Three companies on the list have increased their dividends twice during the twelve month period. Two increases in a single year strikes me as unusual. Altria and Bob Evans Farms have recorded two dividend increases in less than a year. Shop Finance International also announced its second dividend increase in the year.
Getty Real Estate is seldom in the news but it is the largest owner of retail gas station property in the United States.
I’ve noted Northrim as an interesting company simply because the banking industry in Alaska doesn’t receive much attention in the news media. Northrim is an Alaska bank.
The companies listed in this report as raising dividends are:
Altria Group, Inc.
American Financial Group, Inc.
Badger Meter, Inc.
Bob Evans Farms, Inc.
Community Partners Bancorp
Diageo, plc
First Capital, Inc.
G and K Services, Inc.
Getty Realty Corporation
Golar LNG
Harris Corporation
Lancaster Colony Corporation
Lorrilard, Inc.
MGE Energy
Northrim Bancorp
Petrofac Limited
Ship Finance International Limited
Stage Stores, Inc.
Todd Shipyards Corporation
Trustco Bank Corp.
United Bankshares, Inc.
Westlake Chemical Corporation
Altria Group, Inc. (NYSE: MO) August 27, 2010, Richmond, VA announced that its board of directors voted to increase the company's regular quarterly dividend by 8.6% to $0.38 per common share versus the previous rate of $0.35 per common share. The new annualized dividend rate is $1.52 per common share. The quarterly dividend is payable on October 12, 2010 to shareholders of record as of September 15, 2010. The ex-dividend date is September 13, 2010.
The increase reflects the company's intention to return a large amount of cash to shareholders in the form of dividends, and is consistent with the company's dividend payout ratio target of approximately 80% of its adjusted diluted earnings per share.
This is the second dividend increase in 2010, resulting in an overall quarterly dividend increase of 11.8% since the beginning of the year. In February 2010, Altria's quarterly dividend increased by 2.9% to $0.35 per common share versus the previous rate of $0.34 per common share.
American Financial Group, Inc. (NYSE:AFG) (NASDAQ:AFG) August 19, 2010, Cincinnati, announced that its board of directors has approved an increase in the company's annual dividend from $0.55 to $0.65 per share of common stock. The increased dividend, when declared, will be paid on a quarterly basis of $0.1625 per share of common stock beginning in October 2010. The new dividend rate represents an 18% increase over the annual rate paid thus far in 2010. The company has increased its dividend in each of the last six years.
Craig Lindner and Carl Lindner III, AFG's Co-Chief Executive Officers, stated that, "We are pleased to increase the annual dividend paid to our shareholders by 10 cents per share. This increase clearly reflects our confidence in the Company's strong financial condition and liquidity, as well as its prospects for long-term growth."
American Financial Group is an insurance holding company, based in Cincinnati, Ohio with assets in excess of $30 billion. Through the operations of Great American Insurance Group, AFG is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses, and in the sale of traditional fixed, indexed and variable annuities and a variety of supplemental insurance products. Great American Insurance Group's roots go back to 1872 with the founding of its flagship company, Great American Insurance Company.
Badger Meter, Inc. (NYSE: BMI) August 20, 2010 Milwaukee, WI announced a 16.7% increase in its quarterly common stock dividend to 14 cents per share from 12 cents per share. The increased dividend is payable September 15, 2010, to shareholders of record August 31, 2010. The new annual dividend rate for the common stock is 56 cents per share.
"This is our eighteenth consecutive year of increased dividend payments. The increase reflects our ongoing commitment to our shareholders and our continued confidence in the future of Badger Meter," said Richard A. Meeusen, chairman, president and chief executive officer.
Badger Meter is a manufacturer and marketer of products incorporating liquid flow measurement and control technologies, developed both internally and with other technology companies. The company also provides digital connectivity to AMR/AMI technologies. Its products are used to measure and control the flow of liquids in industrial applications.
Bob Evans Farms, Inc. (NASDAQ: BOBE) August 25, 2010, Columbus, OH, announced that its board of directors has approved an 11.1 percent increase in the quarterly cash dividend from 18 cents($0.18) per share to 20 cents($0.20) per share on the company's outstanding common stock. The increased dividend is payable on Sept. 21 to stockholders of record at the close of business on Sept. 7.
