Much to the delight of its shareholders, the MyState Limited (ASX: MYS) share price has defied the market today and climbed to a 52-week high.
In morning trade the shares of the Tasmania-based provider of banking, trustee, and wealth management services reached $5.05, bringing their year-to-date gain to in excess of 13%.
Why have they climbed?
A solid half-year result and a positive full-year outlook appear to be behind the gain in its shares this year.
Recent insider buying will no doubt have also added to the positive sentiment around the company as well. Chairman Miles Hampton recently bought $81,000 worth of shares on market.
Another attraction for investors is likely to be its generous dividend. At the current share price MyState provides a trailing fully franked 5.7% dividend.
This is significantly better than the market average dividend yield of 4%.
