LANCASTER, Pa. - Fulton Financial (NASDAQ:FULT) Corporation (NASDAQ: FULT), a Pennsylvania-based financial holding company, announced today the appointment of Richard Kraemer as Senior Executive Vice President and Chief Financial Officer Designee. Kraemer is set to take over the CFO role in the fourth quarter of 2024, succeeding Betsy Chivinski, the Interim CFO, who will retire at the end of this year.
Kraemer will join the company on September 3, 2024, and will be responsible for a broad range of financial operations, including accounting, treasury, corporate development, tax, financial planning and forecasting, and investor relations. Additionally, he will provide financial guidance to the CEO's office and the board of directors.
Chairman and CEO Curt Myers expressed gratitude to Chivinski for her dedication to Fulton and her pivotal role in the company's success. Myers also voiced confidence in Kraemer's ability to lead the financial strategy of the corporation, highlighting his extensive experience and proven leadership in commercial banking and corporate finance.
With over two decades in the financial services industry, Kraemer's previous roles have equipped him with a wealth of expertise. Most recently, he served as Chief Banking Officer, managing commercial markets at another bank. His prior positions include Executive Vice President, Deputy CFO & Treasurer, and Executive Vice President, Chief Financial Services Officer, among others. Kraemer is a graduate of Fordham University's Gabelli School of Business with a Bachelor of Science in Finance.
Fulton Financial Corporation, with assets exceeding $30 billion, employs over 3,500 individuals and operates more than 200 financial centers across six states. This announcement is based on a press release statement from Fulton Financial Corporation.
In other recent news, Fulton Financial Corporation has reported a robust second quarter, with operating earnings reaching $0.47 per diluted share, surpassing analysts' expectations. The company's balance sheet growth was notable, with increases in organic loans and deposits, and a significant boost from the Republic transaction. Fulton's net interest margin improved, resulting in growth in net interest income, non-interest income, and operating net income.
The company is currently concentrating on integrating Republic and advancing its Fulton First initiative, while suspending its buyback program for the rest of the year. Fulton Financial's operating earnings guidance for 2024 forecasts net interest income between $925 million and $950 million. Despite challenging market conditions limiting loan growth, the company's asset quality showed slight improvement, with a decrease in the non-performing loan to loans ratio.
These are among the recent developments at Fulton Financial. According to analysts from Betsy Chivinski and Curtis Myers, the company's bond portfolio and liquidity position are being monitored monthly. The company also expects deposit costs to peak by the end of the year and then start to decrease.
InvestingPro Insights
As Fulton Financial Corporation (NASDAQ: FULT) gears up for a strategic transition in its financial leadership, the company's stock metrics offer a glimpse into its current market standing. With a market capitalization of $3.66 billion and a price-to-earnings (P/E) ratio of 11.91, Fulton appears to be trading at a reasonable valuation compared to its historical earnings.
InvestingPro data indicates that Fulton has experienced a revenue growth of 4.71% over the last twelve months as of Q2 2024, showcasing steady financial progress. Additionally, the company's strong recent performance is reflected in its one-year price total return of 55.21%, signaling robust investor confidence which may be attributed to its consistent dividend payments over the past 43 years.
Among the InvestingPro Tips, analysts have taken a bullish stance on the stock, with five analysts revising their earnings upwards for the upcoming period. This optimism is tempered by the Relative Strength Index (RSI) suggesting the stock is in overbought territory, which could indicate a potential pullback or consolidation in the near term.
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