# Fulton Financial (FULT.US)

Canonical: https://gigainvestors.com/s/FULT

Analysis as of: 2026-10-16T07:28:41.016Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $22.35 per share; close as of 2026-10-15.

Estimated value: low $17.92 per share, central $22.40 per share, high $29.87 per share. Buy at or below the central value $22.40 per share. Valuation as of 2026-10-16T07:28:41.016Z; scenarios are not confidence intervals.

Expected annual return: 10.0% at the stated quote. About 10.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.16×

Chart: Net income; fiscal year observations.

- FY2016: $162M

- FY2017: $172M

- FY2018: $208M

- FY2019: $226M

- FY2020: $176M

- FY2021: $265M

- FY2022: $277M

- FY2023: $274M

- FY2024: $278M

- FY2025: $381M

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- median cost/income ratio exceeds 65%

- Bank / P&C ROTE, median of available years: 12.6%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 10.1%

- Cost / income, median: 66.0%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 10.4%

- FY2017: 10.1%

- FY2018: 12.4%

- FY2019: 12.8%

- FY2020: 9.3%

- FY2021: 13.4%

- FY2022: 15.2%

- FY2023: 13.7%

- FY2024: 11.8%

- FY2025: 14.2%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 11.1%

- Book return interval: 10 years

- Starting book value per share: $8.54

- Ending book value per share: $14.65

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 8.8%

- FY2017: 13.6%

- FY2018: 3.7%

- FY2019: 16.6%

- FY2020: 15.1%

- FY2021: 10.8%

- FY2022: -3.3%

- FY2023: 15.3%

- FY2024: 17.3%

- FY2025: 15.3%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: 0.4%

- Diluted shares, 5-year annual growth: 2.4%

- Share growth excluding flagged crisis recapitalisations: 0.4%

- Five-year share growth excluding flagged crisis recapitalisations: 2.4%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.17×

- Book value created per share: $6.10

- Earnings retained per share after dividends and buybacks: $5.22

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 99

- FY2017: 100

- FY2018: 100

- FY2019: 95

- FY2020: 92

- FY2021: 92

- FY2022: 94

- FY2023: 94

- FY2024: 100

- FY2025: 104

### accounting: fail

- credit provisions persistently exceed same-year peers

- Financial accounting warning count: 1

- Deposits, annualized growth: 6.5%

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 1

- Years credit losses exceeded peer median: 5

## Holders

- [Thomas Russo](https://gigainvestors.com/GR): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 6% a year forever · "FULT Q1 Deep Dive: Loan Growth, Efficiency, and BlueFoundry Integration Underpin Outlook" (finance.yahoo.com, Apr 2026) · net income +36.9%

Story as of 2026-10-16T09:58:47.854Z; price observation 2026-10-15.

The price assumes profits grow 6% a year forever

- 2026-04-24: FULT Q1 Deep Dive: Loan Growth, Efficiency, and BlueFoundry Integration Underpin Outlook ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/fult-q1-deep-dive-loan-070123971.html))

- 2026-07-24: FULT Q2 Deep Dive: Blue Foundry Integration Drives Growth, Margin Stability Remains Focus ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/fult-q2-deep-dive-blue-211308328.html))

### Net income · FY2025

net income +36.9%; source https://www.sec.gov/Archives/edgar/data/700564/000070056426000006/fult-20251231.htm; observed 2026-02-27.

- FY2016: $162M 

- FY2017: $172M 

- FY2018: $208M 

- FY2019: $226M 

- FY2020: $176M 

- FY2021: $265M 

- FY2022: $277M 

- FY2023: $274M 

- FY2024: $278M 

- FY2025: $381M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are USD 1.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/700564/000070056426000006/fult-20251231.htm#000070056426000006 (filed 2026-02-27); FY2025: revenue 1313113000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FULT.US: Fulton Financial Corporation operates as the bank holding company for Fulton Bank that provides banking and financial products and services in the United States. It provides various checking accounts and savings deposit products, and certificates of deposit. The company also offers consumer loans products, including home equity loans and lines of credit; construction and jumbo residential mortgage loans; automobile, student, and personal loans; account overdraft protection; commercial lending products comprising commercial real estate, commercial and industrial, and construction loans, as well as equipment lease financing loans. In addition, it offers 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 trust preferred securities; and sells various life insurance products. It provides its products and services through financial center locations, as well as through a network of automated teller machines, telephone banking, mobile banking, and online banking. The company was founded in 1882 and is headquartered in Lancaster, Pennsylvania.

