Hingham Savings Increases Regular Dividend to $0.45 Per Share

Rhea-AI Summary

The Hingham Institution for Savings (NASDAQ:HIFS) has declared a quarterly cash dividend of $0.45 per share, marking a 5% increase from the previous dividend of $0.43. The dividend will be paid on October 14, 2020, to stockholders of record as of October 5, 2020. This announcement highlights the Bank's strong returns on equity and commitment to returning capital to shareholders, evidenced by its 107th consecutive quarterly dividend and a history of increasing dividends over the past twenty-five years.

Positive

• Increased quarterly dividend to $0.45 per share, a 5% rise.
• 107 consecutive quarterly dividends paid.
• Strong returns on equity capital.

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• None.

HINGHAM, Mass., Sept. 23, 2020 (GLOBE NEWSWIRE) -- HINGHAM INSTITUTION FOR SAVINGS (NASDAQ:HIFS) (“the Bank”), Hingham, Massachusetts, announced that its Board of Directors has declared a regular quarterly cash dividend of $0.45 per share. This represents an increase of 5% over the previous regular quarterly dividend of $0.43 per share. The dividend will be paid on October 14, 2020 to stockholders of record as of October 5, 2020.

Robert H. Gaughen, Jr., Chairman and Chief Executive Officer of the Bank, in announcing the dividend, stated, “The Bank continues to produce strong returns on equity capital. The Bank regularly considers all capital allocation options and continues to return capital to the ownership through both regular and special dividends. This will be our 107th consecutive quarterly dividend and we have consistently increased regular quarterly cash dividends over the last twenty-five years. The Bank has also declared special cash dividends in each of the last twenty-five years, typically in the fourth quarter. The Bank sets the level of the special dividend based on the Bank’s capital requirements and the prospective return on other capital allocation options. This may result in special dividends, if any, significantly above or below the regular quarterly dividend. Future regular and special dividends will be considered by the Board of Directors on a quarterly basis.”

Incorporated in 1834, Hingham Institution for Savings is one of America’s oldest banks. The Bank maintains offices in Boston, Nantucket, and Washington, D.C.

The Bank’s shares of common stock are listed and traded on The Nasdaq Stock Market under the symbol HIFS.

Patrick R. Gaughen, President & Chief Operating Officer (781) 783-1761

FAQ

What is the new dividend amount for HIFS?

The new dividend amount for HIFS is $0.45 per share.

When will the HIFS dividend be paid?

The HIFS dividend will be paid on October 14, 2020.

What was the previous dividend amount for HIFS?

The previous dividend amount for HIFS was $0.43 per share.

How often does Hingham Institution for Savings pay dividends?

Hingham Institution for Savings pays dividends quarterly.

Is the dividend increase for HIFS sustainable?

The Bank regularly considers capital allocation options, suggesting a commitment to return capital to shareholders.