CORAL GABLES, Fla. – Amerant Bancorp Inc. (NYSE: NYSE:AMTB), a Florida-based bank holding company, today announced a quarterly cash dividend of $0.09 per share on its common stock. The dividend is scheduled to be paid on August 30, 2024, to shareholders of record as of August 15, 2024.
The institution, which is the largest community bank headquartered in Florida, operates through its primary subsidiary, Amerant Bank, N.A., and other subsidiaries including Amerant Investments, Inc., Elant Bank and Trust Ltd., and Amerant Mortgage, LLC. Amerant Bank has been serving customers for over 40 years, offering a range of services such as deposit accounts, credit options, and wealth management.
With a network of 25 banking centers, Amerant has a significant presence in the region, including 18 centers in South Florida, one in Tampa, FL, and six in the Houston, Texas area. The company has established a strong foothold in the communities it serves, emphasizing personalized service and local decision-making.
The declaration of the dividend reflects the company's commitment to providing value to its shareholders and its confidence in its financial stability and profitability. This announcement is based on a press release statement from Amerant Bancorp Inc.
In other recent news, Amerant Bancorp has experienced a series of notable developments. The company's quarterly financial results indicated a provision-driven miss due to nonperforming loans, resulting in Keefe, Bruyette & Woods reducing the stock price target to $26 from $28, while maintaining a Market Perform rating. The bank's net interest margin stabilized at 3.51%. During the first quarter, Amerant Bancorp completed the sale of a multi-family property in Houston, which resulted in a $400 million reduction and enabled the paydown of wholesale funding.
Amerant Bancorp declared a cash dividend of $0.09 per share of common stock, to be distributed to shareholders on record by May 15, 2024. In a strategic decision, Amerant Bancorp agreed to sell its Houston banking operations to MidFirst Bank, involving the transfer of approximately $576 million in deposits and $529 million in loans from Amerant Bank's six Houston branches.
On the personnel front, Amerant Bank appointed Jesse Flowers as the Palm Beach Market President. With over two decades of experience in the banking industry, Flowers is expected to enhance the bank's client relationships and drive growth in the Palm Beach area. The bank is also preparing to open a new banking center and regional office in Palm Beach, marking further expansion in Central and South Florida markets.
InvestingPro Insights
Amerant Bancorp Inc. (NYSE: AMTB) has maintained its position as a significant player in the financial sector, particularly within the community banking space. As the company announces its latest quarterly dividend, a deeper look at its performance metrics from InvestingPro provides a clearer picture of its current market standing and future prospects.
InvestingPro Data reveals a market capitalization of approximately $880.06 million, indicating a substantial presence in the industry. The P/E Ratio stands at a high 38.74, which may suggest that the company is trading at a premium compared to earnings. Furthermore, over the last month, the company has seen an impressive price total return of 25.62%, showcasing strong recent performance in the market.
Among the InvestingPro Tips, it's worth noting that analysts predict Amerant Bancorp will be profitable this year, which aligns with the company's confidence as reflected in its dividend declaration. Additionally, despite concerns over weak gross profit margins, the company has been profitable over the last twelve months, reinforcing its financial stability.
Investors looking to delve deeper into Amerant Bancorp's performance and potential can find additional insights and tips on InvestingPro, with a total of 7 InvestingPro Tips available for AMTB. For those interested in a comprehensive analysis, use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription. This will provide access to a wealth of data and expert insights to inform investment decisions.
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