ITHACA, NY – In a recent transaction on May 16, Janet M. Coletti, a director at Tompkins (NYSE:TMP) Financial Corp (NYSE:TMP), purchased 1,000 shares of the company's common stock, as indicated by the latest SEC filings. The shares were acquired at a price of $47.91 each, amounting to a total investment of $47,910.
This purchase reflects a vote of confidence from Coletti in the financial institution, known for its state commercial banking services under the standard industrial classification. Following the transaction, Coletti's stake in the company has increased to a total of 2,000 shares of common stock.
Tompkins Financial Corp , with a history that can be traced back to its former names as Tompkins Trustco Inc and Tompkins County Trustco Inc, has been a staple in the New York banking scene, with its business address located at 118 E Seneca Street, Ithaca, NY.
Investors often monitor the buying and selling activities of company insiders as it can provide insights into the company's financial health and future prospects. The recent acquisition by Coletti could be interpreted as a positive signal for Tompkins Financial Corp's stock performance.
The company has not released any footnotes regarding the transaction that could provide additional context for the purchase. The SEC filing was made public on May 17, following the transaction date.
Investors and market watchers will likely keep an eye on future transactions from company insiders to gauge the momentum and insider sentiment towards Tompkins Financial Corp's stock.
InvestingPro Insights
As investors delve into the insider activities of Tompkins Financial Corp (NYSE:TMP), it's essential to consider various financial metrics and expert analysis that could shed light on the company's valuation and future performance. A director's recent stock purchase may signal confidence, aligning with an InvestingPro Tip highlighting that the company has raised its dividend for 34 consecutive years, which is a testament to its commitment to shareholder returns.
On the financial front, Tompkins Financial Corp's price-to-earnings (P/E) ratio stands at 72.86 as of the last twelve months leading up to Q1 2024, suggesting a premium valuation compared to the market. Additionally, the company has a dividend yield of 5.05% as of the latest data, which could appeal to income-focused investors. Despite a challenging environment reflected by a revenue decline of 30.25% over the last twelve months, the company has maintained a positive one-month price total return of 12.58%, indicating a recent uptick in investor sentiment.
According to InvestingPro Tips, analysts are forecasting net income growth for Tompkins Financial Corp this year, which could be a driving factor behind the insider purchase. Moreover, the company's fair value is estimated at $53.53 by InvestingPro, higher than the current trading price, suggesting potential upside. Investors interested in a deeper dive into the company's prospects can explore more tips on InvestingPro, where an additional 8 tips are available. For those considering an InvestingPro subscription, use coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.