First Guaranty Bancshares, Inc. (NASDAQ:FGBI), a federally chartered savings institution with a market capitalization of $162 million, has declared a quarterly cash dividend for its common stock shareholders.
Announced on Monday, the company will pay $0.01 per share to shareholders of record as of December 27, 2024. The dividend is scheduled for payment on December 31, 2024, marking the 126th consecutive quarterly dividend distributed to its common shareholders, part of its impressive 19-year streak of consistent dividend payments.
This financial event was disclosed in a Form 8-K filed with the Securities and Exchange Commission on Tuesday. The decision was made by the Board of Directors of First Guaranty on December 16, 2024, continuing the company's tradition of providing quarterly returns to its investors.
The Louisiana-based financial institution has a history of consistent dividend payments, emphasizing its commitment to returning value to its shareholders. Currently offering a 2.47% dividend yield, the company has demonstrated strong recent performance with a 42% gain over the past six months. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value metrics, with several additional bullish indicators available to subscribers.
First Guaranty Bancshares (NYSE:GNTY) has not made any changes to its dividend policy with this announcement, and it appears to be maintaining its established pattern of shareholder remuneration.
The company's shares, which are listed on The Nasdaq Stock Market LLC under the ticker FGBI and currently trading at $12.97 with a P/E ratio of 15.3, will carry this dividend, with a parallel dividend likely for the holders of the Depositary Shares, each representing a fractional interest in a share of its 6.75% Series A Fixed-Rate Non-Cumulative perpetual preferred stock (NASDAQ:FGBIP).
This dividend announcement is a routine corporate action and is based on information directly from the company's SEC filing. It is part of First Guaranty Bancshares' ongoing financial practices and is not indicative of any broader market trends or industry impacts.
In other recent news, First Guaranty Bancshares has announced a quarterly cash dividend on its preferred stock, with each holder receiving a distribution of $16.875 per share. This comes alongside a strategic shift for the company, involving a staff cut of 71 employees, expected to reduce annual pre-tax noninterest expenses by around $12 million.
In addition, First Guaranty Bancshares has released a letter to its shareholders, though the contents remain undisclosed in public documents.
The company also marked its 125th consecutive quarter of cash dividend payments for common stock shareholders. On the financial front, the company's total assets have increased to $3.6 billion, with total loans rising by 3.1% to $2.8 billion.
Furthermore, First Guaranty Bancshares completed a sale-leaseback transaction for two branches and part of its headquarters, resulting in a pre-tax gain of about $13.2 million. These are among the recent developments for First Guaranty Bancshares.
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