Eric Allyn, a director at Pathfinder Bancorp, Inc. (NASDAQ:PBHC), recently sold a significant portion of his holdings in the company. The sale comes as the stock has shown strong momentum, with a 36% surge over the past six months, according to InvestingPro data. According to a recent SEC filing, Allyn disposed of 8,169 shares of Pathfinder Bancorp's common stock on December 5, 2024, at a price of $16.80 per share. The total value of the transaction amounted to $137,239. Following this sale, Allyn's indirect ownership, held through Allyn Family Capital Fund, LLC, stands at 6,124 shares. The transaction occurred with the stock trading at a notably high P/E ratio of 69, in a company currently valued at approximately $105 million. InvestingPro's Fair Value analysis suggests the stock may be overvalued at current levels.
In other recent news, Pathfinder Bancorp has announced a series of significant developments. The company declared a quarterly cash dividend of $0.10 per share for both its voting and non-voting common stock for the fiscal quarter ending on September 30, 2024. This is consistent with its commitment to providing returns to shareholders.
The company also announced the retirement of Executive Vice President and Chief Banking Officer, Ronald Tascarella, and the appointment of Joseph Serbun as Senior Vice President and Chief Credit Officer. Additionally, the Senior Vice President and Chief Financial Officer, Walter F. Rusnak, will retire, with Justin K. Bigham named as his successor.
Pathfinder Bancorp has renewed the employment agreement with President and CEO, James A. Dowd, and introduced a change in control agreement with Senior Vice President and CFO, Justin Bigham. The company also gained approval to acquire a branch of Berkshire Bank in East Syracuse, New York, which includes approximately $198 million in deposits and $32 million in consumer and residential loans. These recent developments highlight the company's strategic moves in its executive leadership and financial operations.
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