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Riverview Bancorp (RVSB) Cheers Investor With 10% Dividend Hike
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Shares of Riverview Bancorp, Inc. (RVSB - Free Report) gained around 2% after the company announced that its board of directors approved a 10% sequential hike in its quarterly cash dividend. The company will now pay out a dividend of 5.5 cents per share, up from 5 cents disbursed in the prior quarter. The increased dividend will be paid out on Oct 19 to its shareholders of record as of Oct 7, 2021.
Based on the raised rate, the annual dividend came to 22 cents a share, resulting in an annualized yield of 3%, considering the company’s closing price of $7.28 on Sep 27.
In January 2020, the company hiked the quarterly dividend by 11.1% to 5 cents per share.
Aside from this, in June 2021, Riverview Bancorp announced a share repurchase program. Under this, it is authorized to buy back up to $5 million worth of shares in the open market or privately negotiated transactions. The repurchase plan is effective Jun 21, 2021, and will continue until the completion of the authorization or the next six months, whichever is earlier.
Such impressive capital deployment plans reflect Riverview Bancorp’s commitment to return value to shareholders with its strong cash generation capabilities and are likely to boost investor confidence in the stock.
Investors, who are interested in this Zacks Rank #3 (Hold) stock, should first take a look at its fundamentals mentioned below before making any investment decision.
Earnings Strength: Over the past three-five years, Riverview Bancorp witnessed earnings growth of 12.5% compared with the industry average of 10%. For fiscal 2021, the company’s earnings are projected to grow 87%.
Further, Riverview Bancorp has an impressive earnings surprise history. Its earnings surpassed the Zacks Consensus Estimate in each of the trailing four quarters, the average beat being 38%.
Superior Return on Equity (ROE): Riverview Bancorp’s ROE is 10.3% compared with the industry average of 10.2%. This indicates that the company reinvests cash more efficiently compared with its peers.
Over the past year, shares of the company have rallied 77.6%, outperforming 74.7% growth of the industry it belongs to.
Image Source: Zacks Investment Research
Currently, Riverview Bancorp carries a Zacks Rank #2 (Buy).
In September, several finance companies raised their quarterly dividends.
JPMorgan (JPM - Free Report) has increased its regular quarterly dividend. The bank announced a dividend of $1 per share, representing a hike of 11.1% from the prior payout. The dividend will be paid out on Oct 31 to shareholders of record as of Oct 6.
Equity Bancshares, Inc. (EQBK - Free Report) has announced a dividend for the first time. The company’s board of directors approved a quarterly cash dividend of 8 cents per share. The dividend will be paid out on Oct 14 to shareholders of record as of Sep 30.
Fifth Third Bancorp (FITB - Free Report) has followed through with its previous dividend hike plans and has raised its quarterly cash dividends by 11%. The company will now pay out a dividend of 30 cents per share, up from 27 cents disbursed in the prior quarter. The third-quarter dividend will be paid out on Oct 15 to its shareholders of record as of Sep 30, 2021.
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Riverview Bancorp (RVSB) Cheers Investor With 10% Dividend Hike
Shares of Riverview Bancorp, Inc. (RVSB - Free Report) gained around 2% after the company announced that its board of directors approved a 10% sequential hike in its quarterly cash dividend. The company will now pay out a dividend of 5.5 cents per share, up from 5 cents disbursed in the prior quarter. The increased dividend will be paid out on Oct 19 to its shareholders of record as of Oct 7, 2021.
Based on the raised rate, the annual dividend came to 22 cents a share, resulting in an annualized yield of 3%, considering the company’s closing price of $7.28 on Sep 27.
In January 2020, the company hiked the quarterly dividend by 11.1% to 5 cents per share.
Aside from this, in June 2021, Riverview Bancorp announced a share repurchase program. Under this, it is authorized to buy back up to $5 million worth of shares in the open market or privately negotiated transactions. The repurchase plan is effective Jun 21, 2021, and will continue until the completion of the authorization or the next six months, whichever is earlier.
Such impressive capital deployment plans reflect Riverview Bancorp’s commitment to return value to shareholders with its strong cash generation capabilities and are likely to boost investor confidence in the stock.
Investors, who are interested in this Zacks Rank #3 (Hold) stock, should first take a look at its fundamentals mentioned below before making any investment decision.
Earnings Strength: Over the past three-five years, Riverview Bancorp witnessed earnings growth of 12.5% compared with the industry average of 10%. For fiscal 2021, the company’s earnings are projected to grow 87%.
Further, Riverview Bancorp has an impressive earnings surprise history. Its earnings surpassed the Zacks Consensus Estimate in each of the trailing four quarters, the average beat being 38%.
Superior Return on Equity (ROE): Riverview Bancorp’s ROE is 10.3% compared with the industry average of 10.2%. This indicates that the company reinvests cash more efficiently compared with its peers.
Over the past year, shares of the company have rallied 77.6%, outperforming 74.7% growth of the industry it belongs to.
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.
Competitive Landscape
In September, several finance companies raised their quarterly dividends.
JPMorgan (JPM - Free Report) has increased its regular quarterly dividend. The bank announced a dividend of $1 per share, representing a hike of 11.1% from the prior payout. The dividend will be paid out on Oct 31 to shareholders of record as of Oct 6.
Equity Bancshares, Inc. (EQBK - Free Report) has announced a dividend for the first time. The company’s board of directors approved a quarterly cash dividend of 8 cents per share. The dividend will be paid out on Oct 14 to shareholders of record as of Sep 30.
Fifth Third Bancorp (FITB - Free Report) has followed through with its previous dividend hike plans and has raised its quarterly cash dividends by 11%. The company will now pay out a dividend of 30 cents per share, up from 27 cents disbursed in the prior quarter. The third-quarter dividend will be paid out on Oct 15 to its shareholders of record as of Sep 30, 2021.