CONVERSE, IN - First Farmers Financial Corp. (OTCQX:FFMR), the holding company for First Farmers Bank & Trust Co., has declared a quarterly cash dividend of $0.48 per share, marking a 2.1% increase from the previous year's dividend. Shareholders on record as of June 28, 2024, will receive the payment on July 15, 2024.
The company, with a reported $3.2 billion in assets, operates through a network of offices across multiple counties in Indiana and Illinois. The dividend increase reflects a continuation of the company's financial growth and commitment to providing value to its shareholders.
This financial move comes as First Farmers Financial Corp. continues to expand its presence in the Midwest. The bank's services cater to a diverse clientele within the regions it serves, offering a range of banking and financial services.
The announcement of the dividend is based on a press release statement from First Farmers Financial Corporation and is intended to inform shareholders of the upcoming payment. It is a direct reflection of the company's performance and strategic decisions by its Board of Directors.
Investors holding shares of FFMR can anticipate the dividend payment in mid-July, following the established fiscal calendar of the company. First Farmers Financial Corp. has consistently provided dividends to its shareholders, and this increase is a testament to its stable financial position and outlook.
The bank's stock is traded on the OTCQX exchange, providing an opportunity for investors to engage with a regional financial institution that has shown steady growth and a commitment to shareholder returns.
InvestingPro Insights
First Farmers Financial Corp. (OTCQX:FFMR) has not only announced an increased quarterly dividend but also exhibits a strong financial profile according to recent data. With a market capitalization of approximately $482.54M and a P/E ratio that stands at an attractive 10.42, the company presents itself as a potentially undervalued investment opportunity when considering its near-term earnings growth.
The company's commitment to shareholder value is further demonstrated by its impressive track record of raising dividends for 11 consecutive years, a trend that is supported by its recent dividend growth of 4.35%. Moreover, FFMR's dividend yield is currently at a healthy 2.8%, which, coupled with a low PEG ratio of 0.89, suggests that the company is efficiently balancing growth and investor returns.
InvestingPro Tips indicate that while FFMR's stock might be in overbought territory, the company's low price volatility and consistent profitability over the last twelve months are factors that could interest conservative investors. Additionally, there are more insights available on InvestingPro, with PRONEWS24 offering an extra 10% off a yearly or biyearly Pro and Pro+ subscription for those looking to dive deeper into FFMR's financials.
With the company's stock trading at 76.11% of its 52-week high and an InvestingPro Fair Value estimation of $71.11, investors may want to keep an eye on First Farmers Financial Corp. as it continues to navigate the financial sector with a stable and shareholder-friendly approach.
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