Chairman and Chief Executive Officer Steve Davis said the Company's recent debt pay down, dividend increase and share repurchases are indicative of the Company's efforts to utilize its strong balance sheet to build stockholder value. "Increasing our dividend at the same time that we are repurchasing shares demonstrates our ongoing commitment to our stockholders," Davis said.
In the first quarter of fiscal 2011, the Company repurchased 170,000 shares for a total of $4.4 million and reduced its total debt by $8.9 million. The Company's board of directors has authorized share repurchases of up to $25 million for fiscal 2011, which ends April 29, 2011.
Bob Evans Farms, Inc. owns and operates full-service restaurants under the Bob Evans and Mimi's Cafe brand names. At the end of the first fiscal quarter (July 30, 2010), Bob Evans owned and operated 569 family restaurants in 18 states, primarily in the Midwest, mid-Atlantic and Southeast regions of the United States, while Mimi's Cafe owned and operated 145 casual restaurants located in 24 states, primarily in California and other western states. Bob Evans Farms, Inc. is also a producer and distributor of pork sausage and a variety of complementary homestyle convenience food items under the Bob Evans and Owens brand names.
Community Partners Bancorp (NASDAQ: CPBC) August 23, 2010, Middletown, NJ, the parent company of Two River Community Bank, announced that the board of directors approved a 5% stock dividend, representing a 66.7% increase over the prior year's stock dividend of 3%. The dividend will be payable on October 22, 2010 to shareholders of record as of September 24, 2010. The dividend will increase the number of shares outstanding by approximately 361,571 shares.
William D. Moss, President and CEO of the Company, commented, "Maintaining solid capital ratios continues to be a focus for our organization, and our most recent operating results for the first half of 2010 are certainly within our expectations." Mr. Moss pointed out that this is the 5th consecutive year in which shareholders of the Company have received a dividend, reflective of the Board's commitment to a healthy dividend policy in response to the Corporation's ongoing success. "As always, our dividends are intended to reward the loyalty and confidence of our shareholders," Mr. Moss concluded.
Community Partners Bancorp is the holding company for Two River Community Bank, which is headquartered in Middletown, New Jersey. Two River Community Bank currently operates 15 branches throughout Monmouth and Union Counties.
Diageo plc (NYSE: DEO) HOUSTON, August 23, 2010, London, England, UK, directors recommend a final dividend of 23.50 pence per share, an increase of 6% from the year ended 30 June 2009. The full dividend would therefore be 38.10 pence per share, an increase of 5.5% from the year ended June 30, 2009. Subject to approval by shareholders, the final dividend will be paid on October 19, 2010 to shareholders on the register on September 10, 2010. Payment to US ADR holders will be made on October 25, 2010. A dividend reinvestment plan is available in respect of the final dividend and the plan notice date is September 27, 2010.
The directors recommend a final dividend of 23.50 pence per share, an increase of 6% from the year ended June 30, 2009. The full dividend would therefore be 38.10 pence per share, an increase of 5.5% from the year ended June 30, 2009. Subject to approval by shareholders, the final dividend will be paid on 1October 19, 2010 to shareholders on the register on September 10, 2010. Payment to US ADR holders will be made on October 25, 2010. A dividend reinvestment plan is available in respect of the final dividend and the plan notice date is 27 September 2010.
The directors recommend a final dividend of 23.50 pence per share, an increase of 6% from the year ended June 30, 2009. The full dividend would therefore be 38.10 pence per share, an increase of 5.5% from the year ended June 30, 2009. Subject to approval by shareholders, the final dividend will be paid on October 19, 2010 to shareholders on the register on September 10, 2010. Payment to US ADR holders will be made on October 25, 2010. A dividend reinvestment plan is available in respect of the final dividend and the plan notice date is September 27, 2010.
Diageo is engaged in the drinks business with many international brands. Diageo is a participant in the branded beverage alcohol industry and operates worldwide. Diageo produces and distributes a collection of branded premium spirits, beer and wine. The range of premium brands it produces and distributes includes Smirnoff vodka, Johnnie Walker scotch whisky, Baileys Original Irish Cream liqueur, Captain Morgan rum, JeB scotch whisky, Tanqueray gin and Guinness stout. In addition it also has the distribution rights for the Jose Cuervo tequila brands in North America and many other markets. Diageo’s beer brands include the global stout brand, Guinness. Diageo operates in North America, Europe, International and Asia Pacific. In June 2010, the Company increased its ownership interest in London Group, the joint venture that owns NUVO, making Diageo the majority partner with a stake of approximately 70%.
