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MVB Financial Corp. (MVBF - Free Report) announced a quarterly cash dividend of 17 cents per share, representing an increase of 13.3% or 2 cents per share from the previous payout. The dividend will be paid out on Mar 15 to shareholders as of Mar 1, 2022.
This marks the fifth consecutive quarterly hike of its dividend. Earlier, MVB Financial hiked its dividend by 7%, 16.7%, 20% and 11.1% for the last four quarters, respectively.
"MVB’s performance reflects the diversity of our tech-forward business model, as well as our strong positioning for the future. We were pleased to have another strong year of earnings for 2021, and our multiple increases in dividends are indicative of the value that MVB is creating for shareholders," said Larry F. Mazza, CEO, MVB Financial.
The company’s current dividend yield is of 1.7%, based on its last day’s closing price. Not only is the yield attractive for income investors, but it also represents a steady income stream.
The regular dividend hikes reflect MVB Financial’s commitment to boost shareholder value through its strong cash-generation capabilities while retaining sufficient capital for growing organically.
MVB Financial has been expanding through strategic acquisitions. In 2021, the company acquired the majority interest in Trabian Technology, Inc. In 2020, the company acquired Paladin L.L.C., besides deposits and certain assets of First State Bank. In 2019, it acquired Proco Global, Inc. and Chartwell Compliance.
Over the past year, shares of MVBF have rallied 67.3% compared with the industry’s growth of 14.6%.
Over the past few months, several companies have rewarded their shareholders with dividend hikes. Some of these are Midland States Bancorp, Inc. (MSBI - Free Report) , HomeStreet, Inc.’s (HMST - Free Report) and Fidelity National Information Services Inc. (FIS - Free Report) .
MSBI declared a quarterly cash dividend of 29 cents per share, up 3.6% from the prior payout. The dividend will be paid out on Feb 18 to all its shareholders of record on Feb 11.
This increase represents the 22nd consecutive annual hike in Midland States’ quarterly cash dividend. Prior to this, MSBI had announced a 4.5% dividend hike to 28 cents per share in November 2021.
HMST declared a quarterly dividend of 35 cent per share, representing a hike of 40% from the prior payout. The dividend will be paid out on Feb 23 to its shareholders of record as of Feb 9.
This marks the third dividend hike by HomeStreet. HMST had earlier increased its dividend by 66.7% to 25 cents per share in February 2021.
Consistent with its updated capital allocation strategy announced in November 2021, Fidelity hiked its quarterly common stock dividend by 21% from the prior-quarter payout to 47 cents per share in January this year. The new dividend will be paid out on Mar 29 to its shareholders of record as of Mar 25, 2022.
Since March 2012, Fidelity National has raised its dividend eight times. Its dividend was last hiked in February 2021 by 11% to 39 cents per share. This reflects FIS’s commitment to return its shareholders’ funds with its impressive cash-generation capabilities.
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MVB Financial (MVBF) Announces Fifth Consecutive Dividend Hike
MVB Financial Corp. (MVBF - Free Report) announced a quarterly cash dividend of 17 cents per share, representing an increase of 13.3% or 2 cents per share from the previous payout. The dividend will be paid out on Mar 15 to shareholders as of Mar 1, 2022.
This marks the fifth consecutive quarterly hike of its dividend. Earlier, MVB Financial hiked its dividend by 7%, 16.7%, 20% and 11.1% for the last four quarters, respectively.
"MVB’s performance reflects the diversity of our tech-forward business model, as well as our strong positioning for the future. We were pleased to have another strong year of earnings for 2021, and our multiple increases in dividends are indicative of the value that MVB is creating for shareholders," said Larry F. Mazza, CEO, MVB Financial.
The company’s current dividend yield is of 1.7%, based on its last day’s closing price. Not only is the yield attractive for income investors, but it also represents a steady income stream.
The regular dividend hikes reflect MVB Financial’s commitment to boost shareholder value through its strong cash-generation capabilities while retaining sufficient capital for growing organically.
MVB Financial has been expanding through strategic acquisitions. In 2021, the company acquired the majority interest in Trabian Technology, Inc. In 2020, the company acquired Paladin L.L.C., besides deposits and certain assets of First State Bank. In 2019, it acquired Proco Global, Inc. and Chartwell Compliance.
Over the past year, shares of MVBF have rallied 67.3% compared with the industry’s growth of 14.6%.
Image Source: Zacks Investment Research
MVBF Financial currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Firms Taking Similar Steps
Over the past few months, several companies have rewarded their shareholders with dividend hikes. Some of these are Midland States Bancorp, Inc. (MSBI - Free Report) , HomeStreet, Inc.’s (HMST - Free Report) and Fidelity National Information Services Inc. (FIS - Free Report) .
MSBI declared a quarterly cash dividend of 29 cents per share, up 3.6% from the prior payout. The dividend will be paid out on Feb 18 to all its shareholders of record on Feb 11.
This increase represents the 22nd consecutive annual hike in Midland States’ quarterly cash dividend. Prior to this, MSBI had announced a 4.5% dividend hike to 28 cents per share in November 2021.
HMST declared a quarterly dividend of 35 cent per share, representing a hike of 40% from the prior payout. The dividend will be paid out on Feb 23 to its shareholders of record as of Feb 9.
This marks the third dividend hike by HomeStreet. HMST had earlier increased its dividend by 66.7% to 25 cents per share in February 2021.
Consistent with its updated capital allocation strategy announced in November 2021, Fidelity hiked its quarterly common stock dividend by 21% from the prior-quarter payout to 47 cents per share in January this year. The new dividend will be paid out on Mar 29 to its shareholders of record as of Mar 25, 2022.
Since March 2012, Fidelity National has raised its dividend eight times. Its dividend was last hiked in February 2021 by 11% to 39 cents per share. This reflects FIS’s commitment to return its shareholders’ funds with its impressive cash-generation capabilities.