OCFC - Fulton Financial Getting More Active But Value Creation Still Not Certain

• Fulton has finally gotten back to M&A, but the acquisition of Prudential Bancorp may not provide the strategic leverage that some were expecting.
• Fulton's core rate sensitivity is a little better than average, and Fulton's more leveraged to near-term rate increases than some peers, but deposit beta could be a risk.
• Improved operating leverage could be a significant driver if management can drive improved loan growth and rate spreads while holding down costs.
• Fulton may be undervalued below $20, but the company just doesn't offer a lot of what I'm looking for in smaller banks.

For further details see: