the identification of additional loans to be repurchased could necessitate additional reserves in the
future."

For an analyst ratings summary and ratings history on Fulton Financial click here. For more ratings news on Fulton Financial click here.

Shares of Fulton Financial closed at $9.36 yesterday.

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