©Reuters.
Norwood Financial Corporation (NASDAQ:NWFL), the parent company of Wayne Bank, today announced that William S. Lance, Executive Vice President and Chief Financial Officer, will retire from the company on August 2, 2024. The company has begun a nationwide search for a replacement. By hiring an executive search firm.
News of Mr. Lance's retirement comes after his tenure with Norwood Financial Corporation, where he played a key role in the financial management of the company and its subsidiaries. The board and management team are actively seeking a new CFO and preparing for a smooth transition.
As part of its succession plan, the company has not yet named an interim CFO or disclosed potential candidates for the role. The executive search will focus on finding candidates with the expertise to continue the financial oversight and strategic planning that were hallmarks of Mr. Lance's tenure.
Information regarding Mr. Lance's retirement and the search for a new CFO is based on an 8K filing from Norwood Financial Corporation. The company is not disclosing further details at this time.
Investment Pro Insights
Norwood Financial Corporation (NASDAQ:NWFL) is preparing for a change in management following the retirement of Chief Financial Officer William S. Lance, and investors are concerned about the company's financial health and market performance. is being carefully monitored. Notably, Norwood has a history of consistent dividend payments, having maintained its dividend for 27 consecutive years, an indicator of financial stability and attractive to income-oriented investors. There is a possibility. This is further supported by the company's profitability over the past twelve months.
According to InvestingPro Data, the P/E ratio as of Q4 2023 was 12.73 and the slightly adjusted P/E ratio for the past 12 months was 12.96, which may be attractive to value investors looking for a reasonable earnings multiple. The company also boasts a price-to-book multiple of 1.2, suggesting the stock may be trading at fair value relative to book assets. As of Q4 2023, despite facing the challenge of declining revenue growth of 16.51% over the past 12 months, Norwood Financial Corporation maintains a strong operating margin of 34.57% over the same period. I was able to.
One of InvestingPro's tips for NWFL highlights the company's low gross margin. This is an important aspect for potential investors to consider, especially in the context of searching for a new CFO who can enhance financial oversight and strategic planning. For those interested in further analysis and additional InvestingPro tips, more insights are available on the platform, including his InvestingPro fair value estimate of USD 30.56 for NWFL.To access these insights, use the coupon code pro news 24 Get an extra 10% off annual or biennial Pro and Pro+ subscriptions.
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