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LANCASTER, PA – Fulton Financial Corp (NASDAQ:FULT), a $3.7 billion market cap financial institution with a strong track record of 43 consecutive years of dividend payments, has disclosed the departure of Karthik Sridharan, Senior Executive Vice President and Chief Operations and Technology Officer, effective today.
According to InvestingPro data, the company maintains a healthy financial position with a P/E ratio of 12.65 and an attractive 3.54% dividend yield. The separation is categorized as a termination without "Cause" under the terms of the employment agreement dated June 12, 2023.
Sridharan’s exit entitles him to several compensations, as outlined in the agreement. He will receive his annual base salary for twelve months following his departure, any vested but unpaid bonus, and a pro-rated cash bonus for the fiscal year, contingent on the execution of a general release of claims in favor of Fulton.
Additionally, he will maintain eligibility for health and welfare benefits for a year or receive an equivalent cash amount. The company’s solid revenue growth of 9.68% suggests it’s well-positioned to manage these compensation obligations. For deeper insights into Fulton Financial’s financial health and growth prospects, including additional ProTips, visit InvestingPro.
As per the Fulton Financial Corporation 2022 Amended and Restated Equity and Cash Incentive Compensation Plan, Sridharan’s Time-Vested Awards will vest according to plan terms. However, other unvested awards will be forfeited.
The information in this article is based on a press release statement from Fulton Financial Corp.
In other recent news, Fulton Financial Corporation revealed strong Q4 earnings, surpassing analyst predictions. The financial institution reported adjusted earnings per share of $0.48, which exceeded the consensus estimate of $0.38. Revenue reached $319.58 million, surpassing expectations of $315.74 million. This robust performance was driven by a healthy net interest margin and a reduction in expenses.
Analysts at Keefe, Bruyette & Woods (KBW) responded positively to these results by raising their price target for Fulton Financial from $23.00 to $24.00, while maintaining a Market Perform rating. They also increased their earnings estimates for 2025 and 2026 by 6% and 5% respectively.
In other recent developments, Fulton Financial reported $9.6 million in acquisition-related expenses in Q4 due to the purchase of Republic Bank assets. This acquisition is part of the company’s ongoing strategic and operational progress. KBW analysts anticipate that if Fulton Financial successfully executes its outlined strategies for 2025, it could narrow the valuation gap with its peers.
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