Pathfinder Bancorp, Inc. (PBHC) shareholders are scheduled to receive a dividend payment of $0.07 per share. The dividend is expected to be paid by May 07, 21, depicting a 16.67% rise over previous dividend payments. Investors who had purchased PBHC stock before the ex-dividend date are eligible for the cash dividend payment.
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Pathfinder Bancorp Inc. (PBHC) stock surged following the news however, the holding company has plunged 6.74% at $14.25 in premarket trading hours on the last check.
About Pathfinder Bancorp.
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Pathfinder Bank is a commercial bank established in Oswego, with deposits insured by Federal Deposit Insurance Corporation, and through its subsidiary, it owns a 51% stake in the FitzGibbons Agency, LLC. The Bank is a holding company owned by Pathfinder Bancorp, Inc., and consists of ten branches located in its market areas, their target demographics consisting of various investors.
In the last quarter of the previous year, there were 4,531,383 shares of common stock issued and outstanding with PBHC and its holding companies owning accumulated assets of $1.2 billion. It had gross deposits worth $995.9 million and shareholders’ equity of $97.7 million.
Thomas W. Schneider, President, and CEO of the Company stated, “We are pleased with the interest in, and successful closing of, our subordinated debt offering. We have a long history of deploying new capital into our market to expand our position as one of the premier banks in Central New York and the Mohawk Valley region. The terms of this debt issuance are favorable to (1) providing the Company with a source of capital for further growth, (2) increasing our ability to extinguish all, or part of, a previously issued subordinated callable debenture carrying a higher coupon rate, and (3) strengthening our balance sheet during this uncertain time without dilution to existing shareholders.”, emphasizing upon adequate capital allocation and an expansion based business model gaining a competitive advantage over its peers.
PBHC’s announcement of providing ex-dividends is being only beneficial to shareholders who had invested in the company prior to the ex-dividend date. Hence it was not able to raise adequate investor interest, with PBHC stock plummeting immensely at the last check.