Discover the financial services stocks with the biggest dividend increases last month, May
Dividends
June 18, 2023
Columbia Banking System, Inc. (NASDAQ: COLB), the parent company of Umpqua Bank, has recently approved a 20% increase in its quarterly cash dividend. Columbia Banking System attributes this dividend increase to the successful merger of Columbia and Umpqua, which strengthened their combined organization. Clint Stein, the President & CEO of Columbia, expressed optimism about the future, expecting cost and revenue synergies to improve their operating fundamentals.
American International Group, Inc. (AIG) announced a 12.5% increase in its quarterly common stock dividend to $0.36 per share starting in the second quarter of 2023. This dividend increase reflects American International Group's confidence in its future earnings power. AIG reported strong first-quarter results, demonstrating its ability to deliver high-quality outcomes for stakeholders, manage volatility, and improve profitability. General Insurance net premiums written increased, and combined ratios and underwriting profitability improved. The Life and Retirement business had a very strong quarter, with significant growth in premiums and deposits. AIG's active management of its investment portfolio resulted in increased net investment income.
P10, Inc. (PX) -1.54% announced its first quarter 2023 financial results, showcasing impressive performance despite economic challenges. P10 reported a 23% YoY increase in fee paying assets under management, reaching $21.6 billion. Revenue also soared, with a 32% YoY growth to $57.3 million. Although GAAP net income experienced a 90% YoY decrease at $.8 million, adjusted EBITDA surged by 27% YoY to $28.4 million, while adjusted net income rose by 14% YoY to $25.5 million. Fully diluted GAAP EPS declined by 83% YoY to $.01, while fully diluted ANI per share increased by 17% YoY to $.21. In light of these positive results, P10, Inc. recently approved an 8% increase in the annual dividend, raising it from $.12 per share to $.13 per share. The decision reflects P10's confidence in its growth prospects and ability to generate strong cash flows. The Board of Directors declared a quarterly cash dividend of $.0325 per share of Class A and Class B common stock, payable on June 20, 2023, to shareholders of record as of May 30, 2023.
Stock Yards Bancorp, Inc. (SYBT), the parent company of Stock Yards Bank & Trust Company, has recently announced an increase in its quarterly cash dividend to $0.29 per common share. This decision reflects Stock Yards Bancorp's commitment to providing value to its stockholders. The dividend increase signifies Stock Yards Bancorp's positive financial performance and confidence in its future prospects. The Board of Directors has maintained the prior quarter's dividend amount, indicating stability and consistency. Recent news also highlights the extension of Stock Yards Bancorp's Stock Repurchase Plan, allowing the repurchase of one million shares until May 22, 2025. This move indicates Stock Yards Bancorp’s belief in its own value and its willingness to invest in its own stock. The plan's flexibility enables Stock Yards Bancorp to repurchase shares through various methods, subject to applicable securities law.
PennantPark Investment Corporation (PNNT) announced its financial results for the second quarter ended March 31, 2023. PennantPark Investment increased its quarterly dividend to $0.20 per share, representing an 8.1% increase from the previous distribution. The decision to raise the dividend was driven by PennantPark Investment's strong net investment income, which supports the higher payout. The management, led by Chairman and CEO Arthur Penn, expressed confidence in capturing the benefits of PennantPark Investment's current investments, expecting them to contribute to earnings growth going forward.
Houlihan Lokey, Inc. (HLI) recently announced its financial results for the fiscal year and fourth quarter ended March 31, 2023. Despite a decline in revenues by 20% to $1.81 billion for the fiscal year and 6% to $445 million for the fourth quarter, Houlihan Lokey reported net income of $269 million and $75 million, respectively. Adjusted net income for the fiscal year was $315 million, and for the fourth quarter, it was $77 million. Despite the challenging market environment, Houlihan Lokey remains optimistic about its diversified business model and expects solid profitability in the new fiscal year. Consequently, Houlihan Lokey's Board of Directors declared a regular quarterly cash dividend of $0.55 per share of Class A and Class B common stock. The dividend will be payable on June 15, 2023, to stockholders of record as of June 2, 2023.
National Bank Holdings Corporation (NBHC) has recently announced a 4.0% increase in its quarterly cash dividend, raising it from twenty-five cents ($0.25) to twenty-six cents ($0.26) per share of common stock. This decision reflects National Bank Holdings' strong capital position, ample liquidity, and record earnings in the first quarter of 2023. The increased dividend aims to provide attractive shareholder returns. In addition to the dividend increase, NBHC's Board of Directors has authorized a repurchase program of up to $50.0 million of National Bank Holdings' common stock. This new program replaces the previously authorized program entirely, indicating National Bank Holdings' commitment to enhancing shareholder value. As of May 5, 2023, NBHC had 37,710,702 outstanding shares of Class A Common Stock, excluding 195,287 shares of restricted Class A common stock issued but not yet vested.
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