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Riverview Bancorp (RVSB) Stock Gains 1.2% on Buyback Plan
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Shares of Riverview Bancorp, Inc. (RVSB - Free Report) gained 1.2% since the company announced a share repurchase program. Under the program, RVSB is authorized to buy back up to $2.5 million worth of shares in the open market or privately negotiated transactions.
The repurchase plan is effective Nov 28, 2021, and will continue until the completion of the authorization or the next six months, whichever is earlier.
Additionally, the company’s board of directors authorized management to enter a trading agreement with Keefe, Bruyette & Woods, Inc. in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. This will help Riverview Bancorp to buy back shares under the aforementioned plan. Per the agreement, Keefe, Bruyette & Woods will have the authority to repurchase shares on the company’s behalf.
In March 2022, Riverview Bancorp announced a plan to repurchase $5 million worth of shares. The program was completed this September, with the company repurchasing 718,734 shares at an average price of $6.96 per share.
The company has been paying a regular quarterly dividend of 6 cents per share since July 2022, when it had hiked the payout from 5.5 cents. Considering the last day’s closing price of $7.39, the company’s dividend yield currently stands at 3.2%.
Supported by its earnings strength and solid liquidity position, Riverview Bancorp is expected to continue with its efficient capital deployment activities. Through this, it will keep enhancing its shareholder value.
Over the past three months, shares of the company have gained 3.9% against the 0.5% decline by the industry it belongs to.
Enhanced Capital Deployment Activities of Other Banks
Recently, banks like Prosperity Bancshares, Inc. (PB - Free Report) and Associated Banc-Corp (ASB - Free Report) announced increases in their quarterly dividend payouts.
Prosperity Bancshares stated that its board of directors announced a quarterly dividend of 55 cents per share, representing a hike of 5.8% from the prior payout. The new dividend will be paid out on Jan 3, 2023, to shareholders of record as of Dec 15, 2022.
Similarly, Associated Banc-Corp declared a regular quarterly cash dividend of 21 cents per share, marking a 5% increase from the prior payout. The dividend will be paid out on Dec 15 to shareholders of record as of Dec 1.
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Riverview Bancorp (RVSB) Stock Gains 1.2% on Buyback Plan
Shares of Riverview Bancorp, Inc. (RVSB - Free Report) gained 1.2% since the company announced a share repurchase program. Under the program, RVSB is authorized to buy back up to $2.5 million worth of shares in the open market or privately negotiated transactions.
The repurchase plan is effective Nov 28, 2021, and will continue until the completion of the authorization or the next six months, whichever is earlier.
Additionally, the company’s board of directors authorized management to enter a trading agreement with Keefe, Bruyette & Woods, Inc. in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. This will help Riverview Bancorp to buy back shares under the aforementioned plan. Per the agreement, Keefe, Bruyette & Woods will have the authority to repurchase shares on the company’s behalf.
In March 2022, Riverview Bancorp announced a plan to repurchase $5 million worth of shares. The program was completed this September, with the company repurchasing 718,734 shares at an average price of $6.96 per share.
The company has been paying a regular quarterly dividend of 6 cents per share since July 2022, when it had hiked the payout from 5.5 cents. Considering the last day’s closing price of $7.39, the company’s dividend yield currently stands at 3.2%.
Supported by its earnings strength and solid liquidity position, Riverview Bancorp is expected to continue with its efficient capital deployment activities. Through this, it will keep enhancing its shareholder value.
Over the past three months, shares of the company have gained 3.9% against the 0.5% decline by the industry it belongs to.
Image Source: Zacks Investment Research
Currently, Riverview Bancorp carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Enhanced Capital Deployment Activities of Other Banks
Recently, banks like Prosperity Bancshares, Inc. (PB - Free Report) and Associated Banc-Corp (ASB - Free Report) announced increases in their quarterly dividend payouts.
Prosperity Bancshares stated that its board of directors announced a quarterly dividend of 55 cents per share, representing a hike of 5.8% from the prior payout. The new dividend will be paid out on Jan 3, 2023, to shareholders of record as of Dec 15, 2022.
Similarly, Associated Banc-Corp declared a regular quarterly cash dividend of 21 cents per share, marking a 5% increase from the prior payout. The dividend will be paid out on Dec 15 to shareholders of record as of Dec 1.