Citizens Business Bank holding company CVB Financial (NASDAQ:CVBF) announced yesterday its second-quarter dividend of $0.10 per share, an 18% increase over the payout it made last quarter of $0.085 per share. This is the first increase in the dividend since 2007.
The board of directors said the quarterly dividend is payable on July 18 to the holders of record at the close of business on July 3. The bank has made 95 consecutive quarterly payouts to investors. CVB Financial President and CEO Christopher D. Myers said: "The decision to increase the dividend was based on our strong capital position and the stability of our earnings."
The regular dividend payment equates to a $0.40-per-share annual dividend, yielding 3.5% based on the closing price of CVB Financial's stock on June 19.
Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.