Preferred Bank Gets Regulatory Nod to Continue Share Repurchase Plan

Zacks09-03

Preferred Bank PFBC obtained regulatory approval to proceed with its shareholder-approved existing $150 million share repurchase program. Details of PFBC’s Repurchase Plan Preferred Bank launched the ...

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CCBG announced a quarterly cash dividend of 23 cents per share. This reflects a 9.5% hike from the prior payout of 21 cents per share. The dividend will be paid out on Sept. 23, 2024, to shareholders of record as of Sept. 9.Before this, in February 2024, CCBG hiked its dividend by 5% to 21 cents. It has increased its dividend payout nine times in the past five years.Northrim BanCorp, Inc. NRIM announced a quarterly cash dividend of 62 cents per share. This reflects a 1.6% hike from the prior payout. The dividend will be paid out on Sept. 13, 2024, to shareholders of record as of Sept. 5.Prior to the latest hike, NRIM increased its dividend by 1.7% to 61 cents per share this January. The company has hiked its dividend 10 times in the last five years, with an annualized di","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"PFBC":"保富银行","NRIM":"Northrim BanCorp Inc","BK4211":"区域性银行","CCBG":"Capital City Bank Group"},"translate_title":"优先银行获得监管机构批准继续股票回购计划","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CCBG":1,"PFBC":1,"NRIM":0.9},"content_text":"Preferred Bank PFBC obtained regulatory approval to proceed with its shareholder-approved existing $150 million share repurchase program.\nDetails of PFBC’s Repurchase Plan\nPreferred Bank launched the $150 million program in June 2023 and received regulatory approval to initiate the first leg of the plan. Under this, the bank repurchased $72.5 million worth of shares at an average price of $62.02. The approval expired in July 2024.The currently obtained approval is for the remaining $77.5 million worth of shares, which is set to expire in February 2025.Being a state-chartered, non-member bank, Preferred Bank is required to obtain regulatory approval before proceeding with any transaction that may alter its capital levels.Prior to the existing authorization, PFBC had a share buyback plan of up to $50 million announced in 2021. Under the plan, the bank repurchased 0.5 million shares for a total consideration of $32 million.\nPreferred Bank’s Dividend History\nApart from share repurchases, Preferred Bank pays quarterly dividends regularly and has increased dividends four times in the last five years. In December 2023, the bank announced a 27.3% dividend hike from the prior payout to 70 cents per share.Considering Friday’s closing price of $82.85, its annualized dividend yield is 3.4%. Apart from being attractive to investors, the yield represents a steady income stream.The company has a five-year annualized dividend growth of 20.94% with a dividend payout ratio of 27%.As of June 30, 2024, Preferred Banks’ cash and cash equivalent balance was $917.7 million. The cash levels are higher than its subordinated debt issuance, net of unamortized costs, and premium and other liabilities of $182.5 million. Hence, a solid balance sheet position, along with its earnings strength, indicates that its capital distributions are sustainable.\nZacks Rank & Price Performance\nYear to date, shares of Preferred Bank have risen 13.4% compared with the industry’s 9% growth.\nImage Source: Zacks Investment Research\nCurrently, PFBC carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.\nSimilar Steps by Other Banks\nLast month, Capital City Bank Group, Inc. CCBG announced a quarterly cash dividend of 23 cents per share. This reflects a 9.5% hike from the prior payout of 21 cents per share. The dividend will be paid out on Sept. 23, 2024, to shareholders of record as of Sept. 9.Before this, in February 2024, CCBG hiked its dividend by 5% to 21 cents. It has increased its dividend payout nine times in the past five years.Northrim BanCorp, Inc. NRIM announced a quarterly cash dividend of 62 cents per share. This reflects a 1.6% hike from the prior payout. The dividend will be paid out on Sept. 13, 2024, to shareholders of record as of Sept. 5.Prior to the latest hike, NRIM increased its dividend by 1.7% to 61 cents per share this January. The company has hiked its dividend 10 times in the last five years, with an annualized dividend growth of 17.18%.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nCapital City Bank Group (CCBG) : Free Stock Analysis Report\nPreferred Bank (PFBC) : Free Stock Analysis Report\nNorthrim BanCorp Inc (NRIM) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.0","shortVersion":"4.29.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2464091384"}