BLOOMSBURG, Pa. - Muncy Columbia Financial (NASDAQ:CLBK) Corporation (OTCQX: CCFN), the parent company of Journey Bank, has declared a quarterly cash dividend and launched a new stock repurchase program, as announced today by the company's Board of Directors.
The corporation will pay a second-quarter cash dividend of $0.44 per share on June 13, 2024, to shareholders on record as of May 29, 2024. This marks an increase from the $0.85 per share paid during the same period last year, with the 2024 year-to-date dividends now totaling $0.88 per share.
Additionally, the Board has authorized a new treasury stock repurchase program. Under this program, the company may buy back up to 178,614 shares, which represents 5% of its issued and outstanding common shares as of today.
The repurchase program is set to be effective immediately and will continue until the earlier of May 14, 2026, the completion of the share repurchase, or until the Board decides to suspend or terminate the program at its discretion.
The repurchased shares will be held as treasury stock and may be used for various purposes, including the Corporation's Employee Stock Purchase Plan, as determined by the Board.
Muncy Columbia Financial Corporation, headquartered in Bloomsburg, Pennsylvania, operates through its subsidiary bank, Journey Bank. The bank serves a range of clients, including individuals, families, nonprofits, and businesses, across multiple counties in Pennsylvania through its 22 banking offices.
The press release also contains forward-looking statements that involve risks and uncertainties, reminding investors that actual results may differ materially from those anticipated. This information is based on a press release statement from Muncy Columbia Financial Corporation.
InvestingPro Insights
Muncy Columbia Financial Corporation (CCFN) has demonstrated a commitment to shareholder returns, as evidenced by its recent dividend announcement and the initiation of a new stock repurchase program.
A closer look at the company's financials through InvestingPro reveals some noteworthy metrics. With a moderate market capitalization of $110.74 million, the company maintains a solid P/E ratio of 14.05, suggesting a reasonable valuation in relation to its earnings over the last twelve months as of Q1 2024.
An InvestingPro Tip highlights that CCFN has successfully maintained dividend payments for 30 consecutive years, reflecting its stable financial health and dedication to providing consistent shareholder value. Moreover, the company has been profitable over the last twelve months, which aligns with its ability to increase its quarterly cash dividend and buy back shares.
Investors may take particular interest in the company's dividend yield, which stands at a robust 5.5%, coupled with a dividend growth of 4.76% over the last twelve months as of Q1 2024. These figures underscore CCFN's attractiveness to income-focused investors. Still, it is worth noting that the InvestingPro Fair Value estimation places the stock at $23.66, suggesting that the current price of $32 could be higher than its intrinsic value according to certain models.
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