Piper Sandler Reiterates Neutral Rating on Fulton Financial (FULT)

Piper Sandler analyst Matthew Breese reiterated a Neutral rating and $19.00 price target on Fulton Financial (NASDAQ: FULT).

The analyst commented, "FULT reported 2Q24 EPS of $0.52, and after excluding a number of one-time costs (including those tied to the intra quarter acquisition of Republic Bank through the FDIC), we peg core at $0.45. This compares to us at $0.41 and consensus at $0.39. The primary deltas versus us were $0.05 better NII, $0.03 better fee income and $0.03 lower provisioning offset by a $0.07 miss on expenses. Along with earnings, mgmt provided updated 2024 guide with PPNR (at the midpoint) 5% ahead of current consensus and 3% better than our expectations. Versus our estimate, this delta looks to be primarily driven by higher PAA than we had previously modeled. We expect investors will like the strength in NII and fee income as well as the relatively clean credit, while expenses disappointed a bit."

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 $18.81 yesterday.

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