### Why customers stay

It earns 12.6% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); 10-year return on tangible equity observations [[2016,0.1041379408103462],[2017,0.10113266607548517],[2018,0.12416170162059104],[2019,0.12804833203779575],[2020,0.09320704729103192],[2021,0.13383134485312967],[2022,0.15154691397575648],[2023,0.1365639732485473],[2024,0.11755625494927051],[2025,0.14205404938279884]]; median 0.1261050168291934. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 66 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Dividend observations: [[2016,69382000],[2017,80368000],[2018,89654000],[2019,92330000],[2020,90957000],[2021,112028000],[2022,116009000],[2023,115738000],[2024,131698000],[2025,141207000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/700564/000070056426000006/fult-20251231.htm (filed 2026-02-27); FY2025: cash repurchases 66048000 USD.

### Are managers owners

Insiders own 0.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FULT.US SharesStats.PercentInsiders = 0.852 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 6% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Price 22.35; FX 1; original perpetual distributable cash 0.8961439475512609; discount 0.1; growth 0.05990407393506663. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $14.90 per share

- 2016-11: $17.75 per share

- 2016-12: $18.80 per share

- 2017-01: $18.20 per share

- 2017-02: $19.13 per share

- 2017-03: $17.85 per share

- 2017-04: $18.45 per share

- 2017-05: $17.50 per share

- 2017-06: $19.00 per share

- 2017-07: $18.25 per share

- 2017-08: $17.45 per share

- 2017-09: $18.75 per share

- 2017-10: $18.20 per share

- 2017-11: $19.00 per share

- 2017-12: $17.90 per share

- 2018-01: $18.20 per share

- 2018-02: $18.10 per share

- 2018-03: $17.75 per share

- 2018-04: $16.90 per share

- 2018-05: $17.45 per share

- 2018-06: $16.50 per share

- 2018-07: $17.35 per share

- 2018-08: $18.20 per share

- 2018-09: $16.65 per share

- 2018-10: $16.01 per share

- 2018-11: $17.41 per share

- 2018-12: $15.48 per share

- 2019-01: $16.05 per share

- 2019-02: $17.18 per share

- 2019-03: $15.48 per share

- 2019-04: $17.25 per share

- 2019-05: $15.76 per share

- 2019-06: $16.37 per share

- 2019-07: $17.00 per share

- 2019-08: $15.95 per share

- 2019-09: $16.18 per share

- 2019-10: $17.06 per share

- 2019-11: $17.16 per share

- 2019-12: $17.43 per share

- 2020-01: $16.47 per share

- 2020-02: $14.45 per share

- 2020-03: $11.49 per share

- 2020-04: $11.69 per share

- 2020-05: $11.21 per share

- 2020-06: $10.53 per share

- 2020-07: $9.70 per share

- 2020-08: $9.78 per share

- 2020-09: $9.33 per share

- 2020-10: $10.99 per share

- 2020-11: $12.32 per share

- 2020-12: $12.72 per share

- 2021-01: $13.40 per share

- 2021-02: $15.45 per share

- 2021-03: $17.03 per share

- 2021-04: $17.05 per share

- 2021-05: $17.33 per share

- 2021-06: $15.78 per share

- 2021-07: $15.32 per share

- 2021-08: $15.85 per share

- 2021-09: $15.28 per share

- 2021-10: $16.10 per share

- 2021-11: $15.79 per share

- 2021-12: $17.00 per share

- 2022-01: $17.95 per share

