Southern Missouri Bancorp, Inc. (NASDAQ:SMBC), a savings institution based in Missouri, announced on Monday an increase in its quarterly dividend, marking the company's 121st consecutive dividend since inception. The board of directors declared a dividend of $0.23 per share, a 9.5% increase from the previous quarter. Stockholders on record as of August 15, 2024, will be eligible for the dividend payout scheduled for August 30, 2024.
In addition to the dividend announcement, Southern Missouri Bancorp also indicated that it would release preliminary operating results for the quarter ending June 30, 2024, on Monday, July 29, 2024. Following the earnings release, the company plans to hold a conference call on Tuesday, July 30, 2024, at 9:30 a.m. central time to discuss the financial results.
Interested parties can join the call by dialing a toll-free number in the United States and entering the provided participant access code. A telephone playback of the conference call will be available shortly after the call's conclusion and can be accessed until August 3, 2024, using a designated passcode.
The increase in dividend reflects Southern Missouri Bancorp's continued commitment to delivering shareholder value and its confidence in the company's financial performance. Shareholders and analysts may look forward to the upcoming earnings release and conference call for a deeper insight into the company's financial health and future outlook.
This news is based on the latest 8-K filing by Southern Missouri Bancorp with the Securities and Exchange Commission.
In other recent news, Southern Missouri Bancorp's financial results exceeded expectations, largely due to a decrease in the provision for credit losses. This positive outcome was further bolstered by the company's strong net interest income (NII). Keefe, Bruyette & Woods, in response to these developments, adjusted their price target for the company from $53 to $51, while maintaining a Market Perform rating.
The firm's adjustment reflects anticipated higher expenses, including hiring to fill vacant positions and boost the loan pipeline. Despite the positive earnings, Keefe, Bruyette & Woods has adopted a cautious stance for fiscal year 2025 estimates, slightly revising them downwards. The revised price target is indicative of these updated expectations and the company's solid loan pipeline development.
These are recent developments, offering insight into Southern Missouri Bancorp's financial performance and future expectations as per Keefe, Bruyette & Woods' analysis. However, the firm suggests that investors could consider taking advantage of any further declines in the stock's price.
InvestingPro Insights
As Southern Missouri Bancorp (NASDAQ:SMBC) showcases its dedication to shareholder returns with its 121st consecutive dividend, a look at the company's financial metrics provides a broader picture of its performance.
According to InvestingPro data, SMBC has a market capitalization of $599.33 million and a P/E ratio of 11.44, which is attractive when paired with the company's near-term earnings growth, indicating potential value for investors. The PEG ratio, standing at 0.53, further underscores this point, suggesting that the stock might be undervalued based on its earnings growth.
InvestingPro Tips highlight that SMBC has not only raised its dividend for 12 consecutive years but has also maintained dividend payments for an impressive 30 years, reinforcing its reputation as a reliable dividend payer.
Moreover, with a strong return over the last month of 23.1% and over the last three months of 24.08%, the company has demonstrated notable short-term performance. Analysts have also predicted profitability for the company this year, aligning with the positive sentiment reflected in the recent dividend increase announcement.
For those considering an investment in Southern Missouri Bancorp, further insights and tips are available on InvestingPro. There are additional tips that can provide a deeper understanding of SMBC's financial health and market position. To explore these insights and enhance your investment strategy, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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