Fulton Financial Corporation Depositary Shares Each Representing a 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock Series A (FULTP)

FairStock Score: 65/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I am looking at FULTP as a claim on Fulton Financial, not as common equity: it is a depositary share representing a 1/40th interest in fixed-rate non-cumulative perpetual preferred Series A. So my first question is not whether the common stock is cheap but whether the bank's earnings and capital can support the preferred dividend. The issuer-level numbers are decent: FairStock shows ROE of 11.63%, P/B of 0.88 and P/E of 10.34 at the 2026-10-26 close of $16.23. Those are reasonable bank figures, not a deep bargain. The preferred yield is 7.84%, which compensates for risk and the non-cumulative feature. Filed results show net income of $102.4M in the quarter ended 2026-06-30, $94.8M in the quarter ended 2026-03-31, $100.5M in the quarter ended 2025-09-30, and $99.2M in the quarter ended 2025-06-30; FY2025 net income was $391.6M versus $288.7M in FY2024 and $284.3M in FY2023. That is consistency, not rapid growth. FairStock's Piotroski score is 4/9, which is mixed, and the Lynch category is STALWART because profit grew 17.1% a year over five years while revenue grew 4.1%. I do not have CET1, net interest margin, nonperforming loans, reserve coverage, or the preferred dividend coverage; a combined ratio is not meaningful for a bank and is not given. Non-cumulative dividends do not build up if skipped. I would demand a margin of safety for that missing information.

In plain English: Fulton Financial is a regional bank holding company, and FULTP is a preferred-stock share tied to it rather than its common stock. It offers a high stated income, but the dividend is non-cumulative and can be skipped, and profits, while fairly steady, come with key bank safety details missing from the data. At $16.23 the price looks moderately cheap relative to the underlying bank's reported accounting value, but not clearly a bargain once preferred-stock risk is considered.

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Data as of 2026-10-26 close · note generated 2026-10-28 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer