CATSKILL, N.Y. - Greene County Bancorp (NASDAQ:ICBK), Inc. (NASDAQ:GCBC), a financial holding company, announced today that its Board of Directors has approved an increase in its quarterly cash dividend. The dividend has been raised to $0.09 per share, up from the previous $0.08 per share, marking a 12.5% increase in the company's annual cash dividend rate to $0.36 per share.
This move will affect shareholders of record as of August 15, 2024, with the payment expected to be distributed on August 30, 2024. The dividend pertains to the fiscal quarter ending June 30, 2024.
The majority shareholder of Greene County Bancorp, Inc., Greene County Bancorp, MHC, a federal mutual holding company, traditionally waived its right to receive dividends. However, this quarter, the MHC will not waive its right to the dividends for the cash flow purposes. The MHC currently holds 54.1% of the company's outstanding common shares.
Greene County Bancorp, Inc. operates as the direct and indirect holding company for The Bank of Greene County and Greene County Commercial Bank, both of which are headquartered in Catskill, New York, and serve the Hudson (NYSE:HUD) Valley Region and Capital District Region of New York State.
The announcement reflects the company's financial health and its ability to return value to its shareholders. It is important to note that this information is based on a press release statement from Greene County Bancorp, Inc.
InvestingPro Insights
Greene County Bancorp, Inc. (NASDAQ:GCBC) has demonstrated a strong commitment to its shareholders with a consistent track record of increasing dividends. The latest increase to $0.09 per share underscores this commitment and aligns with an impressive history of dividend growth. In fact, one of the InvestingPro Tips highlights that GCBC has raised its dividend for 10 consecutive years, and even more notably, has maintained dividend payments for 25 consecutive years.
The company's financial performance further substantiates its robust dividend policy. According to the real-time data from InvestingPro, Greene County Bancorp's market capitalization stands at $596.28 million, with a healthy price-to-earnings (P/E) ratio of 24.06. These metrics are indicative of investor confidence and a solid valuation in the market. Moreover, GCBC has experienced a significant return over the last week, with a 1-week price total return of 18.48%, which is part of a broader pattern of strong returns over various time horizons, including the last month and three months.
While the company faces challenges, such as weak gross profit margins and a recent decline in revenue growth, with a -13.32% change over the last twelve months as of Q3 2024, the overall financial stability and shareholder returns remain compelling. This is further evidenced by a strong return over the last five years, and a high return over the last decade, as per additional InvestingPro Tips.
For readers interested in a deeper analysis and more exclusive insights on Greene County Bancorp, Inc., InvestingPro offers a range of additional tips. There are 10 more InvestingPro Tips available, which can be accessed by visiting https://www.investing.com/pro/GCBC. To enhance your investment research, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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