Recent News
On May 1, 2026 the company priced $300 million of 5.950% fixed-to-floating subordinated notes due 2036. On April 1, 2026 Fulton completed the Blue Foundry Bancorp acquisition and indicated integration and systems conversion planned for summer 2026. On March 17, 2026 the Board declared a quarterly common dividend of $0.19 per share payable April 15, 2026.
Technical Analysis
Directional indicators show DI+ at 23.8 with an increasing trend while DI− reads 16.95 with a decreasing trend; that configuration signals a bullish directional bias despite a low ADX of 15.97, which indicates no strong trend and leaves room for range-bound behavior.
MACD stands at 0.19 with a dip & reversal and a signal line of 0.11; the MACD has crossed above its signal, indicating a shift toward bullish momentum for near-term price movement.
MRO sits at 23.75 with a dip & reversal; since MRO remains positive, the price appears above the oscillator’s implied target and faces mean-reversion pressure even as momentum shows recovery.
RSI at 55.41 with a dip & reversal reflects modest bullish momentum without overbought conditions, supporting the possibility of further upside while leaving room for pullbacks.
Price sits above major moving averages—12‑day EMA $21.78 (increasing), 20‑day average $21.68, 50‑day average $21.41, and 200‑day average $19.69—consistent with a short-to-intermediate bullish bias; price near the upper Bollinger band suggests volatility may compress or produce a short-term reversion.
Fundamental Analysis
Reported operating EPS equaled $0.55 versus an estimate of $0.49, producing an EPS surprise of +12.25%; operating and cash-flow metrics show resilience while net income for the period measured $94.76 million. Forward EPS sits at $0.59125 with a forward P/E of 34.78. WMDST values the stock as under-valued; the current analyst price target mean registers at $23.11 versus a close of $22.50.
Valuation multiples present mixed positioning against industry peers: price-to-book at 1.12 falls below the industry peer mean of 1.25 and below the industry peer median of 1.22; trailing P/E of 37.60 sits below the industry peer mean of 47.49 and below the industry peer median of 46.10; price-to-sales at 11.14 remains below the industry peer mean of 14.34. Forward P/E of 34.78 also reads below the industry peer mean of 38.60.
Profitability and efficiency indicators show modest performance: return on equity equals 2.86% (above the industry peer mean of 2.22%), return on assets measures 0.29% (above the industry peer mean of 0.25%), and asset turnover registers 1.03%, slightly above the industry peer mean of 1.02%—these figures support a valuation that looks conservative relative to recent earnings strength.
Capital structure and cash metrics skew prudent: debt-to-assets measures 3.89%, below the industry peer mean of 5.73%, while debt-to-equity at 0.38 sits below the industry peer mean of 0.55. Free cash flow yield equals 3.06%, above the industry peer mean of 1.77%, and free cash flow growth shows positive momentum year-over-year, supporting dividend coverage (dividend payout ratio ~38.77% and dividend coverage ~2.58x).
Short-term operating trends carry caution: quarter-over-quarter revenue growth reads -80.39% and year-over-year revenue growth reads -139.29% per provided figures; return on equity quarter-over-quarter change equals -4.67% and year-over-year change equals -5.20%. Treat those QoQ/YoY deltas as volatile period comparisons that require context from reported results and the completed acquisition.
Valuation summary: WMDST’s valuation marks the company under-valued versus current market pricing, with the $23.11 mean target sitting modestly above the $22.50 close and a high analyst target at $32.30, providing a range for scenario-based upside while capital actions (subordinated notes) improve liquidity and funding flexibility.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-04-22 |
| NEXT REPORT DATE: | 2026-07-22 |
| CASH FLOW | Begin Period Cash Flow | $ 1.1 B |
| Operating Cash Flow | $ 114.7 M | |
| Capital Expenditures | $ -1.48 M | |
| Change In Working Capital | $ -4.41 M | |
| Dividends Paid | $ -36.74 M | |
| Cash Flow Delta | $ 1.3 M | |
| End Period Cash Flow | $ 1.1 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 331.9 M | |
| Forward Revenue | $ 92.6 M | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 6.8 M | |
| Depreciation and Amortization | $ 12.1 M | |
| Research and Development | — | |
| Total Operating Expenses | — | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | — | |
| EBIT | — | |
| Operating Income | — | |
| Interest Income | $ 390.1 M | |
| Interest Expense | $ 128.0 M | |
| Net Interest Income | $ 262.0 M | |
| Income Before Tax | $ 117.1 M | |
| Tax Provision | $ 22.4 M | |
| Tax Rate | 19.1 % | |
| Net Income | $ 94.8 M | |
| Net Income From Continuing Operations | $ 94.8 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.49 | |
| EPS Actual | $ 0.55 | |
| EPS Difference | $ 0.06 | |
| EPS Surprise | 12.245 % | |
| Forward EPS | $ 0.59 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 32.2 B | |