- 2022-02: $18.02 per share

- 2022-03: $16.62 per share

- 2022-04: $15.17 per share

- 2022-05: $15.85 per share

- 2022-06: $14.45 per share

- 2022-07: $16.69 per share

- 2022-08: $16.23 per share

- 2022-09: $15.80 per share

- 2022-10: $18.23 per share

- 2022-11: $18.59 per share

- 2022-12: $16.83 per share

- 2023-01: $16.73 per share

- 2023-02: $17.20 per share

- 2023-03: $13.82 per share

- 2023-04: $11.93 per share

- 2023-05: $11.16 per share

- 2023-06: $11.92 per share

- 2023-07: $14.30 per share

- 2023-08: $13.33 per share

- 2023-09: $12.11 per share

- 2023-10: $12.99 per share

- 2023-11: $14.23 per share

- 2023-12: $16.46 per share

- 2024-01: $15.59 per share

- 2024-02: $15.40 per share

- 2024-03: $15.89 per share

- 2024-04: $16.55 per share

- 2024-05: $16.84 per share

- 2024-06: $16.98 per share

- 2024-07: $19.37 per share

- 2024-08: $19.35 per share

- 2024-09: $18.13 per share

- 2024-10: $18.11 per share

- 2024-11: $21.58 per share

- 2024-12: $19.28 per share

- 2025-01: $20.34 per share

- 2025-02: $19.82 per share

- 2025-03: $18.09 per share

- 2025-04: $16.68 per share

- 2025-05: $17.25 per share

- 2025-06: $18.04 per share

- 2025-07: $17.95 per share

- 2025-08: $19.66 per share

- 2025-09: $18.63 per share

- 2025-10: $17.37 per share

- 2025-11: $18.15 per share

- 2025-12: $19.33 per share

- 2026-01: $20.65 per share

- 2026-02: $20.45 per share

- 2026-03: $20.34 per share

- 2026-04: $21.59 per share

- 2026-05: $21.69 per share

- 2026-06: $24.19 per share

- 2026-07: $24.33 per share

- 2026-08: $23.46 per share

- 2026-09: $22.56 per share

- 2026-10: $22.35 per share

## Annual estimated value (USD per share)

- FY2016: low $8.25 per share, central $9.07 per share, high $10.08 per share

- FY2017: low $7.96 per share, central $9.84 per share, high $12.87 per share

- FY2018: low $8.08 per share, central $10.02 per share, high $13.19 per share

- FY2019: low $9.22 per share, central $11.53 per share, high $15.37 per share

- FY2020: low $11.19 per share, central $13.93 per share, high $18.45 per share

- FY2021: low $11.98 per share, central $14.96 per share, high $19.92 per share

- FY2022: low $11.42 per share, central $14.27 per share, high $19.03 per share

- FY2023: low $14.76 per share, central $18.46 per share, high $24.61 per share

- FY2024: low $16.89 per share, central $21.12 per share, high $28.16 per share

- FY2025: low $20.54 per share, central $25.68 per share, high $34.24 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/700564/000070056426000006/fult-20251231.htm); period 2025-12-31, filed 2026-02-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Thomas Russo](https://gigainvestors.com/GR): 44,250 FULT shares; USD 1,070,000 reported position value; 0.01% of portfolio; reduce; quarter 2026 Q2.

# FULT — Fulton Financial Corp.

Held by 1 investor · USD 1,070,000 total · 2026 Q2 · reported price USD 24.18 (split-adjusted).
Page: https://gigainvestors.com/s/FULT

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Thomas Russo (https://gigainvestors.com/GR) | USD 1,070,000 | <0.1% | reduce -9.6% |

