LCNB Corp. (NASDAQ:LCNB) raises dividend to $0.21 per share

LCNB Corp. (NASDAQ: LCNB – Get a rating) declared a quarterly dividend on Monday, November 21, Zacks reports. Shareholders of record on Thursday, December 1 will receive a dividend of 0.21 per share from the bank on Thursday, December 15. This represents a dividend of $0.84 on an annualized basis and a yield of 4.69%. The ex-date of this dividend is Wednesday, November 30. This is a boost from LCNB’s previous quarterly dividend of $0.20.

LCNB has increased its dividend payout by an average of 5.8% per year over the past three years and has increased its dividend annually for the past 4 consecutive years. LCNB has a dividend payout ratio of 44.0%, indicating that its dividend is sufficiently covered by earnings.

LCNB stock up 1.8%

LCNB opened at $17.92 on Wednesday. LCNB has a fifty-two week low of $14.73 and a fifty-two week high of $20.69. The company has a market capitalization of $201.96 million, a P/E ratio of 9.90 and a beta of 0.71. The company’s 50-day moving average is $16.69 and its 200-day moving average is $15.97. The company has a debt ratio of 0.13, a current ratio of 0.84 and a quick ratio of 0.84.

Analysts set new price targets

Separately, StockNews.com upgraded LCNB from a “buy” rating to a “strong buy” rating in a Sunday, November 13 research note.

Institutional investors weigh on LCNB

Several large investors have recently changed their positions in the company. Vanguard Group Inc. increased its stake in LCNB by 2.0% during the first quarter. Vanguard Group Inc. now owns 549,216 shares of the bank worth $9,644,000 after buying an additional 10,925 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings of LCNB shares by 4.7% in Q1. Dimensional Fund Advisors LP now owns 402,739 shares of the bank worth $7,072,000 after purchasing an additional 18,243 shares during the period. Renaissance Technologies LLC increased its stake in LCNB by 6.7% in the first quarter. Renaissance Technologies LLC now owns 169,116 shares of the bank valued at $2,970,000 after purchasing an additional 10,600 shares in the last quarter. Millennium Management LLC increased its position in LCNB by 9.6% in the second quarter. Millennium Management LLC now owns 167,675 shares of the bank worth $2,507,000 after purchasing an additional 14,643 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in LCNB shares by 2.0% in the first quarter. Bank of New York Mellon Corp now owns 67,698 shares of the bank valued at $1,189,000 after purchasing 1,318 additional shares during the period. 37.39% of the shares are held by hedge funds and other institutional investors.

About LCNB

(Get a rating)

LCNB Corp. is the financial holding company of LCNB National Bank which provides banking services in Ohio. Its deposit products include checking accounts, demand deposits, savings accounts, NOW and money market deposits, and certificates of deposit. The Company’s lending products include commercial and industrial real estate, commercial and residential, agricultural, construction and small business administration loans; and residential mortgage loans which consist of loans for the purchase or refinancing of personal residences, home equity lines of credit and loans for commercial or consumer purposes secured by residential mortgages.

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