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An occasional note on dividends. This is an informal collection of some information on dividend increases.
Airgas Inc. May 19, 2009 (NYSE: ARG) industrial gas maker on Tuesday said it raised its quarterly cash dividend by 13 percent to 18 cents per share from 16 cents per share.
The dividend is payable June 30 to shareholders of record as of June 15.
"This dividend increase is a way to reward our shareholders in a tough environment," Chairman and Chief Executive Peter McCausland said in a statement.
AmerisourceBergen Corp. May 19, 2009 (NYSE:ABC) approved a two-for-one stock split of the company’s outstanding shares of common stock and also announced that it plans to increase its quarterly dividend by 20 percent to 6 cents per common share — on a post-split basis — beginning with the third fiscal quarter of this year. The split will be in the form of a stock dividend, whereby each AmerisourceBergen stockholder will receive one additional share for each share owned. The new shares will be distributed June 15 to stockholders of record at the close of business on May 29. The company has 150.8 million shares of common stock outstanding. AmerisourceBergen Corp. is a wholesale pharmaceutical distribution company.
AmTrust Financial Services, Inc. May 12, 2009 (Nasdaq:AFSI) announced that its Board of Directors approved an increased quarterly cash dividend of $0.06 per share of common stock. The dividend is payable on July 15, 2009 to shareholders of record as of July 1, 2009.
AmTrust Financial Services, Inc., headquartered in New York City, is a multinational insurance holding company, which, through its insurance carriers, offers specialty property and casualty insurance products, including workers' compensation, commercial automobile and general liability; extended service and warranty coverage.
Assurant, Inc. May 15, 2009 (NYSE: AIZ) , a provider of specialty insurance and insurance-related products and services, announced that it will pay a quarterly dividend of $.15 per share of common stock. This represents a seven percent increase above the quarterly dividend of $.14 per share, declared on Jan. 23, 2009. The dividend will be payable on June 9, 2009 to stockholders of record as of the close of business on May 26, 2009.
"Despite the global economic slowdown, where many companies have trimmed or cut their dividends completely, Assurant is pleased to be able to increase its quarterly dividend for the fifth straight year," says Robert B. Pollock, Assurant's president and chief executive officer. "We believe this increase reflects our continued strong capital position, our ability to generate solid cash flows through our diversified portfolio of specialty insurance businesses and the disciplined capital management philosophy to which we remain steadfastly committed."
Assurant is a provider of specialized insurance products and related services in North America and selected international markets. Its four businesses are Assurant Solutions, Assurant Specialty Property, Assurant Health, and Assurant Employee Benefits
Assurant is a Fortune 500 company and a member of the S&P 500, and has more than $23 billion in assets and $8 billion in annual revenue.
Auburn National Bancorporation, Inc. May 12, 2009 (Nasdaq:AUBN) announced a second quarter $0.19 per share cash dividend, payable June 25th, 2009 to shareholders of record as of June 10th, 2009. This represents a 3% increase over dividends declared for the second quarter of 2008. On an annual basis, the cash dividend paid to shareholders has increased in 13 of the last 14 years.
Auburn National Bancorporation, Inc. is the parent company of AuburnBank with total assets of approximately $803 million. AuburnBank is an Alabama state-chartered bank that is a member of the Federal Reserve System and has operated continuously since 1907. Both the Company and the Bank are headquartered in Auburn, Alabama. The Bank conducts its business in East Alabama, including Lee County and surrounding areas. The Bank operates full-service branches in Auburn, Opelika, Hurtsboro and Notasulga, Alabama. In addition, the Bank will be opening a new full-service branch in Auburn during the first quarter of 2009. In-store branches are located in the Auburn and Opelika Kroger stores, as well as in the Wal-Mart SuperCenter stores in Auburn, Opelika, and Phenix City, Alabama. Mortgage loan offices are located in Phenix City, Valley, and Mountain Brook, Alabama. Additional information about the Company and the Bank may be found by visiting www.auburnbank.com.
