HUNTINGTON, Ind. - Northeast Indiana Bancorp, Inc. (OTCQB: NIDB), the holding company for First Federal Savings Bank, has declared a cash dividend of $0.17 per common share, scheduled for payment on May 23, 2024, to shareholders of record as of May 9, 2024.
The announcement follows the company's twenty-ninth annual shareholders' meeting held on April 23, 2024, where Michael S. Zahn and Kyle D. Koob were elected as directors with terms expiring in 2027.
As of March 31, 2024, the book value of NIDB's stock was reported at $19.05 per common share. The company's stock closed at $16.55 per common share on April 24, 2024, with 2,429,698 shares outstanding. The dividend yield, based on the April 24 closing price and the current quarterly dividend rate, is approximately 4.11%.
Northeast Indiana Bancorp operates through its main office in Huntington and six full-service offices located in Indiana, including two each in Huntington, Warsaw, and Fort Wayne. The company's services encompass a comprehensive range of banking and financial brokerage services. Shares of Northeast Indiana Bancorp are traded on the OTCQB platform of the OTC Markets Group, Inc.
The information provided here is based on a press release statement from Northeast Indiana Bancorp, Inc.
InvestingPro Insights
As Northeast Indiana Bancorp, Inc. (NIDB) continues to reward its shareholders with consistent dividend payments, a deeper look into the company's financial health is provided by InvestingPro.
While the company's stock has been trading near its 52-week low, it remains profitable over the last twelve months as of Q1 2024. This is reflected in the company's P/E Ratio, which stands at 9.44 when adjusted for the last twelve months, showcasing the earnings power relative to the share price.
The dividend yield of approximately 4.11%, based on the April 24 closing price, is complemented by the company's impressive track record of maintaining dividend payments for 30 consecutive years, a testament to its commitment to shareholder returns. Moreover, the dividend yield has further increased to 5.62% as of the latest data, making it an even more attractive income-generating investment.
InvestingPro Tips also highlight that NIDB's Price / Book ratio as of the last twelve months stands at 0.87, suggesting that the stock may be undervalued relative to the company's book value, especially when considering the historical book value reported at $19.05 per common share as of March 31, 2024.
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