Tectonic Financial, Inc., a Texas-based state commercial bank, announced today that its Board of Directors has declared quarterly dividends on both its preferred and common stock shares. The dividends were declared on October 25, 2024, and are scheduled for payment on November 15, 2024.
Shareholders of Tectonic Financial's 9.00% Fixed-to-Floating Rate Series B Noncumulative Perpetual Preferred Stock are set to receive a cash dividend of $0.3092146 per share. This dividend pertains to the period starting from August 15, 2024, through to November 14, 2024. The company has specified that shareholders on record as of the close of business on November 5, 2024, will be eligible for the dividend.
Simultaneously, a cash dividend of $0.10 per share has been declared for holders of the company's common stock. As with the preferred stock, the record date is November 5, 2024, with the payment also due on November 15, 2024.
Tectonic Financial, Inc., previously known as T Acquisition, Inc., is listed on The NASDAQ Stock Market LLC under the trading symbol TECTP for its Series B preferred stock. The company operates under the financial sector with a specific focus on state commercial banking services.
In other recent news, Tectonic Financial, Inc. has announced significant changes in its executive leadership, with Patrick Howard, the current President, planning to retire by July 31, 2025. A. Haag Sherman, who has been with the company since 2016, will succeed Howard as President of Tectonic Financial. This transition is set to take place in January 2025 or at a mutually agreed date.
Further, Tectonic Financial has declared dividends for its preferred and common stock shareholders. The declared cash dividend for its 9.00% Fixed-to-Floating Rate Series B Noncumulative Perpetual Preferred Stock is $0.3144353 per share, attributed to the period from mid-May to mid-August 2024. The company has also declared a cash dividend of $0.10 per share for its common stock.
InvestingPro Insights
Tectonic Financial's recent dividend declaration aligns with its attractive dividend yield, which currently stands at 12.02% according to InvestingPro data. This high yield underscores the company's commitment to shareholder returns, as evidenced by the recently announced quarterly dividends.
InvestingPro Tips highlight that Tectonic Financial has been consistently paying dividends, with the last ex-dividend date recorded on August 5, 2024. This regular dividend payout schedule reinforces the company's dedication to providing steady income to its investors.
Moreover, the company's financial health appears robust, with a revenue of $66.24 million in the last twelve months as of Q2 2024. The quarterly revenue growth of 8.67% in Q2 2024 suggests that Tectonic Financial is maintaining a growth trajectory, which could potentially support future dividend sustainability.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and metrics to further evaluate Tectonic Financial's financial position and market performance.
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