Avista Corp. May 7, 2009 (NYSE: AVA) said that it is raising its per-share dividend paid to owners of the company’s stock by 3 cents, to 21 cents per share. That translates to a 17 percent increase.
The dividend will be paid June 15.
“The dividend increase is indicative of the board’s confidence in our continued progress toward achieving our goals, and it provides a demonstration of that confidence to our shareholders,” company President and CEO Scott Morris said in a news release.
Beacon Federal Bancorp, Inc. May 21, 2009 (Nasdaq:BFED) announced that the Company will pay a quarterly cash dividend of $0.05 per share of the Company's common stock. The dividend reflects an annual cash dividend rate of $0.20 per share, and represents a 25% increase from the current quarterly dividend of $0.04 per share. The dividend will be payable to stockholders of record as of June 13, 2009, and is expected to be paid on June 23, 2009.
"We are pleased to be able to increase our cash dividend in this, our second year of being a publicly traded company," said Mr. Prossner.
Beacon Federal Bancorp, Inc., through its banking subsidiary, Beacon Federal, offers banking and related financial services to both individual and commercial customers. The Bank is headquartered in East Syracuse, New York, with six full-service branches in Marcy and Rome, New York, Smartt and Smyrna, Tennessee, Tyler, Texas and Chelmsford, Massachusetts.
Communications Systems, Inc. May 13, 2009 (Nasdaq: JCS) announced today that the Company will pay a cash dividend of $.14 per share of common stock to shareholders of record on June 15, 2009. The dividend will be distributed on July 1, 2009. For the preceding seven quarters the Board of Directors had declared a cash dividend of $.12 per share of common stock.
Communications Systems, Inc. provides physical connectivity infrastructure and services for cost-effective broadband solutions and is a supplier of voice-grade connecting devices and wiring systems. CSI serves the broadband network market as a supplier of media conversion technology that permits networks to deploy fiber optic technology while retaining the copper-based infrastructure already embedded in the network. In addition, CSI supplies copper wire and fiber optic structured wiring systems for broadband networks, as well as line filters for digital subscriber line service. CSI also provides network design, training and management services.
Expeditors International of Washington Inc. May 8 2009 (NASDAQ: EXPD), a logistics company, declared a semi-annual cash dividend of USD 0.19 per share.
This represents a 19% increase from the semi-annual dividend of USD0.16 per share declared in 2008.
The new dividend will be paid on 15 June 2009, to all shareholders of record as of 1 June 2009.
FactSet Research Systems Inc. May 12, 2009 (NYSE: FDS) announced that its Board of Directors approved an 11% increase in the regular quarterly dividend from $0.18 per share to $0.20 per share. The cash dividend will be paid on June 16, 2009 to holders of record of FactSet's common stock on May 29, 2009.
The ex-dividend date on FDS is May 25th.
The dividend yield on FDS after the increase is 1.5%
FFW Corporation May 22, 2009 (OTCBB: FFWC) (5/21/09 Close: $11.10), parent corporation of Crossroads Bank, has approved a quarterly cash dividend of $0.22 per share of common stock. The dividend is payable June 30, 2009 to shareholders of record on June 15, 2009. The dividend represents a 4.76% increase over the cash dividend of $0.21 paid the prior year's same quarter.
The book value of FFW Corporation stock was $18.24 per share as of April 30, 2009. The last reported trade of stock at the close of business on May 21, 2009 was $11.10 per share and the number of outstanding shares was 1,112,260 as of the same date. On April 30, 2009, the corporation had assets of $320.2 million and shareholders' equity of $27.6 million.
Crossroads Bank is a wholly owned subsidiary of FFW Corporation providing an extensive array of banking services and a wide range of investments and securities products through its main office in Wabash and four banking centers located in Columbia City, North Manchester, South Whitley, and Syracuse, IN. The Bank provides leasing services at its banking centers and its Carmel, IN leasing and commercial loan office. Insurance products are offered through an affiliated company, Insurance 1 Services, Inc. The corporation's stock is traded on the OTC Bulletin Board under the symbol "FFWC.OB." The FFW Corporation website address is www.crossroadsbanking.com.