First Capital, Inc. (NASDAQ: FCAP) August 19, 2010, Corydon, IN, has declared a quarterly cash dividend of $0.19 (nineteen cents) per share of common stock, according to William W. Harrod, President and Chief Executive Officer. This represents a one-cent increase over the dividend paid in the previous quarter. The dividend will be paid on September 30, 2010 to shareholders of record as of September 16, 2010.
First Capital, Inc. is the holding company for First Harrison Bank. First Harrison currently operates thirteen full service offices in the Indiana communities of Corydon (2), Palmyra, New Salisbury, Georgetown, Hardinsburg, Greenville, New Albany (2), Floyds Knobs, Jeffersonville, Salem and Lanesville which provide deposit and lending services to customers in southeastern Indiana.
G and K Services, Inc. (NASDAQ: GKSR) August 23, 2010, Minneapolis, MN, announced that its board of directors has declared a quarterly dividend of $0.095 per share, an increase of approximately 27.0 percent from its previous quarterly dividend of $0.075 per share.
"The company continues to generate strong cash flow," said Jeffrey Wright, executive vice president and chief financial officer. "As such, we're pleased to announce an increase in our quarterly dividend for the fifth consecutive year. Our new game plan has improved our financial results and provides even greater confidence in our ability to continue returning capital to shareholders."
The company has paid a dividend for forty-one consecutive years since going public in 1969. Due to its strong financial condition and cash flow, the company continues to look at periodically increasing its dividend and other financial alternatives to return capital to shareholders, subject to future financial performance and capital requirements.
The next quarterly dividend will be payable on September 30, 2010 to shareholders of record at the close of business on September 16, 2010.
G and K Services, Inc. provides branded identity apparel programs and facility services in the United States, and is the largest such provider in Canada. Headquartered in Minneapolis, Minnesota, G&K Services employs nearly 7,500 employees serving approximately 165,000 customers from over 160 facilities in North America and Europe.
Getty Realty Corporation (NYSE: GTY) August 24, 2010, Jericho, NY, announced that the board of directors unanimously approved the declaration of a quarterly Common Stock dividend in the amount of $0.48 per share payable on Oct. 14, to holders of record on Sept. 30.
The company said this is an increase of one-half cent per share over the prior quarterly common stock dividend. This is the sixth consecutive year that Getty has increased its dividend.
Getty is the largest publicly traded real estate investment trust specializing in the ownership and leasing of service stations, convenience stores and petroleum distribution terminals in the United States. The company provides financing to the petroleum and convenience store industries for acquisitions, site upgrades and refinancing through our sale/leaseback and net lease financing programs. It owns or leases approximately 1,050 service station and convenience store properties and nine petroleum distribution terminals in twenty-one states.
The company was founded in 1955 with the ownership of one gasoline service station in New York City and historically operated as an integrated wholesale and retail marketer and owner of gasoline stations. As its business grew, the company combined real estate ownership, leasing and management with petroleum supply and distribution. The company’s initial public offering was in 1971 under the name Power Test Corp. In 1997, its petroleum marketing business was spun-off to shareholders as a separate NYSE listed company, Getty Petroleum Marketing Inc., which was acquired in 2000 by a subsidiary of OAO Lukoil, one of Russia's largest integrated oil companies.
The company leases approximately 78% of its properties to Getty Petroleum Marketing Inc. on a long-term net basis. The balance of the properties are leased to individual operators and petroleum distributors.
Golar LNG (NASDAQ: GLNG) August 27, 2010, Hamilton, Bermuda, reported a consolidated net loss of $5.7 million and consolidated operating income of $13.0 million.
The Golar board has decided to propose an increased cash dividend of $0.15 per share in respect of the second quarter of 2010. The record date for the dividend is September 9, 2010, ex-dividend date is September 6, 2010 and the dividend will be paid on or about September 27, 2010.
Following the commencement of the Golar Freeze charter during the second quarter, the Company's 5 vessels on long term charter are expected to generate yearly free cash flow after debt service of approximately $1.10 per share per annum from the third quarter of 2010. It is intended that the significant majority of this free cash flow will be distributed to shareholders and therefore the level of quarterly dividends is anticipated to increase in future quarters. The Board is targeting a normalised dividend of $0.25 per share in respect of the third quarter.
