AmeriServ Financial, Inc. : ASRV-US: Dividend Analysis : May 08th, 2017 (record date) : By the numbers : May 4, 2017

Our analysis is based on comparing AmeriServ Financial, Inc. with the following peers – DNB Financial Corporation, Bryn Mawr Bank Corporation, First Commonwealth Financial Corporation, S&T Bancorp, Inc., CNB Financial Corporation, Peoples Financial Services Corp., Fulton Financial Corporation, F.N.B. Corporation, Emclaire Financial Corp. and American Bank Incorporated (DNBF-US, BMTC-US, FCF-US, STBA-US, CCNE-US, PFIS-US, FULT-US, FNB-US, EMCF-US and AMBK-US).

AmeriServ Financial, Inc.’s dividend yield is 1.36 percent and its dividend payout is 21.00 percent. This compares to a peer average dividend yield of 2.73 percent and a payout level of 42.71 percent. This relatively lagging dividend performance could spur some dividend action going forward – as long as the company’s relatively strong dividend quality score of 67 out of a possible score of 100 looks sustainable.

Dividend Yield
Dividend Quality Score

Dividend Quality Overview

  • Over the last twelve months (prior to March 31, 2017), ASRV-US paid a medium quality dividend, which represents a yield of 1.36% at the current price.
  • Dividends were paid for 4 of the last five years — all of them were also of medium quality.
  • The ending cash balance, with a dividend coverage of 26.57x, provides a substantial cushion in case of a significant reduction of cash flows in the future.
Dividend Quality Score Vs Dividend Yield

Quadrant label definitions. Hover to know more

High Score;High Yield, High Score;Low Yield, Low Score;Low Yield, Low Score;High Yield

Dividend Coverage

Over the last twelve months (prior to March 31, 2017), ASRV-US paid a medium quality dividend.

The source of the company’s cash to support the dividend paid over the last twelve months is operating cash flow (coverage of 6.22x), investing cash flow (coverage of -25.81x), issuance cash flow (coverage of 5.32x) and twelve-month prior cash (coverage of 19.12x), for a total dividend coverage of 1x.

ASRV-US‘s issuance cash flow includes outflows from net debt repayment (coverage of -40.69x) and net share buybacks (coverage of -22.22x). Thus, the total coverage including share buybacks is 49.79x, which reflects our assumption that the cash paid for share buybacks is discretionary and could instead be used to pay dividends.

Dividend Coverage by Cash Flow (TTM)

These coverage ratio factors imply that the firm’s net cash inflow from issuance was required (in addition to operating and investment cash) to pay the dividend, which suggests a medium dividend quality.

Dividend History

Item 2012-12-31 2013-12-31 2014-12-31 2015-12-31 2016-12-31 Latest
Dividend Yield (%) 0 0.99 1.28 1.25 1.35 1.36
Dividend Payout (%) 0 11.54 26.67 12.9 41.67 21

A complete list of metrics and analysis is available on the company page.

Company Profile

AmeriServ Financial, Inc. operates as a bank holding company, which provides consumer, mortgage and commercial financial products and services through its subsidiary. Its principal activities consist of owning and operating subsidiaries, such as AmeriServ Financial Bank, AmeriServ Trust & Financial Services Co. and AmeriServ Life Insurance. The company operates through the following business segments: Retail Banking, Commercial Banking, Trust and Investment/Parent. The Retail Banking segment includes the deposit-gathering branch franchise, lending to both individuals and small businesses, and financial services. The Commercial Banking segment includes business lending, commercial loans, and commercial real-estate loans. The Trust segment contains its wealth management businesses, which include the trust company and West Chester Capital Advisors, its registered investment advisory firm. The Investment/Parent segment includes the net results of investment securities and borrowing activities, general corporate expenses not allocated to the business segments, interest expense on guaranteed junior subordinated deferrable interest debentures, and centralized interest rate risk management. AmeriServ Financial was founded in January 1983 and is headquartered in Johnstown, PA.


The information presented in this report has been obtained from sources deemed to be reliable, but AnalytixInsight does not make any representation about the accuracy, completeness, or timeliness of this information. This report was produced by AnalytixInsight for informational purposes only and nothing contained herein should be construed as an offer to buy or sell or as a solicitation of an offer to buy or sell any security or derivative instrument. This report is current only as of the date that it was published and the opinions, estimates, ratings and other information may change without notice or publication. Past performance is no guarantee of future results. Prior to making an investment or other financial decision, please consult with your financial, legal and tax advisors. AnalytixInsight shall not be liable for any party’s use of this report. AnalytixInsight is not a broker-dealer and does not buy, sell, maintain a position, or make a market in any security referred to herein. One of the principal tenets for us at AnalytixInsight is that the best person to handle your finances is you. By your use of our services or by reading any our reports, you’re agreeing that you bear responsibility for your own investment research and investment decisions. You also agree that AnalytixInsight, its directors, its employees, and its agents will not be liable for any investment decision made or action taken by you and others based on news, information, opinion, or any other material generated by us and/or published through our services. For a complete copy of our disclaimer, please visit our website