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Peoples Financial Services Corp. (NASDAQ:PFIS), a $483 million market cap financial institution with a notable 5.18% dividend yield, announced on May 30, 2025, that its board of directors approved amendments to the company’s bylaws. The changes, effective immediately, clarify the roles of the Chief Executive Officer (CEO) and President, allowing different individuals to hold these positions. The amendments specify that references to the President in the bylaws include the CEO, and outline the composition of the Executive Committee if the roles are held by different individuals. According to InvestingPro, the company has maintained dividend payments for 24 consecutive years, demonstrating strong corporate governance practices.
The amendments to Section 19.1 of the bylaws state that the CEO and President roles can be held separately, and the CEO is included in references to the President. Section 13.2 clarifies the Executive Committee’s composition when the CEO and President are different individuals, noting that these officers do not have voting rights or count towards quorum unless they are also directors.
Peoples Financial Services Corp., a national commercial bank based in Dunmore, Pennsylvania, filed the amended bylaws as Exhibit 3.1 and a marked version showing changes as Exhibit 3.2 in the Form 8-K with the Securities and Exchange Commission (SEC). These filings are part of the company’s routine updates to ensure clarity in its governance documents. InvestingPro analysis suggests the stock is currently trading near its Fair Value, with analysts maintaining a positive outlook for the company’s earnings growth this year.
This information is based on a press release statement contained within the SEC filing.
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, which marks a 50.6% rise from the previous year. This decision reflects the company’s ongoing financial growth and commitment to shareholder value. Additionally, the company declared the full redemption of its 5.375% Fixed to Floating Subordinated Notes due 2030, with a principal amount of $33 million, set to be redeemed by June 30, 2025. This financial maneuver was officially communicated through an 8-K filing with the SEC, ensuring transparency for investors.
In another development, the company held its annual shareholder meeting, where shareholders elected five directors and ratified Baker Tilly US, LLP as the independent auditor for the fiscal year ending December 31, 2025. However, a proposal to amend the corporate bylaws to limit the personal liability of directors and officers did not pass, as it failed to receive the required 75% affirmative vote. These recent developments were disclosed in official filings and press releases, providing stakeholders with a comprehensive view of the company’s current actions and decisions.
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