Our analysis is based on comparing Pathfinder Bancorp, Inc. with the following peers – Greene County Bancorp, Inc., Elmira Savings Bank, Flushing Financial Corporation, Dime Community Bancshares, Inc., Lake Shore Bancorp, Inc., TrustCo Bank Corp NY, Carver Bancorp Inc. and Astoria Financial Corporation (GCBC-US, ESBK-US, FFIC-US, DCOM-US, LSBK-US, TRST-US, CARV-US and AF-US).
Pathfinder Bancorp, Inc.’s dividend yield is 1.70 percent and its dividend payout is 25.64 percent. This compares to a peer average dividend yield of 2.32 percent and a payout level of 31.34 percent. This relatively lagging dividend performance could spur some dividend action going forward – except the company’s current dividend quality score of 58 out of a possible score of 100 is only about average.
Dividend Quality Overview
- Over the last twelve months (prior to December 31, 2016), PBHC-US paid a medium quality dividend, which represents a yield of 1.36% at the current price.
- Dividend quality trend has not been consistent over the last five years. Dividends were paid during each of these years — of these 3 were medium quality and 2 were low quality.
- The ending cash balance, with a dividend coverage of 8.05x, provides a substantial cushion in case of a significant reduction of cash flows in the future.
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Over the last twelve months (prior to December 31, 2016), PBHC-US paid a medium quality dividend.
The source of the company’s cash to support the dividend paid over the last twelve months is operating cash flow (coverage of 7.35x), investing cash flow (coverage of -140.24x), issuance cash flow (coverage of 142.18x) and twelve-month prior cash (coverage of 11.11x), for a total dividend coverage of 9.05x.
PBHC-US‘s issuance cash flow includes outflows from net share buybacks (coverage of -16.87x). Thus, the total coverage including share buybacks is 25.92x, which reflects our assumption that the cash paid for share buybacks is discretionary and could instead be used to pay dividends.
These coverage ratio factors imply that the firm’s net cash inflow from issuance was required (in addition to operating and investment cash) to pay the dividend, which suggests a medium dividend quality.
|Dividend Yield (%)||1.09||0.86||0.74||1.08||1.52||1.7|
|Dividend Payout (%)||13.79||12.63||13.43||24.24||25.64||25.64|
A complete list of metrics and analysis is available on the company page.
Pathfinder Bancorp, Inc. is a holding company, which engages in the investment on its subsidiary, Pathfinder Bank. The Bank attracts deposits from the general public in the bank’s area, and investing such deposits, together with other sources of funds, in loans secured by family residential real estate, commercial real estate, small business loans, and consumer loans. It also invest in securities, which consist of securities issued by the United States Government and its agencies and sponsored enterprises, state and municipal obligations, corporate debt securities, mutual funds, and equity securities. The company was founded on June 11, 2014 and is headquartered in Oswego, NY.
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