Flowers Foods May 29, 2009 (NYSE: FLO) announced a quarterly dividend of $.175 per share, or $.70 per share on an annualized basis. This represents an increase of 17% over the dividend paid previously. The dividend is payable on July 2, 2009, to shareholders of record on June 19, 2009.
Headquartered in Thomasville, Ga., Flowers Foods is one of the nation's leading producers and marketers of packaged bakery foods for retail and foodservice customers. Among the company's top brands are Nature's Own, Whitewheat, Cobblestone Mill, Blue Bird, and Mrs. Freshley's. Flowers operates 39 bakeries that are among the most efficient in the baking industry. Flowers Foods produces, markets, and distributes fresh bakery products that are delivered to customers daily through a direct-store-delivery system serving the Southeast, Mid-Atlantic, and Southwest as well as select markets in California and Nevada. The company also produces and distributes fresh snack cakes and frozen breads and rolls nationally through warehouse distribution. For more information, visit www.flowersfoods.com.
IBM May 4, 2009 (NYSE: IBM) announced that it will pay a regular quarterly cash dividend of $0.55 per common share, on June 10, to stockholders of record May 8.
The dividend will represent an increase of $0.05, or 10 percent higher than the prior quarterly dividend of $0.50 per common share.
IBM has increased its quarterly dividend by 175 percent since 2006. This is the 14th year in a row that IBM has increased its quarterly cash dividend.
Knight Transportation, Inc. May 21 2009 (NYSE: KNX) announced today that its Board of Directors has declared an increase of the company’s quarterly cash dividend to $0.05 per share of common stock. Prior to this 25% increase, the company’s quarterly dividend had been $0.04 per share of common stock. This quarterly dividend is pursuant to a cash dividend policy approved by the Board of Directors. The actual declaration of future cash dividends, and the establishment of record and payment dates, is subject to final determination by the Board of Directors each quarter after its review of the company’s financial performance.
The company’s dividend is payable to shareholders of record on June 5, 2009, and is expected to be paid on June 26, 2009.
Knight Transportation, Inc. is a truckload carrier offering dry van, refrigerated, intermodal and brokerage services to customers through a network of service centers and branches located throughout the United States serving North America. As “Your Hometown National Carrier,” Knight strives to offer customers and drivers personal service and attention through each service center, while offering integrated freight transportation nationwide and beyond through the scale of one of North America’s largest trucking companies. The principal types of freight we transport include consumer staples, retail, paper products, packaging/plastics, manufacturing, and import/export commodities.
Lowe's Cos. May 29 2009 (NYSE: LOW) raised its quarterly cash dividend to 9 cents per share from 8.5 cents and its shareholders re-elected four directors at the home improvement chain's annual meeting on Friday.
Lowe's new dividend represents an increase of about 6 percent over the previous payout. The dividend will be paid on July 31 to shareholders of record on July 17.
Molson Coors Brewing Company May 15 2009 (NYSE: TAP, TAP.A) announced today that its Board of Directors has approved a 20% increase in the quarterly dividend rate on its Class A and Class B common shares from US$0.20 per share to US$0.24 per share, payable June 15, 2009, to shareholders of record on May 29, 2009. The quarterly dividend increase raises the annual dividend rate from US$0.80 per share to US$0.96 per share. In addition, Molson Coors Canada Inc. (TSX: TPX.B, TPX.A) declared a quarterly dividend on its Class A and Class B exchangeable shares of approximately CDN$0.28 (the Canadian equivalent of the dividend declared on the Molson Coors' stock), payable June 15, 2009, to its Class A and Class B exchangeable shareholders of record on May 29, 2009.
"Since the merger of Molson and Coors in 2005, we have strengthened the financial foundation of Molson Coors by building our brands, reducing costs, paying down significant amounts of our outstanding debt and increasing our free cash flow," said Peter Swinburn, president and chief executive officer of Molson Coors Brewing Company. "We are in a strong position to increase cash returns to shareholders, while preserving the financial flexibility to explore growth opportunities that meet our strict return criteria."
