Fulton Financial Q2 adjusted EPS rises on Blue Foundry deal

Overview

• U.S. regional bank's Q2 adjusted EPS rose to $0.60, net income increased to $99.9 mln

• Company completed acquisition of Blue Foundry Bancorp, boosting loans and net interest income

• Non-interest expense rose due to acquisition costs and higher salaries

Outlook

• Company did not provide specific guidance for future quarters or the full year in the press release

Result Drivers

• ACQUISITION IMPACT - Blue Foundry Bancorp acquisition drove increases in loans, deposits, and net interest income

• NON-INTEREST INCOME GAIN - Higher non-interest income from equity investment sale and mortgage banking

• EXPENSES UP - Acquisition costs and higher salaries increased non-interest expense

Company press release: ID:nPn66XS3la

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for Fulton Financial Corp is $24.00, about 2.5% below its July 21 closing price of $24.62

• The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 10 three months ago

Reuters Recommended Reads

• July 21 - Nicolet Bankshares Q2 adjusted EPS beats analyst estimates aided by MidWestOne acquisition

• July 22 - Farmers National Banc Q2 net interest income rises on Middlefield acquisition

• July 21 - KeyCorp quarterly profit rises on interest income strength

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)