Hingham Institution for Savings (HIFS) will raise its quarterly dividend by another 2.4 percent to $0.43 per share in the third quarter of 2020. This is the second dividend hike announced by the savings bank this year and marks 13 consecutive years of annual dividend increases.

The increased dividend will be paid on July 15, 2020 to stockholders of record as of July 6, 2020. A regular annual dividend rate of $1.72 per share yields 1.1% at a stock price of $163.

In a press release dated June 24, 2020 the company announces the dividend hike: Robert H. Gaughen, Jr., Chairman and Chief Executive Officer of the Bank, in announcing the dividend, stated, “Although recent economic conditions have been extraordinary and the near-term outlook remains uncertain, we remain intently focused on careful capital allocation, defensive underwriting, and disciplined cost control - the building blocks for compounding shareholder capital through all stages of the economic cycle.  The Bank continues to produce strong returns on equity capital. The Bank regularly considers all capital allocation options and continues to return capital to the ownership through both regular and special dividends.  This will be our 106th consecutive quarterly dividend and we have consistently increased regular quarterly cash dividends over the last twenty-five years.  The Bank has also declared special cash dividends in each of the last twenty-five years, typically in the fourth quarter.  The Bank sets the level of the special dividend based on the Bank’s capital requirements and the return on other capital allocation options.  This may result in special dividends, if any, significantly above or below the regular quarterly dividend.  Future regular and special dividends will be considered by the Board of Directors on a quarterly basis.”

Hingham Institution for Savings is a Massachusetts-chartered savings bank located in Hingham, Massachusetts.  Incorporated in 1834, it is one of America’s oldest banks.  The Bank’s Main Office is located in Hingham and the Bank maintains offices on the South Shore, in Boston (South End and Beacon Hill), and on the island of Nantucket.  The Bank also provides commercial mortgage lending and private banking services in the Greater Washington D.C. metropolitan area. Hingham Institution for Savings has paid a dividend to shareholders every year since 1993.