ABSECON, N.J. - Absecon Bancorp (OTC:ASCN), the parent company of First National Bank of Absecon, announced today that its Board of Directors has approved a quarterly cash dividend of $0.75 per share. The dividend is scheduled to be paid on June 28, 2024, to shareholders who are on record as of June 17, 2024.
First National Bank of Absecon, which was established in 1916, operates as a community bank primarily serving retail customers and small to mid-sized businesses in Atlantic County, with additional outreach into neighboring regions. The bank offers a range of deposit and loan products tailored to its clientele.
The announcement underlines the institution's ongoing commitment to providing value to its shareholders and its position as a longstanding financial entity within the community. Shareholders can expect the dividend to be distributed by Computershare Trust Company, N.A., the bank’s dividend disbursement agent.
Depositors with the First National Bank of Absecon are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum amount allowed by law, ensuring the security of their deposits.
This financial move by Absecon Bancorp is based on a press release statement from the company and reflects the latest in a series of dividends provided to its shareholders.
In other recent news, Absecon Bancorp, the parent company of First National Bank of Absecon, announced a quarterly cash dividend of $0.75 per share. This dividend is scheduled to be paid to shareholders recorded as of March 14, 2024. The bank's commitment to returning value to its shareholders is evident through this dividend declaration.
The dividend distribution process will be handled by Computershare Trust Company, N.A. Absecon Bancorp continues to serve its primary market in Atlantic County, along with parts of Burlington (NYSE:BURL), Cape May, Cumberland, Gloucester, and Ocean Counties.
Customers of First National Bank of Absecon can rest assured that their deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to the legal maximum limit. These are among the recent developments in the company.
InvestingPro Insights
Absecon Bancorp (OTC:ASCN) continues to demonstrate its shareholder-friendly approach with the recent announcement of its quarterly cash dividend. This commitment is further underscored by the company's robust financial health and promising investment metrics.
According to InvestingPro, ASCN holds more cash than debt on its balance sheet, which is a positive indicator of the company's financial stability. Moreover, the company is trading at a low P/E ratio relative to near-term earnings growth, suggesting that the stock may be undervalued given its earnings potential.
InvestingPro Data further highlights the company's solid performance with a 3.93% dividend yield, which is competitive in the market. Shareholders who have invested in ASCN have seen a steady growth in their investments, with a 6-month price total return of 11.13% and a 1-year price total return of 10.15%. The stock is currently trading at 86.23% of its 52-week high, indicating room for potential growth.
Moreover, ASCN's consistent performance is supported by analysts' predictions that the company will be profitable this year, reinforcing confidence in the company's financial prospects. For investors seeking additional insights and analysis on Absecon Bancorp, there are 5 more InvestingPro Tips available, which can be accessed at https://www.investing.com/pro/ASCN. Utilize the coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing even greater access to valuable investment information and tips.
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