California First National Bancorp (CFNB, Financial) announced an increase in its annual dividend to 46 cents on Nov. 10. The ex-dividend date is Nov. 29.
As of Nov. 18, the stock was selling at $15.50 per share. Year to date the stock is up 17.25%. With the dividend increase it has a forward dividend yield of 2.97%.
The firm has been paying a steady dividend for over 20 years. The Nov. 10 dividend increase is the third increase in the annual dividend since 2012 when the company paid an annual dividend of $2.20. The company began paying an annual dividend in 2010 after previously paying quarterly dividends.
California First National Bancorp offers its services through California First National Bank. California First National Bank is FDIC-insured with its headquarters in Orange County, California. It serves customers nationwide and offers both personal and commercial banking. In commercial banking it specializes in lease and loan financing. In personal banking it offers a range of deposit and savings products with its certificate of deposits offering the top interest rates. As of Nov. 19, the bank’s three-year certificate of deposit offered the highest deposit rate with an annual percentage yield of 1.40%.
The company has been steadily reporting revenue and earnings per share growth. Three-year annualized revenue growth is 3.82%, and three-year annualized earnings per share growth is 5.84%. In its first-quarter 2017 earnings announcement the company reported revenue for the first quarter of $7.24 million, an increase of 15.9% from the comparable quarter. Earnings per share were 19 cents, an increase of 15.6% from the comparable quarter.
Analysts have a target price for the stock ranging from $27 to $30.
Disclosure: I do not own any shares of California First National Bancorp.
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