Calvin B. Taylor Bankshares, Inc. : TYCB-US: Dividend Analysis : November 09th, 2016 (record date) : By the numbers : January 10, 2017

Our analysis is based on comparing Calvin B. Taylor Bankshares, Inc. with the following peers – WashingtonFirst Bankshares, Inc., Tri City Bankshares Corporation, Mercantile Bank Corporation, Fauquier Bankshares, Inc. and First Financial Bankshares, Inc. (WFBI-US, TRCY-US, MBWM-US, FBSS-US and FFIN-US).

Calvin B. Taylor Bankshares, Inc.’s dividend yield is 3.46 percent and its dividend payout is 57.02 percent. This compares to a peer median dividend yield of 2.67 percent and a payout level of 38.44 percent. This type of dividend performance might make it a good stock for dividend investors. In addition, the company’s relatively good dividend quality score of 67 out of a possible score of 100 points to some sustainability of its robust payout ratio, and underscores its attractiveness for dividend investors seeking current income.

Dividend Yield
Dividend Quality Score

Dividend Quality Overview

  • Over the last twelve months (prior to September 30, 2016), TYCB-US paid a medium quality dividend, which represents a yield of 3.43% at the current price.
  • Dividend quality trend has not been consistent over the last five years. Dividends were paid during each of these years — of these 1 was high quality, 2 were medium quality and 2 were low quality.
  • The ending cash balance, with a dividend coverage of 14.76x, 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 September 30, 2016), TYCB-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 2.01x), investing cash flow (coverage of -4.60x), issuance cash flow (coverage of 5.12x) and twelve-month prior cash (coverage of 25.65x), for a total dividend coverage of 28.66x.

TYCB-US‘s issuance cash flow includes outflows from net debt repayment (coverage of -0.30x) and net share buybacks (coverage of -0.17x). Thus, the total coverage including share buybacks is 15.93x, 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 2011-12-31 2012-12-31 2013-12-31 2014-12-31 2015-12-31 Latest
Dividend Yield (%) 4.14 3.55 3.84 3.73 3.35 3.46
Dividend Payout (%) 59.74 63.7 67.63 62.09 60.38 57.02

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

Company Profile

Calvin B. Taylor Bankshares, Inc. operates as a bank holding company for Calvin B. Taylor Banking Co. of Berlin, Maryland, which engages in the general commercial and retail banking business serving individuals, small-to medium-sized businesses, professional organizations and governmental units. It offers a full range of deposit services, including checking, NOW, money market, and savings accounts, and time deposits, including certificates of deposit. It also offers individual retirement accounts, health savings accounts, and education savings accounts. The company was founded on October 31, 1995 and is headquartered in Berlin, MD.


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