Trinity Capital (TRIN) Cheers Investors With Dividend Hike
Trinity Capital Inc. TRIN announced that on Jun 15, 2022, the company’s board of directors declared a cash dividend of 57 cents per share for the second quarter.
The amount consisted of a regular quarterly dividend of 42 cents per share, indicating an increase of 2 cents per share or 50% from the prior quarter. The stated amount also includes a supplemental cash dividend of 15 cents per share.
The dividend will be paid out on Jul 15 to its shareholders of record as of Jun 30, 2022.Considering the closing price of $14.33 on Jun 17, TRIN’s dividend yield currently stands at 15.91%. The yield is also significantly impressive compared with the industry average of 9.67%. The yield is attractive for income investors and represents a steady income stream.
TRIN also plans to declare a similar special dividend of 15 cents per share in the third and fourth quarters of 2022, aggregating 60 cents per share of special dividends in 2022.
TRIN exited first-quarter 2022 with a liquidity of $94.7 million.
The company reported the first-quarter 2022 net investment income per share of 54 cents, which improved from 31 cents in the prior-year quarter. Total investment income of $31.8 million improved 83.9% year over year on higher interest income.
Thus, given a robust liquidity position and decent earnings strength, the company is expected to continue with efficient capital deployment activities. By carrying out the same, it will keep enhancing shareholder value.
Over the past year, shares of TRIN have declined 2.3% compared with a 10.5% fall of the industry it belongs to.
Image Source: Zacks Investment Research
TRIN currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Companies Taking Similar Steps
ESSA Bancorp, Inc. ESSA rewarded shareholders with a dividend hike and a share repurchase program. The company announced a 25% hike in its quarterly dividend to 15 cents per share. The dividend will be paid out on Jun 30 to shareholders of record as of Jun 16.
Apart from the dividend hike, ESSA announced a share repurchase authorization of up to 0.5 million shares.
Bank OZK OZK declared a cash dividend of 31 cents per share, marking a 3.3% increase from the prior payout. The dividend was paid out on Apr 22 to shareholders of record as of Apr 15.
This represents the 47th consecutive quarter of a dividend hike by Bank OZK. Notably, OZK hiked its dividend by 3.4% to 30 cents per share this January.
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