ALEXANDRIA, La. - Red River Bancshares, Inc. (NASDAQ:RRBI), a Louisiana-based banking institution, has declared a cash dividend increase to $0.09 per share of common stock, which marks a 12.5% rise from the previous quarter's dividend. This announcement was made on Thursday, February 22, 2024, by the company's board of directors.
The new dividend is scheduled to be disbursed on March 21, 2024, to shareholders who are on record by the close of business on March 11, 2024. This increase represents a 1 cent rise from the $0.08 per share dividend declared on October 26, 2023.
Blake Chatelain, the President and Chief Executive Officer of Red River Bancshares, commented on the dividend increase, stating, "We are pleased to increase our dividend to nine cents this quarter. Our growing dividend reflects our continued focus on returning capital to shareholders, while remaining committed to maintaining strong capital ratios."
Red River Bancshares, Inc. is the parent company of Red River Bank, which was established in 1999. The bank offers a comprehensive range of banking products and services tailored to meet the needs of both commercial and retail customers. With a network of 27 banking centers spread across various markets in Louisiana, including Alexandria, Shreveport-Bossier City, Baton Rouge, Lake Charles, Covington, Lafayette, and New Orleans, Red River Bank has a significant presence in the state.
The increase in the dividend is indicative of the company's financial health and its commitment to shareholder returns. The declaration of this dividend is based on a press release statement issued by Red River Bancshares, Inc.
InvestingPro Insights
Red River Bancshares, Inc. (NASDAQ:RRBI) has shown a consistent commitment to increasing shareholder value, as demonstrated by the recent dividend increase. In line with this, data from InvestingPro highlights several key metrics that may interest investors considering RRBI's financial performance and market position:
- The company's market capitalization stands at a solid $347.35 million, suggesting a stable presence in the market.
- With a price-to-earnings (P/E) ratio of 10.07, and an adjusted P/E ratio for the last twelve months as of Q4 2023 at 9.96, RRBI trades at a valuation that may be attractive to investors looking for reasonably priced earnings potential.
- Revenue growth for the last twelve months as of Q4 2023 was 3.07%, indicating the company is experiencing growth, albeit at a modest rate.
InvestingPro Tips for RRBI also provide valuable insights:
1. Analysts have recently revised their earnings estimates upwards for the upcoming period, suggesting a positive outlook on the company's profitability.
2. The company is expected to be profitable this year, building on its profitability over the last twelve months.
Investors interested in a deeper analysis of Red River Bancshares, Inc. can explore additional InvestingPro Tips by visiting https://www.investing.com/pro/RRBI. There are even more tips available that can help inform investment decisions. Be sure to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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