Summit St. Bank (SSBI) Declares $0.12 Dividend
Summit St. Bank said on April 24, 2023 that its board of directors declared a regular quarterly dividend of $0.12 per share ($0.48 annualized). Previously, the company paid $0.12 per share.
Shares must be purchased before the ex-div date of May 10, 2023 to qualify for the dividend. Shareholders of record as of May 11, 2023 will receive the payment on May 18, 2023.
At the current share price of $14.27 / share, the stock's dividend yield is 3.36%. Looking back five years and taking a sample every week, the average dividend yield has been 3.33%, the lowest has been 2.20%, and the highest has been 6.24%. The standard deviation of yields is 0.69 (n=233).
The current dividend yield is 0.04 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.19. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.10%, demonstrating that it has increased its dividend over time.
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What is the Fund Sentiment?
There are 53 funds or institutions reporting positions in Summit St. Bank. This is an increase of 3 owner(s) or 6.00% in the last quarter. Average portfolio weight of all funds dedicated to SSBI is 0.06%, an increase of 77.04%. Total shares owned by institutions increased in the last three months by 21.23% to 1,385K shares.
What are Other Shareholders Doing?
Banc Funds Co holds 427K shares representing 6.35% ownership of the company. In it's prior filing, the firm reported owning 207K shares, representing an increase of 51.60%. The firm decreased its portfolio allocation in SSBI by 99.78% over the last quarter.
Caldwell Securities holds 195K shares representing 2.90% ownership of the company. In it's prior filing, the firm reported owning 169K shares, representing an increase of 13.29%. The firm decreased its portfolio allocation in SSBI by 16.31% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 181K shares representing 2.70% ownership of the company. No change in the last quarter.
VEXMX - Vanguard Extended Market Index Fund Investor Shares holds 86K shares representing 1.27% ownership of the company. In it's prior filing, the firm reported owning 86K shares, representing a decrease of 0.13%. The firm increased its portfolio allocation in SSBI by 4.80% over the last quarter.
Traverso Chambers Private Wealth Management holds 85K shares representing 1.26% ownership of the company. In it's prior filing, the firm reported owning 85K shares, representing a decrease of 0.83%. The firm increased its portfolio allocation in SSBI by 82,936.95% over the last quarter.
Summit St. Bank Background Information
(This description is provided by the company.)
Summit State Bank, a local community bank, has total assets of $866 million and total equity of $76 million on December 31, 2020. Headquartered in Sonoma County, the Bank specializes in providing exceptional customer service and customized financial solutions to aid in the success of local small businesses and nonprofits throughout Sonoma County.
This story originally appeared on Fintel.