| Intangible Assets | $ 607.6 M | |
| Net Tangible Assets | $ 2.9 B | |
| Total Current Assets | — | |
| Cash and Short-Term Investments | — | |
| Cash | $ 1.0 B | |
| Net Receivables | $ 112.1 M | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 17.7 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | — | |
| Net Debt | $ 208.8 M | |
| Total Debt | $ 1.3 B | |
| Total Liabilities | $ 28.7 B | |
| EQUITY | ||
| Total Equity | $ 3.3 B | |
| Retained Earnings | $ 2.1 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 18.52 | |
| Shares Outstanding | 178.843 M | |
| Revenue Per-Share | $ 1.86 | |
| VALUATION | Market Capitalization | $ 3.7 B |
| Enterprise Value | $ 5.0 B | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | 14.919 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 9.732 | |
| Asset To Liability | 1.122 | |
| Debt To Capital | 0.274 | |
| Debt To Assets | 0.039 | |
| Debt To Assets QoQ | 101.713 % | |
| Debt To Assets YoY | -24.666 % | |
| Debt To Assets IPRWA | high: 0.145 median: 0.065 mean: 0.057 FULT: 0.039 low: -0.0 |
|
| Debt To Equity | 0.378 | |
| Debt To Equity QoQ | 101.594 % | |
| Debt To Equity YoY | -29.686 % | |
| Debt To Equity IPRWA | high: 1.682 median: 0.597 mean: 0.546 FULT: 0.378 low: -0.315 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.117 | |
| Price To Book QoQ | 7.014 % | |
| Price To Book YoY | 4.22 % | |
| Price To Book IPRWA | high: 1.989 mean: 1.25 median: 1.216 FULT: 1.117 low: 0.287 |
|
| Price To Earnings (P/E) | 37.599 | |
| Price To Earnings QoQ | 8.127 % | |
| Price To Earnings YoY | 7.911 % | |
| Price To Earnings IPRWA | high: 85.229 mean: 47.49 median: 46.1 FULT: 37.599 low: 28.296 |
|
| PE/G Ratio | — | |
| Price To Sales (P/S) | 11.144 | |
| Price To Sales QoQ | 9.012 % | |
| Price To Sales YoY | 7.476 % | |
| Price To Sales IPRWA | high: 26.967 mean: 14.338 median: 13.162 FULT: 11.144 low: 0.11 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 34.781 | |
| Forward PE/G | — | |
| Forward P/S | 39.948 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.01 | |
| Asset Turnover Ratio QoQ | -1.81 % | |
| Asset Turnover Ratio YoY | 3.931 % | |
| Asset Turnover Ratio IPRWA | high: 0.016 FULT: 0.01 mean: 0.01 median: 0.01 low: 0.005 |
|
| Receivables Turnover | 2.94 | |
| Receivables Turnover Ratio QoQ | -0.552 % | |
| Receivables Turnover Ratio YoY | 7.683 % | |
| Receivables Turnover Ratio IPRWA | high: 4.518 FULT: 2.94 mean: 2.602 median: 2.475 low: 0.805 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 31.041 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | -0.004 | |
| CapEx To Depreciation | -0.218 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 4.8 B | |
| Net Invested Capital | $ 4.6 B | |
| Invested Capital | $ 4.6 B | |
| Net Tangible Assets | $ 2.9 B | |
| Net Working Capital | — | |
| LIQUIDITY | ||
| Cash Ratio | — | |
| Current Ratio | — | |
| Current Ratio QoQ | — | |
| Current Ratio YoY | — | |
| Current Ratio IPRWA | — | |
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | — | |
| Cost Of Debt | 10.831 % | |
| Interest Coverage Ratio | — | |
| Interest Coverage Ratio QoQ | — | |
| Interest Coverage Ratio YoY | — | |
| Interest Coverage Ratio IPRWA | — | |
| Operating Cash Flow Ratio | — | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 2.579 | |
| Dividend Payout Ratio | 0.388 | |
| Dividend Rate | $ 0.21 | |
| Dividend Yield | 0.01 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.371 % | |
| Revenue Growth | 0.642 % | |
| Revenue Growth QoQ | -80.385 % | |
| Revenue Growth YoY | -139.29 % | |
| Revenue Growth IPRWA | high: 29.228 % mean: 5.207 % median: 1.114 % FULT: 0.642 % low: -23.976 % |
|
| Earnings Growth | 0.0 % | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | -100.0 % | |
| Earnings Growth IPRWA | high: 41.86 % FULT: 0.0 % mean: -2.33 % median: -3.008 % low: -43.519 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | — | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 113.2 M | |
| Free Cash Flow Yield | 3.061 % | |
| Free Cash Flow Yield QoQ | 16.966 % | |
| Free Cash Flow Yield YoY | -1268.321 % | |
| Free Cash Flow Yield IPRWA | high: 9.54 % FULT: 3.061 % mean: 1.77 % median: 1.61 % low: -3.189 % |
|
| Free Cash Growth | 25.73 % | |
| Free Cash Growth QoQ | -217.456 % | |
| Free Cash Growth YoY | -123.395 % | |
| Free Cash Growth IPRWA | high: 299.762 % FULT: 25.73 % median: -50.617 % mean: -59.685 % low: -368.012 % |
|
| Free Cash To Net Income | 1.195 | |
| Cash Flow Margin | 32.881 % | |
| Cash Flow To Earnings | 1.152 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.05 | |
| Return On Assets (ROA) | 0.294 % | |
| Return On Assets QoQ | -4.854 % | |
| Return On Assets YoY | 1.379 % | |
| Return On Assets IPRWA | high: 0.612 % FULT: 0.294 % median: 0.255 % mean: 0.253 % low: 0.065 % |
|
| Return On Capital Employed (ROCE) | — | |
| Return On Equity (ROE) | 0.029 | |
| Return On Equity QoQ | -4.665 % | |
| Return On Equity YoY | -5.202 % | |
| Return On Equity IPRWA | high: 0.043 FULT: 0.029 median: 0.023 mean: 0.022 low: 0.001 |
|
| DuPont ROE | 2.866 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |