Craig C. MacKay, a director at Carver Bancorp Inc. (NASDAQ:CARV), has recently acquired a significant number of shares in the company. According to a recent SEC filing, MacKay purchased 59,880 shares of common stock on November 25, 2024, at a price of $1.67 per share. This transaction amounted to a total value of $99,999. Following this acquisition, MacKay's direct ownership in the company increased to 64,880 shares. This move indicates a boost in his stake in the federally chartered savings institution headquartered in New York.
In other recent news, Carver Bancorp has announced the appointment of Donald Felix as its new President and CEO, effective November 1, 2024. Felix, bringing over 25 years of banking sector experience, will also join the Carver Board of Directors. This decision follows a comprehensive national search for a successor to Craig C. MacKay, who will remain on the Carver Board after his interim tenure.
In addition to the leadership changes, Carver Bancorp has secured a $25 million revolving senior unsecured term loan from NY Green Bank. This loan, part of the Community Decarbonization Fund, will support environmentally focused projects within marginalized communities in New York.
Furthermore, the company has released a shareholder letter and filed a current report on Form 8-K with the United States Securities and Exchange Commission. These are some of the recent developments at Carver Bancorp, illustrating the company's ongoing efforts to drive growth and promote financial inclusion.
InvestingPro Insights
Craig C. MacKay's recent purchase of Carver Bancorp Inc. (NASDAQ:CARV) shares comes at a time when the company faces several financial challenges, as highlighted by InvestingPro data and tips. The stock's current market capitalization stands at $8.53 million, reflecting its small-cap status in the banking sector.
InvestingPro Tips reveal that Carver Bancorp is "quickly burning through cash" and "not profitable over the last twelve months." These insights align with the company's financial metrics, including an operating income margin of -12.9% for the last twelve months as of Q2 2025. Additionally, the basic and diluted EPS from continuing operations stand at -$0.84, underscoring the profitability concerns.
Despite these challenges, MacKay's significant investment might suggest confidence in the company's future prospects or potential turnaround. It's worth noting that according to InvestingPro, the stock's price has "fallen significantly over the last three months," with a 3-month price total return of -16.5%. This decline could have presented what MacKay perceived as a buying opportunity, especially considering that the current price of $1.67 is below the InvestingPro Fair Value estimate of $2.09.
For investors seeking a more comprehensive analysis, InvestingPro offers 6 additional tips for CARV, providing a deeper understanding of the company's financial position and market performance.
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