Red River Bancshares, Inc. RRBI thrilled investors by revealing a resplendent 12.5% uptick in its quarterly cash dividend, raising the payout to a handsome 9 cents per share. This announcement ignited enthusiasm among the shareholders, set to receive the bounty on Mar 21, 2024, if they held the stock as of Mar 11.
Enterprising as ever, RRBI had earlier amped up its dividend by 14.3% to a commendable 8 cents per share on Feb 23, 2023. Manifesting a trend of generosity, the company has flexed its dividend muscle thrice within five years, fashioning an impressive annualized growth rate of 8.46%.
Precious as gold in a treasury, Red River Bancshares currently flaunts a dividend yield of 0.66% based on its closing price of $49.70 on Feb 23, 2024.
In a duel of fiscal prowess, the company renewed its stock repurchase program in December 2023–mighty symbolism of confidence. Empowered with the authority to buy back shares worth up to $5 million from Jan 1, 2024, through Dec 31, 2024, RRBI took a bravura stance. Witness to its past acumen, during 2023, it repurchased 0.1 million shares at a total cost of $5 million, seamlessly concluding its former repurchase initiative.
Ah, the very bedrock of solvency–as of Dec 31, 2023, Red River Bancshares boasted total deposits worth $2.8 billion, with cash and cash equivalents worth $584.4 million. The CET1 capital ratio stood gallantly at 17.24%, a testament to its financial vigor and acuity. RRBI, resplendent in its liquidity, maintains a posture that befits a fortress, enabling a symphony of capital distribution plans.
As the sun rose on another fiscal year, Blake Chatelain, the president and CEO of Red River Bancshares, imparted, “Our burgeoning dividend mirrors our resolve to bestow riches upon our stakeholders, while ensuring robust capital foundations.”
Each sun sets and rises anew–over the past year, RRBI shares faced a slight dip of 1.2% compared to the industry’s descent of 22.7%.
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A guardian ranking of Zacks Rank #1 (Strong Buy) adorns RRBI’s visage. Should you seek a glimpse of tomorrow’s stars, flip through the full Zacks #1 Rank lineup here.
Banking Titans on the Move
Marching to the beat of prosperity, WaFd, Inc. WAFD unveiled a quarterly cash dividend of 26 cents per share, ratcheting a solid 4% above its previous offering. A boon awaits shareholders on Mar 8, 2024, should they stand tall in the roster as of Feb 23, anticipating the trove.
Should the bank saga enthral you, cast your gaze to the bygone days of March 10, 2023, when WAFD strutted with a 4.2% escalation in dividends to 25 cents per share. A saga of increment unfolds, tallying up six dividend hikes in half a decade.
Moreover, Southside Bancshares, Inc. SBSI orchestrated a crescendo of dividends by announcing a quarterly cash boon of 36 cents per share–a 2.9% climb above its prior distribution. Shareholders anticipate a feast on Feb 29, 2024, bestowed upon those of record as of Feb 15.
SBSI’s saga of escalation bears witness to events of February 2023, where they scaled the dividend peak by 2.9% to 35 cents per share. A tapestry of growth continues to unfurl, marking the fourth dividend bump in a fray of three years.
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WaFd, Inc. (WAFD) : Free Stock Analysis Report
Southside Bancshares, Inc. (SBSI) : Free Stock Analysis Report
Red River Bancshares, Inc. (RRBI) : Free Stock Analysis Report
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Source: Zacks Investment Research
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