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Jay Cahalan, a director at Greene County Bancorp (NASDAQ:ICBK) Inc. (NASDAQ:GCBC), recently acquired additional shares in the company, according to a recent SEC filing. Cahalan purchased a total of 3,744 shares over two consecutive days, with a total transaction value of approximately $99,910. The timing appears strategic, as InvestingPro data shows the stock trading near its 52-week low of $25.25, with shares currently valued at $26.04.
On February 27, Cahalan acquired 1,944 shares at a price of $26.45 each. The following day, February 28, he purchased another 1,800 shares at $26.94 per share. These transactions bring Cahalan’s total direct ownership in the company to 31,124 shares. The $448 million market cap company maintains a P/E ratio of 17.03 and boasts a consistent dividend track record, having maintained payments for 26 consecutive years.
The purchases reflect Cahalan’s ongoing investment in Greene County Bancorp, a savings institution headquartered in Catskill, New York. According to InvestingPro, the company maintains a FAIR financial health score, with additional metrics and insider trading analysis available for subscribers.
In other recent news, Greene County Bancorp, Inc. has declared a quarterly cash dividend of $0.09 per share, consistent with the previous quarter. This dividend corresponds to an annual rate of $0.36 per share, with shareholders on record as of February 14, 2025, set to receive the payment on February 28, 2025. Notably, Greene County Bancorp, MHC, the majority shareholder, has received approval from the Federal Reserve Bank of Philadelphia to waive its rights to receive dividends for the four quarters ending September 30, 2025, totaling up to $0.48 per share. This strategic decision allows other shareholders to benefit more from the dividends without dilution from the majority stakeholder’s participation. The waiver is aligned with the mutual holding company’s previous intentions and is subject to its cash flow needs. Greene County Bancorp, Inc. has emphasized that certain statements regarding the dividend waiver may be forward-looking and subject to risks and uncertainties. These include economic conditions, interest rate changes, and regulatory considerations. The company’s dividend policy will reflect this waiver, offering investors a clearer picture of potential returns.
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