Hingham Savings Increases Regular Dividend to $0.49 per Share

Rhea-AI Summary

Hingham Institution for Savings (NASDAQ:HIFS) has declared a quarterly cash dividend of $0.49 per share, marking a 4% increase from the previous dividend of $0.47. The dividend will be paid on April 21, 2021 to stockholders of record by April 12, 2021. This is the 109th consecutive quarterly dividend, with regular increments observed over the last 26 years. The Bank evaluates capital allocation options regularly, indicating potential for special dividends based on capital requirements.

Positive

• Quarterly cash dividend increased by 4% to $0.49 per share.
• 109th consecutive quarterly dividend.
• Consistent dividend increases over the past 26 years.

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• None.

HINGHAM, Mass., March 31, 2021 (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 $0.49 per share. This represents an increase of 4% over the previous regular quarterly dividend of $0.47 per share. The dividend will be paid on April 21, 2021 to stockholders of record as of April 12, 2021.

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 109th consecutive quarterly dividend and we have consistently increased regular quarterly cash dividends over the last twenty-six years. The Bank has also declared special cash dividends in each of the last twenty-six 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.

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

FAQ

What is the newly declared dividend for HIFS?

HIFS has declared a quarterly cash dividend of $0.49 per share.

When will the HIFS dividend be paid?

The dividend will be paid on April 21, 2021.

What was the previous dividend amount for HIFS?

The previous dividend was $0.47 per share.

How long has HIFS been paying dividends?

HIFS has paid dividends for 109 consecutive quarters.

Does HIFS declare special dividends?

Yes, HIFS typically declares special cash dividends annually, based on capital requirements.