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Dallas-based Tectonic Financial, Inc. has declared quarterly dividends for its shareholders, according to a recent filing with the Securities and Exchange Commission. The company, currently trading at $10.28 per share, maintains an attractive dividend yield of 12.03%. The company’s Board of Directors announced that preferred and common stockholders would receive cash dividends in February. According to InvestingPro, the company has shown steady revenue growth of 3.32% over the last twelve months.
Specifically, a dividend of $0.3036060 per share will be paid for the 9.00% Fixed-to-Floating Rate Series B Noncumulative Perpetual Preferred Stock, covering the period from November 15, 2024, to February 18, 2025. The payment date is set for February 18, 2025, to shareholders of record at the close of business on February 7, 2025.
In addition to the preferred stock dividend, Tectonic Financial will also distribute a $0.10 per share dividend on its common stock. This dividend is likewise payable on February 18, 2025, to shareholders of record as of the close of business on February 7, 2025.
This information is based on a press release statement and reflects the company’s financial activities and decisions as of January 28, 2025.
In other recent news, Tectonic Financial has seen significant changes in its board and executive leadership. Daniel C. Wicker and George L. Ball (NYSE:BALL), key board members, will retire effectively on December 31, 2024, according to an 8-K filing with the Securities and Exchange Commission. Following Ball’s departure, Darrell W. Cain will take over as Chairman in a non-executive capacity. The company has clarified that these retirements are voluntary and not the result of any operational disagreements or issues.
Additionally, Patrick Howard, the current President, will retire by July 31, 2025, and A. Haag Sherman, a company veteran since 2016, will assume the role. In terms of financial developments, Tectonic Financial has declared dividends on both its preferred and common stock shares. Shareholders of the company’s 9.00% Fixed-to-Floating Rate Series B Noncumulative Perpetual Preferred Stock will receive a cash dividend of $0.3092146 per share. Concurrently, a cash dividend of $0.10 per share has been declared for holders of the company’s common stock.
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