By Stephen Nakrosis
Preferred Bank Los Angeles said Thursday its board approved an increase in the quarterly cash dividend, raising it to 75 cents a share from 70 cents.
The new dividend, $3 on an annual basis, will be payable Jan. 23 to shareholders of record of Jan. 9.
The dividend represents a yield of about 3.4%, based on the bank's closing share price of $87.18 on Thursday.
In December of last year, the company increased its dividend to 70 cents a share from 55 cents.
Preferred Bank is an independent commercial bank headquartered in California.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
December 26, 2024 16:21 ET (21:21 GMT)
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