Thursday, Credit Suisse initiated coverage of Fulton Financial Corp. (FULT) stock with a Neutral rating and a price target of $5. The brokerage established its 2009 EPS estimate of $0.03, and its 2010 estimate of $0.34.
Analyst Siegenthaler noted that credit quality for FULT has deteriorated like most banks, while current levels of problem loans and the net inflows have remains well below peers. This leaves FULT better positioned than most banks with its in-line capital levels and reserve ratios.
The analyst believes the largest losses at FULT will come from its CRE (commercial real estate) book owing to its size relative to the portfolio. While credit costs remain low in its Mid-Atlantic CRE portfolio, the analyst believes credit costs will begin to escalate in the second quarter of 2009 for FULT and its other regional peers.
The analyst said that one positive for FULT is that it trades at a significant discount to both of its large Mid-Atlantic competitors, M&T Bank Corp. (MTB), and Valley National Bancorp (VLY), on a ratio of pre-provision earnings and tangible book value (TBV).
Currently, FULT is down $0.11 or 1.99% and trading at $5.42.
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