CLEVELAND - TFS Financial (NASDAQ:TFSL) Corporation (NASDAQ: TFSL), the parent company of Third Federal Savings and Loan Association of Cleveland, announced a quarterly cash dividend of $0.2825 per share. The dividend is payable on March 21, 2024, to shareholders on record as of March 7, 2024.
The mutual holding company of TFS Financial, Third Federal Savings and Loan Association of Cleveland, MHC, which holds approximately 80.9% of the company's common stock, has chosen to waive its right to receive this dividend. This decision follows the MHC's member approval and the Federal Reserve Bank of Cleveland's non-objection to waive dividends up to $1.13 per share over the twelve months following July 11, 2023.
Third Federal Savings and Loan Association, a prominent institution in savings and mortgage products, was founded in 1938 and transitioned into a public company in 2007. The company, which operates in 25 states and the District of Columbia, prides itself on competitive rates and exceptional service, with a network of branches across Northeast Ohio and Florida. As of December 31, 2023, TFS Financial reported assets totaling $17.05 billion.
The company's forward-looking statements, including plans about its dividends, are subject to various risks and uncertainties that could cause actual results to differ from management's expectations. These statements are based on current management beliefs and information and are not guarantees of future performance. TFS Financial regularly files reports with the Securities and Exchange Commission, which detail its risk factors and uncertainties.
This financial news is based on a press release statement from TFS Financial Corporation.
InvestingPro Insights
TFS Financial Corporation (NASDAQ: TFSL) recently declared a quarterly cash dividend, continuing its history of returning value to shareholders. An analysis with InvestingPro reveals some key financial metrics and insights that could be of interest to investors considering the company's stock.
The company's market capitalization stands at $3.64 billion, with a relatively high price-to-earnings (P/E) ratio of 50.48, indicating that the stock may be trading at a premium compared to earnings. Despite a slight decline in revenue over the last twelve months as of Q1 2024, by -0.63%, TFSL has maintained a strong operating income margin of 35.1%, reflecting efficient management and profitability. Additionally, the company has a noteworthy dividend yield of 8.57%, which is particularly attractive for income-focused investors.
Among the InvestingPro Tips, it's highlighted that TFSL pays a significant dividend to shareholders and has done so consistently for 10 consecutive years. This aligns with the recent dividend announcement and demonstrates the company's commitment to shareholder returns. Furthermore, analysts predict that TFSL will be profitable this year, a sentiment supported by the company's positive profitability over the last twelve months.
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