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)
Copyright (c) 2024 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.