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Pathfinder Bancorp, Inc. (NASDAQ:PBHC) has reported a significant transaction by one of its top executives. Senior Vice President Daniel R. Phillips sold 1,055 shares of the company's common stock, realizing a total of $16,268 from the sale. The transaction, which took place on August 16, 2024, saw the shares sold at a price of $15.42 each.
This sale has adjusted Phillips' direct holdings in the company, leaving him with 20,217 shares of Pathfinder Bancorp's common stock. Additionally, indirect holdings through various plans including an ESOP and a 401K account for another 19,159 shares, while 730 shares are indirectly owned through a Power of Attorney for his spouse.
Investors often monitor insider transactions as they can provide insights into executives' perspectives on the company's current valuation and future prospects. While the reasons for such sales can vary and may not necessarily reflect a negative outlook, they are still a point of interest for those following the company's stock performance.
Pathfinder Bancorp, Inc., headquartered in Oswego, New York, operates as a state commercial bank and is incorporated in Maryland. The company's fiscal year ends on December 31.
In other recent news, Pathfinder Bancorp has announced significant changes to its financial strategies and executive team. The company declared a quarterly cash dividend of $0.10 per share, reflecting the company's performance for the fiscal quarter ending June 30, 2024. This represents an 11.1% increase from the previous quarter's dividend of $0.09 per share.
Pathfinder Bancorp has also acquired a branch of Berkshire Bank located in East Syracuse, New York, with the transaction including approximately $198 million in deposits and $32 million in consumer and residential loans. This acquisition is part of Pathfinder's strategic expansion in the Syracuse market.
On the executive front, the company announced the retirement of its Senior Vice President and Chief Financial Officer, Walter F. Rusnak, set for June 28, 2024, and named Justin K. Bigham as his successor. These are recent developments highlighting Pathfinder Bancorp's strategic moves in its executive leadership and financial operations.
These decisions underscore the company's financial health and its capacity to generate value for its shareholders. The incoming CFO, Bigham, brings over 25 years of experience in financial services, a background that could be instrumental in driving the company's future strategy and growth.
InvestingPro Insights
Pathfinder Bancorp, Inc. (NASDAQ:PBHC) has caught the attention of investors not only due to insider transactions but also because of its notable financial metrics and dividend history. The company, with a market capitalization of $97.28 million, maintains a Price to Earnings (P/E) ratio of 14.8, reflecting its earnings relative to its share price. Adjusted for the last twelve months as of Q2 2024, the P/E ratio remains stable at 14.83. A PEG ratio of -0.61 during the same period suggests that the company may be undervalued based on expected future earnings growth.
One of the standout InvestingPro Tips for Pathfinder Bancorp is its consistent dividend payments over the past 29 years, a testament to its commitment to returning value to shareholders. Additionally, the company has raised its dividend for three consecutive years, with a notable dividend growth of 11.11% in the last twelve months as of Q2 2024. This could be a compelling aspect for income-focused investors.
Despite concerns about weak gross profit margins, the company has demonstrated a strong return over the last three months, with a price total return of 30.71%. Over the last six months, the share price has seen a significant uptick, with a 33.31% total return, indicating robust investor confidence. For those interested in further insights, InvestingPro offers more tips on Pathfinder Bancorp, which can be found at https://www.investing.com/pro/PBHC.
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