## Total held by quarter

- 2008 Q4: USD 1,429,628 · 1 holder · USD 9.62
- 2009 Q1: USD 1,026,397 · 1 holder · USD 6.63
- 2009 Q2: USD 838,496 · 1 holder · USD 5.19
- 2009 Q3: USD 830,147 · 1 holder · USD 7.40
- 2009 Q4: USD 978,227 · 1 holder · USD 8.72
- 2010 Q1: USD 1,144,256 · 1 holder · USD 10.20
- 2010 Q2: USD 1,082,556 · 1 holder · USD 9.65
- 2010 Q3: USD 1,003,576 · 1 holder · USD 9.06
- 2010 Q4: USD 1,122,304 · 1 holder · USD 10.34
- 2011 Q1: USD 1,130,109 · 1 holder · USD 11.11
- 2011 Q2: USD 1,055,910 · 1 holder · USD 10.71
- 2011 Q3: USD 746,571 · 1 holder · USD 7.65
- 2011 Q4: USD 957,368 · 1 holder · USD 9.81
- 2012 Q1: USD 1,030,764 · 1 holder · USD 10.50
- 2012 Q2: USD 960,718 · 1 holder · USD 9.99
- 2012 Q3: USD 937,405 · 1 holder · USD 9.85
- 2012 Q4: USD 904,954 · 1 holder · USD 9.61
- 2013 Q1: USD 1,047,325 · 1 holder · USD 11.70
- 2013 Q2: USD 931,177 · 1 holder · USD 11.48
- 2013 Q3: USD 937,881 · 1 holder · USD 11.68
- 2013 Q4: USD 1,051,101 · 1 holder · USD 13.09
- 2014 Q1: USD 1,010,149 · 1 holder · USD 12.58
- 2014 Q2: USD 994,892 · 1 holder · USD 12.39
- 2014 Q3: USD 716,743 · 1 holder · USD 11.08
- 2014 Q4: USD 664,121 · 1 holder · USD 12.37
- 2015 Q1: USD 624,983 · 1 holder · USD 12.33
- 2015 Q2: USD 483,982 · 1 holder · USD 13.07
- 2015 Q3: USD 471,873 · 1 holder · USD 12.09
- 2015 Q4: USD 409,890 · 1 holder · USD 13.00
- 2016 Q1: USD 467,014 · 1 holder · USD 13.37
- 2016 Q2: USD 471,904 · 1 holder · USD 13.51
- 2016 Q3: USD 1,356,792 · 1 holder · USD 14.52
- 2016 Q4: USD 1,650,570 · 1 holder · USD 18.79
- 2017 Q1: USD 1,550,148 · 1 holder · USD 17.85
- 2017 Q2: USD 1,612,017 · 1 holder · USD 19.00
- 2017 Q3: USD 2,195,100 · 1 holder · USD 18.75
- 2017 Q4: USD 2,091,114 · 1 holder · USD 17.90
- 2018 Q1: USD 2,134,509 · 1 holder · USD 17.75
- 2018 Q2: USD 1,984,191 · 1 holder · USD 16.50
- 2018 Q3: USD 2,000,564 · 1 holder · USD 16.65
- 2018 Q4: USD 1,859,984 · 1 holder · USD 15.48
- 2019 Q1: USD 1,844,504 · 1 holder · USD 15.48
- 2019 Q2: USD 1,923,868 · 1 holder · USD 16.37
- 2019 Q3: USD 1,901,538 · 1 holder · USD 16.18
- 2019 Q4: USD 2,044,086 · 1 holder · USD 17.43
- 2020 Q1: USD 1,347,478 · 1 holder · USD 11.49
- 2020 Q2: USD 1,234,895 · 1 holder · USD 10.53
- 2020 Q3: USD 1,093,327 · 1 holder · USD 9.33
- 2020 Q4: USD 949,815 · 1 holder · USD 12.72
- 2021 Q1: USD 1,266,645 · 1 holder · USD 17.02
- 2021 Q2: USD 1,174,363 · 1 holder · USD 15.78
- 2021 Q3: USD 1,144,288 · 1 holder · USD 15.29
- 2021 Q4: USD 1,269,713 · 1 holder · USD 17.00
- 2022 Q1: USD 1,241,331 · 1 holder · USD 16.62
- 2022 Q2: USD 982,685 · 1 holder · USD 14.44
- 2022 Q3: USD 1,068,159 · 1 holder · USD 15.80
- 2022 Q4: USD 1,133,752 · 1 holder · USD 16.82
- 2023 Q1: USD 1,104,287 · 1 holder · USD 13.82
- 2023 Q2: USD 1,190,868 · 1 holder · USD 11.92
- 2023 Q3: USD 1,452,050 · 1 holder · USD 12.11
- 2023 Q4: USD 1,922,610 · 1 holder · USD 16.46
- 2024 Q1: USD 1,848,086 · 1 holder · USD 15.89
- 2024 Q2: USD 1,940,899 · 1 holder · USD 16.98
- 2024 Q3: USD 1,472,664 · 1 holder · USD 18.13
- 2024 Q4: USD 1,440,216 · 1 holder · USD 19.28
- 2025 Q1: USD 1,260,873 · 1 holder · USD 18.09
- 2025 Q2: USD 1,230,328 · 1 holder · USD 18.04
- 2025 Q3: USD 1,202,852 · 1 holder · USD 18.62
- 2025 Q4: USD 1,045,753 · 1 holder · USD 19.33
- 2026 Q1: USD 996,133 · 1 holder · USD 20.35
- 2026 Q2: USD 1,070,000 · 1 holder · USD 24.18