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Peoples Financial Services Corp. (NASDAQ:PFIS), a $492 million market cap financial institution with a strong dividend track record spanning 24 consecutive years, declared on Thursday the full redemption of its 5.375% Fixed to Floating Subordinated Notes due 2030. The notes, with a principal amount of $33 million, are set to be redeemed on June 30, 2025. According to InvestingPro data, the company maintains a "Fair" financial health score, suggesting stable operational performance. This action is in accordance with the optional redemption terms outlined in the notes’ agreement.
The redemption of these subordinated notes means that following the specified date, no principal amount related to these securities will be outstanding. The company has ensured that all necessary steps have been taken to facilitate this process. The move comes as PFIS shows strong market performance, with a 31% total return over the past year and currently offers a notable 5.1% dividend yield.
Peoples Financial Services Corp. is a financial institution headquartered in Dunmore, Pennsylvania, and is registered under the Securities Exchange Act of 1934. The company’s common stock is listed on The Nasdaq Stock Market under the trading symbol PFIS. For deeper insights into PFIS’s valuation and additional financial metrics, explore InvestingPro, which features 8 more exclusive tips about the company’s performance and prospects.
This financial maneuver was officially communicated through an 8-K filing with the Securities and Exchange Commission (SEC) by Gerard A. Champi, the Chief Executive Officer of Peoples Financial Services Corp. The filing reaffirms the company’s commitment to fulfilling its obligations and provides transparency to its investors and the wider market.
The information regarding this corporate action is based on a press release statement filed with the SEC, ensuring that shareholders and potential investors are fully informed of the company’s financial decisions.
In other recent news, Peoples Financial Services Corp. announced a significant increase in its quarterly cash dividend for the second quarter of 2025, setting it at $0.6175 per share. This marks a 50.6% rise from the same quarter the previous year, reflecting the company’s continued financial growth and commitment to shareholder value. Additionally, the company reported the outcomes of its annual shareholder meeting, where five directors were elected to the board, and the executive officers’ compensation received advisory approval. However, a proposal to amend the corporate bylaws to limit the personal liability of directors and officers did not pass, as it failed to secure the necessary 75% affirmative vote. The company also ratified Baker Tilly US, LLP as the independent auditor for the fiscal year ending December 31, 2025. The dividend increase follows the company’s merger with FNCB Bancorp, Inc., completed on July 1, 2024, which aimed to achieve synergies and operational efficiencies. Peoples Financial Services Corp. maintains an optimistic outlook, though it acknowledges potential economic and regulatory risks that could impact future performance.
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