Bendigo and Adelaide Bank Ltd (ASX: BEN) shareholders will be cheering on the sidelines as the company releases its dividend distributions today.
The regional bank is rewarding eligible investors with a fully franked interim dividend payment of 26.5 cents per share.
At the time of writing, the Bendigo Bank share price is swapping hands for $10.28, down 0.19%.
For context, the S&P/ASX 200 Index (ASX: XJO) is heading the other way, up 0.42% to 7,546.2 points.
Let's take a look at all the details regarding the company's dividend.
Image source: Getty Images
Bendigo Bank pays out interim dividend
Bendigo Bank reported strong growth across key metrics in its results for the first half of the 2022 financial year.
In summary, revenue rose 8.5% from the prior corresponding period to $965.1 million. This was supported by residential lending growth, up 8.4%, as well as settlements growth, up 4.3%.
Management noted that despite the robust performance, this was partially offset by weakness in its agribusiness lending. This was due to seasonal factors and softness in business lending.
Nonetheless, the board opted to increase its interim dividend by 12.8% on H1 FY21's 23.5 cents per share.
When calculating against the current share price, Bendigo Bank is trailing on a forecast fully franked dividend yield of 5.16%.
Management expects the dividend payout ratio target of 60% to 80% of cash earnings to be at the low-end in FY22.
Bendigo Bank share price snapshot
The past 12 months have been choppy for the Bendigo Bank share price, registering a gain of just 2%.
Its shares hit a 52-week low of $8.43 in December 2021, before zipping above the $10 mark in 2022. This has led the company's share price to increase by 13% in value for the current calendar year.
Bendigo Bank has a price-to-earnings (P/E) ratio of 18.86 and commands a market capitalisation of roughly $5.77 billion.
