First Commercial Bank (OTCMKTS:CMRB) Stock Gains Momentum After Dividend News

The announcement of a cash dividend is almost always seen as a significant positive by many investors and hence, it may be a good time for investors to consider taking a look at the First Commercial Bank (OTCMKTS:CMRB) stock this morning.

Trading Data

On Monday, CMRB stock increased 1.19% to $6.80 with more than 6.50K shares, compared to its average volume of 2.57K shares. The stock moved within a range of $6.66 – 6.80 after opening trade at $6.66.

First Commerce Bank Announces Special Cash Dividend and Commencement of Regular Quarterly Cash Dividend

The company came into focus yesterday after it emerged that its Board of Directors had approved special cash dividends to the tune of $0.35 a share. The dividend is going to be paid out on September 20, 2022, to all shareholders of record as on September 6, 2022. It is going to be interesting to see if there is heightened interest in the First Commercial Bank stock in the lead-up to the day of record.

However, that was not all. In addition to that, the Board of Directors at the company also gave the approval for beginning the payout of a cash dividend every quarter. It is going to begin in the fourth quarter of 2022 and the dividend is going to be $0.04 a share at the beginning. The dates for the payout and the record date for shareholders are going to be announced at some point in the early days of the fourth fiscal quarter.

Key Quote

Donald Mindiak, President and CEO of First Commerce Bank, stated: “We are pleased to announce our first cash dividend. Our Board is focused on providing a return to our shareholders, and both this special dividend and the initiation of a regular quarterly dividend are the first two steps our Board is taking to enhance shareholder value.”

Technical Data

CMRB stock is trading above the 20-Day and 50-Day Moving averages of $6.65 and $6.61 respectively. Moreover, the stock is trading above the 200-Day moving average of $6.13.