Eric Allyn, a director at Pathfinder Bancorp, Inc. (NASDAQ:PBHC), a $102 million market cap company that has maintained dividend payments for 29 consecutive years, has recently sold a portion of his holdings in the company. According to a recent SEC filing, Allyn sold 1,014 shares of common stock on December 3, 2024, at an average price of $17.2814 per share, totaling approximately $17,523. The transaction comes as PBHC's stock has gained 34% over the past six months.
Following this transaction, Allyn holds 14,293 shares indirectly through the Allyn Family Capital Fund, LLC. Additionally, he retains 35,087 shares through the Allyn Family Foundation. These transactions were conducted as part of Allyn's indirect ownership in Pathfinder Bancorp. According to InvestingPro, the stock currently trades at a P/E ratio of 66, with additional financial health metrics and insights available to subscribers.
In other recent news, Pathfinder Bancorp, a commercial bank headquartered in Oswego, New York, has announced several 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 move reflects Pathfinder Bancorp's commitment to providing returns to its shareholders.
The company also reported changes in its executive leadership. Ronald Tascarella, the Executive Vice President and Chief Banking Officer, is set to retire in November 2024, with Joseph Serbun stepping into the role of Senior Vice President and Chief Credit Officer. Additionally, Walter F. Rusnak, the Senior Vice President and Chief Financial Officer, is set to retire, with Justin K. Bigham named as his successor.
Pathfinder Bancorp has also renewed the employment agreement with its President and CEO, James A. Dowd. Concurrently, a new change in control agreement was introduced with Senior Vice President and CFO, Justin Bigham.
In a strategic expansion, Pathfinder Bancorp gained approval to acquire a branch of Berkshire Bank located in East Syracuse, New York. The acquisition includes approximately $198 million in deposits and $32 million in consumer and residential loans. These developments highlight the company's ongoing commitment to growth and shareholder value.
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