Jackson Pazel G Jr, a director at Carver Bancorp Inc (NASDAQ:CARV), recently acquired 8,982 shares of the company's common stock. The transaction took place on November 25, 2024, at a price of $1.67 per share, amounting to a total purchase value of $14,999. Following this acquisition, Pazel's total holdings in Carver Bancorp have increased to 15,308 shares.
In other recent news, Carver Bancorp has announced the appointment of Donald Felix as its new President and CEO, effective from November 1, 2024. Felix, who has over 25 years of experience in the banking sector, will also join the Carver Board of Directors, succeeding Craig C. MacKay, who served as the Interim President and CEO. Felix's career includes significant roles at Citizens Financial (NYSE:CFG) Group, Inc., JPMorgan Chase (NYSE:JPM), and Citi.
In addition to the leadership change, Carver Bancorp has secured a $25 million revolving senior unsecured term loan from NY Green Bank. This loan, part of the Community Decarbonization Fund, aims to support environmentally focused projects within marginalized communities in New York. The funding aims to enhance energy efficiency, reduce greenhouse gas emissions, transition fleets to electric vehicles, and establish charging stations.
Moreover, Carver Bancorp has disclosed the release of a shareholder letter in conjunction with the company's filing of a current report on Form 8-K with the United States Securities and Exchange Commission. These are among the recent developments for Carver Bancorp, reflecting its ongoing efforts to drive growth and promote financial inclusion.
InvestingPro Insights
In light of Jackson Pazel G Jr's recent acquisition of Carver Bancorp Inc (NASDAQ:CARV) shares, it's worth examining some key financial metrics and insights provided by InvestingPro.
The company's market capitalization stands at a modest $8.53 million, reflecting its small-cap status. This aligns with the director's purchase price of $1.67 per share, which is notably below the InvestingPro Fair Value estimate of $2.09. This discrepancy might suggest that Pazel sees potential upside in the stock.
However, investors should be aware of some challenging aspects of Carver Bancorp's financial health. InvestingPro Tips highlight that the company is not profitable over the last twelve months and is quickly burning through cash. These factors may explain the stock's recent performance, with a 16.5% price decline over the past three months.
Despite these challenges, Carver Bancorp has shown some positive signs. The company's revenue grew by 9.41% over the last twelve months, reaching $28.32 million. This growth could be a factor in Pazel's decision to increase his stake in the company.
For those interested in a deeper analysis, InvestingPro offers additional tips and metrics that could provide further context to this insider purchase. In fact, there are 5 more InvestingPro Tips available for Carver Bancorp, which could offer valuable insights for potential investors.
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