JOHNSTOWN - AmeriServ Financial, Inc. (NASDAQ: ASRV) has declared a quarterly cash dividend of $0.03 per share on its common stock, as announced by its Board of Directors. Shareholders on record as of May 6, 2024, will be eligible for the dividend, which is scheduled for payment on May 20, 2024.
The declared dividend reflects an annualized yield of 4.67% based on the closing stock price of $2.57 on April 17, 2024. The dividend payout ratio for the first quarter of 2024 stood at 27.3%, according to the company's recent financial disclosures.
AmeriServ Financial, Inc., headquartered in Johnstown, Pennsylvania, serves as the holding company for AmeriServ Financial Bank and AmeriServ Trust and Financial Services Company. The financial institution operates sixteen community offices across southwestern Pennsylvania and Hagerstown, Maryland, and maintains loan production offices in Altoona and Monroeville, Pennsylvania.
As of March 31, 2024, AmeriServ reported total assets of $1.385 billion and a book value of $6.06 per common share. The company's activities encompass full-service banking and wealth management services.
Investors are reminded that the information provided here is based on a press release statement from AmeriServ Financial, Inc. and that forward-looking statements are not guarantees of future performance and involve risks and uncertainties. These statements are made as of the date of the press release and may change in the future. AmeriServ does not undertake any responsibility to update or revise any forward-looking statements.
InvestingPro Insights
AmeriServ Financial, Inc. (NASDAQ: ASRV) has recently declared its quarterly cash dividend, reaffirming its commitment to shareholder returns. This move comes as a continuation of its 12-year history of consistent dividend payments, a testament to its dedication to providing ongoing value to its investors. Notably, the company has maintained its dividend payments despite a challenging period reflected in its negative profitability over the last twelve months.
According to recent metrics from InvestingPro, AmeriServ boasts a significant one-week total price return of 12.55%, indicating a sharp increase in investor confidence in the short term. Additionally, the company's price performance over the last month has been robust, with the same 12.55% return. This contrasts with a more volatile six-month performance, where the company saw a 7.76% return, and a year-to-date price total return of -16.03%, highlighting the fluctuations in the market's reception of AmeriServ's stock.
InvestingPro Tips suggest that while AmeriServ has exhibited strong short-term returns, potential investors should be mindful of the company's weak gross profit margins. This could signal underlying challenges in the company's operational efficiency or competitive pressures in its market segment. With a market capitalization of $46.13 million and a price-to-book ratio of 0.44 as of the last twelve months leading up to Q1 2024, AmeriServ presents an interesting case for value-oriented investors seeking entry points into the financial services sector.
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