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GLEN BURNIE, Md. - Glen Burnie Bancorp (NASDAQ:GLBZ), the parent company of The Bank of Glen Burnie, announced on Thursday the declaration of a regular quarterly dividend. The company's Board of Directors has approved a ten-cent ($0.10) per share dividend, continuing its long-standing practice of returning value to shareholders. This latest dividend represents the 128th consecutive payout by the Maryland-based community bank.
The dividend is scheduled to be paid on August 5, 2024, to shareholders who are on record as of the close of business on July 22, 2024. Glen Burnie Bancorp, which was established in 1949, reported consolidated assets of $355.7 million as of June 30, 2024. The bank operates eight branches throughout Anne Arundel County, MD, providing a range of financial services to the local community.
The announcement of the dividend is a continuation of Glen Burnie Bancorp's tradition of providing consistent shareholder returns. Investors and analysts often view regular dividends as a sign of a company's financial health and stability, as well as its commitment to sharing profits with its owners.
This news release also contained forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995, cautioning that the company's future results could differ materially from historical performance and current expectations due to various risk factors. For a detailed discussion of these risks, the company refers to its filings with the Securities and Exchange Commission.
The information is based on a press release statement from Glen Burnie Bancorp.
In other recent news, Glen Burnie Bancorp, the parent company of The Bank of Glen Burnie, continues its streak of regular dividends with a recent declaration of a ten-cent ($0.10) per share payout. This marks the 127th consecutive payout by the company, emphasizing its consistent commitment to shareholder returns.
The dividend is set to be distributed to shareholders recorded as of a certain date in April. In addition to this, the company has reported consolidated assets of $369.9 million as of the end of March. The company's press release also contained a note of caution regarding forward-looking statements, pointing out that they are subject to risks and uncertainties that could lead to actual future results differing from current expectations.
InvestingPro Insights
Glen Burnie Bancorp (NASDAQ:GLBZ) continues to emphasize its dedication to shareholder returns with the announcement of its 128th consecutive dividend payout. This commitment is underscored by the fact that the company has maintained dividend payments for an impressive 28 years, showcasing its stability and reliability as an investment. Moreover, the dividend yield as of the most recent data stands at a substantial 9.88%, which is particularly attractive to income-focused investors.
While the company prides itself on consistent dividends, it's important to note that Glen Burnie Bancorp's stock price has experienced significant volatility. Over the last six months, the price total return has decreased by 36.77%, reflecting market uncertainties and perhaps internal challenges. Despite a notable dividend yield, the company's revenue has seen a downturn, with a decrease of 10.53% over the last twelve months as of Q1 2024.
From a valuation standpoint, Glen Burnie Bancorp's P/E ratio is currently 11.71, aligning with the adjusted P/E ratio for the last twelve months as of Q1 2024. This suggests that the stock is reasonably valued in the context of its earnings. Additionally, the price/book ratio stands at 0.65, which could indicate that the stock is undervalued relative to its assets, presenting a potential opportunity for value investors.
For those seeking more in-depth analysis, there are additional InvestingPro Tips available that provide further insight into Glen Burnie Bancorp's financial health, including its gross profit margins and stock performance over various time frames. Access these valuable tips at InvestingPro and consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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