In a recent transaction, Jay P. Cahalan, a director of Greene County Bancorp (NASDAQ:ICBK) Inc. (NASDAQ:GCBC), sold a significant portion of his stock in the company. The sales, which took place on May 15, 2024, amounted to a total of $223,474, with the price per share ranging from $31.62 to $31.68.
The transaction involved four separate sales of Greene County Bancorp's common stock, totaling 7060 shares. The first sale was for 2345 shares at $31.67 each, followed by a sale of 1515 shares at $31.68 per share. The third sale consisted of 1455 shares at $31.64 per share, and the final sale was of 1745 shares priced at $31.62 each. Following these transactions, it was reported that Cahalan's directly owned holdings in the company dropped to zero.
It should be noted that the shares sold by Cahalan were held in an Individual Retirement Account (IRA), indicating an indirect ownership. Despite the sales, the director still holds 27,380 shares of the company's common stock directly.
The sales by Cahalan were disclosed in a Form 4 filing with the Securities and Exchange Commission. This form is required by the SEC for insiders of a company, such as directors, officers, or significant shareholders, to report any transactions in the company's shares. The reported transactions provide investors with important information regarding insider trades, which can be an indicator of the company's health and management's belief in the company's future prospects.
Greene County Bancorp Inc., headquartered in Catskill, New York, is a savings institution not federally chartered and operates within the financial sector. The company's stock is traded on the NASDAQ exchange under the ticker symbol GCBC.
InvestingPro Insights
Following the recent insider transactions at Greene County Bancorp Inc. (NASDAQ:GCBC), where director Jay P. Cahalan sold a significant portion of his stock, investors may be seeking additional context to gauge the financial health and future prospects of the company. According to InvestingPro data, Greene County Bancorp has a market capitalization of $555.93 million and a price-to-earnings (P/E) ratio of 22.67 as of the last twelve months ending Q3 2024. These metrics suggest that while the company has a solid market presence, its valuation is based on its current earnings power.
An InvestingPro Tip that stands out is the company's track record of raising its dividend for 25 consecutive years, which is a strong signal of financial stability and commitment to shareholder returns. Additionally, Greene County Bancorp has demonstrated a significant return over the last year with a total return of 58.12%. This performance may interest investors looking for companies with a history of delivering shareholder value.
While these insights provide a snapshot of the company's financial performance, there are additional InvestingPro Tips available, which could offer a deeper analysis of Greene County Bancorp's outlook. For those interested in a comprehensive investment analysis, InvestingPro offers more tips that can be accessed via the dedicated company page: https://www.investing.com/pro/GCBC. And for a limited time, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, where you can find a total of 10 InvestingPro Tips for Greene County Bancorp.
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