National HealthCare Corporation May 6 2009 (AMEX: NHC) a long-term health care company announced that it would pay, dividends on its common and preferred stock. A quarterly cash dividend of USD0.26 per share will be paid on the common stock, representing an 8.3% increase over the previous quarter. This dividend is payable on 1 September 2009 to shareholders of record as of 30 June 2009.
Northrop Grumman Corp May 20 2009 (NYSE: NOC) announced that its board of directors approved a 7.5% quarterly dividend increase.
The Los Angeles-based company said that it has increased its dividend from 40 cents per share to 43 cents per share.
The dividend is payable June 13 to shareholders of record by the close of business on June 1st. This dividend boost means that the military contractor has now increased its dividend for five consecutive years.
PepsiCo, Inc. May 5 2009 (NYSE: PEP) today announced a 6 percent increase in the annual dividend, from the current $1.70 to $1.80 per share on PepsiCo common stock. The quarterly dividend of $0.45 is payable June 30, 2009, to shareholders of record on June 5, 2009.
"We are pleased to announce our thirty-seventh annual dividend increase, reflecting the strength of our cash flow and balance sheet," said PepsiCo Chairman and CEO Indra Nooyi. "Even in this difficult economy, we are committed to return cash to our shareholders while continuing to invest in the long-term growth of our business."
Pharmaceutical Product Development May 26 2009 (Nasdaq: PPDI) is raising its dividend 20 percent, to 60 cents from 50 cents a share, the contract research organization and development company announced.
PPD, which employs some 1,000 people in Research Triangle Park, is in the process of major management changes.
Company founder and chief executive officer Fred Eshelman will soon become executive chairman of the company. Replacing him will be David Grange, a former U.S. Special Forces soldier and member of Delta Force. Grange, a member of the PPD board, is leaving the McCormick Foundation where he was CEO.
The dividend increase takes effect June 14 and will be paid 15 cents per quarter beginning June 29.
“Our board of directors, management team and employees are pleased to reward our shareholders with an increase in our cash dividend rate for the fourth consecutive year since adopting our policy in 2005,” Eshelman said in a statement.
Portland General Electric Company May 13 2009 (NYSE: POR) announced a 4% increase to its quarterly stock dividend, to 25.5 cents per share from 24.5 cents per share for the previous quarter. This gives the stock a CD-beating yield of 5.6%. The dividend is payable on July 15 to shareholders of record at the close of business on June 25.
Republic Bancorp Inc., May 21 2009 (NASDAQ: RBCAA the parent company of Republic Bank & Trust Co., has increased its second-quarter common stock cash dividend by 9 percent.
A dividend of 13.2 cents per share of Class A common stock and 12 cents per share of Class B common stock will be payable July 17 to shareholders of record as of June 19.
“This dividend increase demonstrates the board’s confidence in the company’s long-term growth opportunities and financial strength following our record performance in the first quarter of 2009,” Republic president and CEO Steve Trager said in a news release.
Republic’s first-quarter net income increased 16 percent to $25.8 million, from $22.1 million a year earlier.
RLI Corp. May 7 2009 (NYSE: RLI) the board of directors has declared a second quarter cash dividend of $0.27 per share on common stock, a $0.01 increase over the prior quarter.
Safeway May 5 2009 (NYSE: SWY), announced a 21% increase in its regular quarterly dividend, from 8.28 cents per share to 10 cents per share, payable July 16 to shareholders of record as of June 25. This gives the stock a yield of 2.2%.
Safeway's dividend payment of $107 million is extremely well-covered by the operating cash flow of $2.25 billion. It has $5.5 billion in total debt with just $383 million in cash.
STERIS Corporation May 7 2009 (NYSE: STE) today announced that its Board of Directors has authorized a 38% increase in its quarterly dividend to $0.11 per common share. The dividend is payable June 18, 2009 to shareholders of record at the close of business on May 21, 2009.
