LOWELL, MA - Enterprise Bancorp, Inc. (NASDAQ:EBTC) has announced that its Board of Directors declared a quarterly dividend of $0.24 per share, payable on June 3, 2024, to shareholders of record as of May 13, 2024. This financial institution, based in Lowell, Massachusetts, primarily operates through Enterprise Bank and Trust Company, also known as Enterprise Bank.
Enterprise Bank focuses on attracting deposits from the public and investing in commercial loans and investment securities. The bank, along with its subsidiaries, provides a variety of services including commercial, residential, and consumer loan products, deposit products, cash management, electronic and digital banking options, as well as wealth management and trust services.
With its headquarters located at 222 Merrimack Street in Lowell, Massachusetts, Enterprise Bancorp serves a primary market area that encompasses parts of Massachusetts and New Hampshire.
Specifically, the bank caters to the Northern Middlesex, Northern Essex, and Northern Worcester counties in Massachusetts, as well as the Southern Hillsborough and Southern Rockingham counties in New Hampshire.
The company operates 27 full-service branches across these regions, with locations in both Massachusetts and New Hampshire cities and towns. This network of branches is designed to meet the banking needs of the communities within the bank's market area.
The declaration of the dividend reflects the company's commitment to providing value to its shareholders. Dividends are a way for companies to distribute a portion of their earnings back to shareholders, and they can be an indicator of a company's financial health and stability.
Enterprise Bancorp's declaration of its quarterly dividend is based on a press release statement from the company. As with any investment, shareholders and potential investors are encouraged to consider the company's performance and market position when evaluating the significance of dividend announcements.
InvestingPro Insights
Enterprise Bancorp, Inc. (NASDAQ:EBTC) has maintained a strong commitment to shareholder returns, as evidenced by its recent dividend declaration. An InvestingPro Tip highlights that the company has raised its dividend for 19 consecutive years and has maintained dividend payments for 20 consecutive years.
This track record underscores the company's dedication to providing consistent shareholder value and could be a reassuring sign for investors looking for stable dividend-paying stocks.
The financial health of Enterprise Bancorp can further be assessed through key metrics. The company's market capitalization stands at 285.01 million USD, with a price-to-earnings (P/E) ratio of 7.48, reflecting the market's valuation of the company relative to its earnings. The P/E ratio has remained stable, with a slight adjustment to 7.49 when looking at the last twelve months as of Q4 2023.
Moreover, the price to book ratio over the same period is 0.87, potentially indicating that the stock is reasonably valued compared to its book value. It is worth noting that the company is trading near its 52-week low, which could present a buying opportunity for value investors.
For those seeking more in-depth analysis and additional InvestingPro Tips, visiting the dedicated page for Enterprise Bancorp on InvestingPro could provide valuable insights. Currently, there are 5 additional tips available, which may help investors make more informed decisions. Moreover, using the coupon code PRONEWS24 can secure an extra 10% off a yearly or biyearly Pro and Pro+ subscription, offering a more comprehensive investment toolkit.
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