Greene County Bancorp, Inc. declares a quarterly cash dividend of $0.09 per share, maintaining the previous rate.
Quiver AI Summary
Greene County Bancorp, Inc. announced that its Board of Directors has approved a quarterly cash dividend of $0.09 per share on its common stock, maintaining the same annual cash dividend rate of $0.36 per share as in the previous quarter. This dividend will be paid to shareholders of record as of February 14, 2025, with a payment date set for February 28, 2025. The company's majority owner, Greene County Bancorp, MHC, will waive its right to receive this dividend, having obtained the necessary approval from the Federal Reserve Bank of Philadelphia to do so for the dividends over the next four quarters. Greene County Bancorp, Inc. serves as the holding company for the Bank of Greene County and Greene County Commercial Bank, both located in Catskill, New York, focusing primarily on the Hudson Valley and Capital District regions.
Potential Positives
- The approval of a quarterly cash dividend of $0.09 per share signals financial stability and commitment to returning value to shareholders.
- The consistency in the annual cash dividend rate of $0.36 per share reflects the company's ongoing profitability and ability to maintain shareholder rewards.
- The MHC's waiver of dividend rights highlights financial prudence, potentially benefiting other shareholders by preserving capital within the company.
Potential Negatives
- The company's decision to maintain the same dividend rate may indicate limited growth prospects or a lack of confidence in increasing profitability, which could concern investors looking for growth.
- The majority-owned subsidiary's waiver of dividend receipt could raise questions about the financial strategy and stability of the company going forward, suggesting potential issues in cash flow management.
- The approval of dividend payments by the Federal Reserve Bank and subsequent waiver hints at regulatory scrutiny or concerns that may impact investor sentiment negatively.
FAQ
What is the quarterly cash dividend approved by Greene County Bancorp?
Greene County Bancorp's Board of Directors approved a quarterly cash dividend of $0.09 per share.
When will the cash dividend be paid?
The cash dividend will be paid on February 28, 2025, to shareholders of record as of February 14, 2025.
What is the annual cash dividend rate for Greene County Bancorp shares?
The annual cash dividend rate remains at $0.36 per share, consistent with the previous quarter's rate.
Who waived their right to receive the dividend?
The MHC, majority owner of Greene County Bancorp, has waived its right to receive the dividend for this quarter.
What banks does Greene County Bancorp oversee?
Greene County Bancorp is the holding company for the Bank of Greene County and Greene County Commercial Bank.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$GCBC Insider Trading Activity
$GCBC insiders have traded $GCBC stock on the open market 2 times in the past 6 months. Of those trades, 2 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $GCBC stock by insiders over the last 6 months:
- TEJRAJ S HADA purchased 2,000 shares for an estimated $56,000
- NICK BARZEE (SVP and CFO) purchased 892 shares for an estimated $25,488
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$GCBC Hedge Fund Activity
We have seen 22 institutional investors add shares of $GCBC stock to their portfolio, and 18 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- FMR LLC removed 102,190 shares (-10.1%) from their portfolio in Q3 2024, for an estimated $3,157,671
- CITADEL ADVISORS LLC added 23,333 shares (+inf%) to their portfolio in Q3 2024, for an estimated $720,989
- BLACKROCK, INC. added 17,577 shares (+4.3%) to their portfolio in Q3 2024, for an estimated $543,129
- GOLDMAN SACHS GROUP INC added 13,108 shares (+inf%) to their portfolio in Q3 2024, for an estimated $405,037
- MORGAN STANLEY added 11,358 shares (+90.7%) to their portfolio in Q3 2024, for an estimated $350,962
- STATE STREET CORP added 10,152 shares (+9.0%) to their portfolio in Q3 2024, for an estimated $313,696
- DIMENSIONAL FUND ADVISORS LP added 9,854 shares (+15.2%) to their portfolio in Q3 2024, for an estimated $304,488
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
CATSKILL, N.Y., Jan. 22, 2025 (GLOBE NEWSWIRE) -- Greene County Bancorp, Inc. (NASDAQ-GCBC) today announced that its Board of Directors has approved a quarterly cash dividend of $0.09 per share on the Company’s common stock. The dividend reflects an annual cash dividend rate of $0.36 per share, which is the same rate as the dividend declared during the previous quarter.
The cash dividend for the quarter ended December 31, 2024 will be paid to shareholders of record as of February 14, 2025, and is expected to be paid on February 28, 2025.
The Company is the majority-owned subsidiary of Greene County Bancorp, MHC (the “MHC”), a federal mutual holding company, which owns 54.1% of the Company’s outstanding common shares. The MHC is waiving its receipt of this dividend. The MHC received the nonobjection of the Federal Reserve Bank of Philadelphia to waive its right to receive dividends, aggregating up to $0.48 per share, paid by the Company during the four quarters ending with the quarters that end on December 31, 2024, March 31, 2025, June 30, 2025, and September 30, 2025.
Greene County Bancorp, Inc. is the direct and indirect holding company for the Bank of Greene County, a federally chartered savings bank, and Greene County Commercial Bank, a New York-chartered commercial bank, both headquartered in Catskill, New York. Our primary market is the Hudson Valley Region and Capital District Region in New York State. For more information on Greene County Bancorp, Inc., visit
www.tbogc.com
.
For Further Information Contact:
Donald E. Gibson
President and Chief Executive Officer
(518) 943-2600
donaldg@tbogc.com
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