OSWEGO, N.Y. - Pathfinder Bancorp, Inc. (NASDAQ:PBHC), the holding company for Pathfinder Bank, has declared a quarterly cash dividend of $0.10 per share for both its voting common and non-voting common stock.
The dividend also extends to $0.10 per notional share for the issued warrant. Shareholders on record as of July 19, 2024, will be eligible for the dividend, which is payable on August 9, 2024.
The announcement reflects the company's performance for the fiscal quarter ending June 30, 2024. Pathfinder Bank, a New York State chartered commercial bank, operates under the umbrella of Pathfinder Bancorp and is headquartered in Oswego, New York.
The bank's deposits are insured by the Federal Deposit Insurance Corporation (FDIC) and it serves the Oswego and Onondaga County areas through eleven full-service offices, as well as maintaining one limited purpose office in Oneida County.
Pathfinder Bancorp's press release also included forward-looking statements based on management's current expectations surrounding various economic, legislative, and regulatory factors that may influence the company's future earnings.
These statements involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from those projected. Such factors include general economic conditions, interest rate changes, deposit flows, loan demand, real estate values, competition, and changes in accounting principles, policies, guidelines, legislation, or regulation.
The bank's performance and the resulting dividend declaration are indicative of its financial health and commitment to returning value to its shareholders. As with all financial institutions, Pathfinder Bancorp's operations and profitability are subject to the dynamic economic environment and regulatory landscape.
This dividend announcement is based on a press release statement from Pathfinder Bancorp, Inc. and is intended to provide shareholders and the market with key information regarding the company's latest financial decision.
In other recent news, Pathfinder Bancorp has been making significant changes in its executive suite and financial strategies. The company has announced the retirement of its Senior Vice President and Chief Financial Officer, Walter F. Rusnak, set for June 28, 2024, and has named Justin K. Bigham as his successor. Rusnak's tenure was marked by strategic growth initiatives, such as a common stock offering and the acquisition of the East Syracuse branch of Berkshire Bank.
In addition to the leadership transition, Pathfinder Bancorp has also declared an increased quarterly cash dividend for its shareholders. The dividend has been raised to $0.10 per share, marking an 11.1% increase from the previous quarter's dividend of $0.09 per share.
This decision, reflecting the company's commitment to shareholder returns, is set to benefit shareholders on record as of April 19, 2024, with payment scheduled for May 10, 2024.
These are recent developments that highlight Pathfinder Bancorp's strategic moves in its executive leadership and financial operations. 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. Meanwhile, the increased dividend underscores the company's financial health and its capacity to generate value for its shareholders.
InvestingPro Insights
Pathfinder Bancorp, Inc. (NASDAQ:PBHC) has recently reaffirmed its commitment to shareholders by declaring a quarterly cash dividend, showcasing the company's ability to sustain its dividend payments. In light of this announcement, here are some insights based on real-time data from InvestingPro and InvestingPro Tips that may be of interest to investors and shareholders alike.
The company boasts a notable track record of increasing its dividends, having raised them for three consecutive years. Pathfinder Bancorp has maintained its dividend payments for an impressive 29 consecutive years, signaling a strong commitment to delivering shareholder value. This is particularly noteworthy for income-focused investors who prioritize consistent dividend payouts.
While the company's dedication to dividends is clear, the InvestingPro Tips also highlight an area of concern; Pathfinder Bancorp suffers from weak gross profit margins. This could be a factor for potential investors to watch, as it may impact the company's future profitability and its ability to maintain or increase dividend payments.
InvestingPro Data provides further context to the company's financial health. Pathfinder Bancorp's market capitalization stands at $80.3 million USD, with a Price/Earnings (P/E) ratio of 11.99, which aligns closely with the adjusted P/E ratio for the last twelve months as of Q1 2024, sitting at 12.04. Moreover, the company's Price/Book ratio for the same period is 0.66, which may suggest that the stock is potentially undervalued compared to its book value.
For investors looking for a deeper analysis, there are additional InvestingPro Tips available that can offer more nuanced insights into Pathfinder Bancorp's financials and operations. By using the coupon code PRONEWS24, users can get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, providing access to these valuable tips and helping investors make more informed decisions.
The dividend announcement by Pathfinder Bancorp, coupled with the insights provided by InvestingPro, paints a picture of a company that values its shareholders and has a history of dividend reliability, yet operates within a challenging financial landscape that requires careful consideration of its profit margins.
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