Curtis J. Myers, Chairman and CEO of Fulton Financial Corp (NASDAQ:FULT), a $3.8 billion market cap financial institution, recently sold a significant portion of the company's stock. According to a recent filing, Myers sold 24,192 shares of Fulton Financial common stock at an average price of $21.1643 per share, totaling approximately $512,006. The stock has shown remarkable strength with a 33% gain year-to-date, and according to InvestingPro analysis, currently trades slightly below its Fair Value. This transaction was conducted under a pre-established Rule 10b5-1 trading plan, which Myers adopted on September 6, 2024. Following the sale, Myers maintains ownership of 155,945.7414 shares directly, and an additional 59,203.8215 shares indirectly through a 401(k) plan. The company stands out for its 43-year track record of consistent dividend payments, as highlighted by InvestingPro, which offers detailed analysis and 5 additional key insights about Fulton Financial in its comprehensive Pro Research Report.
In other recent news, Fulton Financial Corporation appointed Richard Kraemer as the new Senior Executive Vice President and Chief Financial Officer. Kraemer, succeeding Betsy Chivinski, brings over two decades of experience in the financial services industry. In his new role, he will oversee various financial operations at Fulton, including accounting, treasury, corporate development, tax, financial planning, and forecasting.
Fulton Financial reported record third-quarter 2024 results, attributing the strong performance to significant loan and deposit growth following the integration of Republic Bank. The company's operating earnings reached $0.50 per diluted share, and the operating net income rose to $91.3 million. Fulton Financial projects to achieve 40% cost-savings from the Republic Bank acquisition by January 2025, and anticipates annual recurring savings of over $50 million by 2026.
Piper Sandler and DA Davidson maintained a Neutral rating on Fulton Financial. They noted the company's core earnings per share of $0.47 surpassed estimates, driven by stronger net interest income and core fees. However, concerns were raised about operating expenses and weaker net interest income for the fourth quarter of 2024.
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