KBW is out with its message today on Fulton Financial FULT, maintaining Market Perform.
In a note to clients, KBW writes, "Fulton posted 1Q11 operating EPS of $0.16 which excludes a penny of securities gains & missed our forecast on slightly weaker spread income & fees. NCOs exceeded a slightly lower provision as credit improved with NPAs, NCOs and delinquencies all down modestly. Net loan growth (-0.2%) remains a challenge as stronger C&I and CRE was masked by runoff in construction & consumer."
KBW maintains a $10 PT on FULT.
Shares of FULT closed Wednesday at $10.88.
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