Francis X. Dwyer, President of a subsidiary at Rhinebeck Bancorp, Inc. (NASDAQ:RBKB), reported a sale of 250 shares of the company's common stock on November 25. The shares were sold at an average price of $9.8298, totaling approximately $2,457. Following this transaction, Dwyer holds no shares directly through this particular ownership structure.
In addition to these transactions, Dwyer maintains ownership of 2,858 shares directly, as well as indirect holdings of 2,351 shares through an Employee Stock Ownership Plan (ESOP) and 353 shares via a 401(k) plan. Furthermore, Dwyer holds 22,000 fully vested stock options, which remain unchanged following these transactions.
In other recent news, Rhinebeck Bancorp has made significant strides in its strategic operations and leadership. The company has repositioned its portfolio by selling $71 million of available-for-sale securities and reinvesting the proceeds into new securities with yields 3.11% higher than those sold. This move is projected to increase the bank's earnings per share by $0.12 and its net interest margin by 0.17% over the next year, starting in the fourth quarter of 2024.
In leadership transitions, Rhinebeck Bancorp announced the non-renewal of contracts for President and CEO Michael J. Quinn, and Jamie J. Bloom, EVP, COO & Chief Banking Officer, effective as of December 31, 2026. This decision is part of a shift in corporate strategy to standardize employment contracts and is not related to the performance of these executives.
On the other hand, the company has appointed Kevin Nihill as the new Chief Financial Officer, replacing Michael McDermott. With over 20 years of experience in banking and corporate finance, Nihill is expected to oversee financial operations, such as reporting, regulatory compliance, tax duties, and budgeting. These recent developments underline Rhinebeck Bancorp's commitment to leadership excellence and strategic business objectives.
InvestingPro Insights
As Francis X. Dwyer, President of a Rhinebeck Bancorp subsidiary, reduces his direct stake in the company, investors might be interested in additional context provided by InvestingPro data. Rhinebeck Bancorp's market capitalization stands at $105.61 million, reflecting its current position in the financial sector.
Despite the recent insider sale, the stock has shown strong performance, with InvestingPro data indicating a 51.31% price total return over the past year. This aligns with an InvestingPro Tip highlighting the company's "High return over the last year." Additionally, the stock is "Trading near 52-week high," with its current price at 98.1% of its 52-week peak, suggesting investor confidence.
However, potential investors should note that Rhinebeck Bancorp "Suffers from weak gross profit margins" and is "Not profitable over the last twelve months," according to InvestingPro Tips. This is reflected in the company's negative operating income margin of -17.83% for the last twelve months as of Q3 2023.
For those seeking a more comprehensive analysis, InvestingPro offers 6 additional tips for Rhinebeck Bancorp, providing a deeper understanding of the company's financial health and market position.
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