STERIS Corporation provides infection prevention, decontamination and health science technologies, products and services. The Company'has more than 5,000 employees around the world who supply a broad array of solutions by offering a combination of equipment, consumables and services to healthcare, pharmaceutical, industrial and government customers. For more information, visit www.steris.com.
May 30, 2009 Supervalu May 30 2009 (NYSE: SVU) announced that it will pay a 1.45 percent increase in the annual indicated dividend to $0.70 per share from last year's level of $0.69 per share.
The new quarterly dividend rate of $0.175 per share will be effective with the September dividend payment. The previously announced quarterly dividend, which is payable on June 15 to shareholders of record as of June 1 will be paid at last year's quarterly amount of $0.1725 per share.
Tower Group, Inc. May 7 2009 (NASDAQ: TWGP) a property and casualty insurance provider reported Thursday a rise in its first-quarter net income, as net premiums earned more than doubled from a year ago. The company also provided guidance for the second quarter and fiscal 2009. Further, citing its strong financial position, Tower raised its quarterly dividend by 40%.
Transatlantic Holdings, Inc. May 22 2009 (NYSE: TRH) has declared a quarterly cash dividend of $0.20 per share on the company's common stock, payable September 17 to stockholders of record on September 3. The move represents a 5.3 percent increase in the stock's quarterly dividend.
Transatlantic said it has raised the quarterly dividend every year since TRH became a public company in 1990.
New York-based Transatlantic Holdings is a reinsurance organization whose subsidiaries, Transatlantic Reinsurance Co., Trans Re Zurich and Putnam Reinsurance Co., offer reinsurance capacity on both a treaty and facultative basis.
The company structures programs for a range of property and casualty products, with an emphasis on specialty risks.
Unum Group May 22 2009 (NYSE: UNM) said it will boost its quarterly dividend by 10 percent starting in the third quarter.
The new dividend of 8.25 cents per share comes six years after Unum cut the dividend while focusing on restructuring and rebuilding its finances, Thomas R. Watjen, president and chief executive, said in a statement. The prior dividend was 7.5 cents.
"With our consistently solid operating results and capital position, we believe the time is right to increase the dividend we pay to stockholders," he said. Shares of Unum rose 15 cents to $16.68 in morning trading.
Weyco Group Inc. April 28 2009 (NASDAQ: WEYS) engages in the business of the manufacture purchase and distribution of men's footwear. The principal brands of shoes sold are Nunn Bush Brass Boot and Stacy Adams. The company's products consist of both mid-priced quality leather dress shoes which would be worn as a part of more formal and traditional attire and lower priced quality casual footwear of man-made materials or leather which would be used for leisure or less formal occasions.
The Company paid cash dividends of $1.6 million and $1.3 million during the three months ended March 31, 2009 and 2008, respectively. On April 27, 2009, the Company s Board of Directors increased the quarterly dividend rate from $.14 to $.15 per share. This represents an increase of 7% in the quarterly dividend rate. The impact of this will be to increase cash dividends paid annually by approximately $450,000.
Weyco Group Inc. has a market cap of $276 million; its shares were traded at around $24.34 with a P/E ratio of 19.7 and P/S ratio of 1.2. The dividend yield of Weyco Group Inc. stocks is 2.2%. Weyco Group Inc. had an annual average earning growth of 4.1% over the past 5 years.
Xcel Energy Inc. May 20 2009 (NYSE: XEL) has increased its quarterly common stock dividend 3.2 percent, the company announced, The new dividend will be 24.5 cents per share, up from 23.75 cents per share. Minneapolis-based Xcel will pay the second-quarter dividend on July 20 to shareholders of record on June 25.
“The board recognizes the importance of the dividend to our shareholders,” Xcel Chairman, President and CEO Richard Kelly said in a statement. “The increase in the dividend is consistent with our goal of growing the dividend 2 to 4 percent annually.”
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