The board has also decided to propose a further Golar Energy stock dividend in respect of the second quarter. One Golar Energy share will be distributed for every 7 shares held in Golar. Dates and details for this dividend will be announced separately.
Golar LNG Limited (Golar) is the owner and operator of liquefied natural gas (LNG) carriers and floating storage regasification units (FSRUs). As of March 31, 2010, Golar had a fleet of 13 vessels, 10 LNG carriers, three FSRUs and a 50% interest in a further LNG carrier. On June 22, 2009, the Company formed a wholly owned subsidiary, Golar LNG Energy Limited (Golar Energy). As of December 31, 2009, it owned 73.8% of Golar Energy. Golar Energy specializes in the acquisition, ownership, operation and chartering of FSRUs and the development of liquefaction projects. As of December 31, 2009, Golar Energy operated a fleet of eight LNG carriers and had a 50% interest in another LNG carrier. As of December 31, 2009, the Company leased eight LNG carriers under long-term financial leases; it owned three vessels, and had a 60% ownership interest in another LNG carrier, through a joint arrangement with the Chinese Petroleum Corporation. It has also chartered-in one vessel on a short-term charter.
Harris Corporation (NYSE:HRS), August 30, 2010, Melbourne, FL an international communications and information technology company, has increased the quarterly cash dividend to 25 cents per share, compared to the previous quarterly dividend of 22 cents per share. This dividend is payable September 17, 2010, to shareholders of record September 8, 2010. The annual dividend rate will increase from 88 cents per share to $1.00 per share.
"We are very pleased to announce this increase in our quarterly dividend," said Howard L. Lance, chairman, president, and chief executive officer. "Our track record of delivering strong earnings and cash flow from operations continued in fiscal 2010. New orders for the year were a record, providing positive momentum as we begin fiscal 2011. Our dividend continues to demonstrate the company's ongoing commitment to increasing shareholder value."
Harris is an international communications and information technology company serving government and commercial markets in more than 150 countries. Headquartered in Melbourne, Florida, the company has approximately $5 billion of annual revenue and more than 16,000 employees — including nearly 7,000 engineers and scientists. Harris is dedicated to developing best-in-class assured communications® products, systems, and services.
ITC Holdings Corp. (NYSE: ITC) August 18, 2010, Novi, MI announced that its board of directors has approved a 4.7 percent increase in ITC's common dividend. This represents the fifth consecutive year that the board of directors has approved an increase in the common dividend.
On September 15, 2010, ITC will pay a quarterly cash dividend on ITC common stock at the increased rate of $0.335 per share to shareholders of record on September 1, 2010.
ITC Holdings Corp. (NYSE: ITC) invests in the electricity transmission grid to improve electric reliability, expand access to markets, lower the overall cost of delivered energy and allow new generating resources to interconnect to its transmission systems. The largest independent electricity transmission company in the country, ITC operates high-voltage transmission systems in Michigan's Lower Peninsula and portions of Iowa, Minnesota, Illinois, Missouri and Kansas, serving a combined peak load in excess of 25,000 megawatts through its regulated operating subsidiaries, ITCTransmission, Michigan Electric Transmission Company (METC), ITC Midwest and ITC Great Plains. ITC also focuses on new areas where significant transmission system improvements are needed through ITC Grid Development and its subsidiaries.
Lancaster Colony Corporation (NASDAQ: LANC) August 18, 2010, Columbus, OH announced that its board of directors has declared a quarterly cash dividend of 30 cents per share on the company's common stock, payable September 30, 2010 to shareholders of record on September 10, 2010. The board voted to continue the cash dividend at the higher level set nine months ago. At that time, Lancaster Colony became one of only 17 U.S. companies to have increased regular cash dividends each year for 47 years.
John B. Gerlach, Jr., chairman and chief executive officer of Lancaster Colony, said, "The dividend reflects the company's continued strong financial position and will be the 189th consecutive quarterly cash dividend paid by the company since September 1963." He noted that the indicated annual payout for the current fiscal year ending June 30, 2011 is $1.20 per share, up from the $1.18 1/2 per share paid in fiscal 2010. Common shares currently outstanding are approximately 28,083,000.
Lorillard, Inc. (NYSE: LO), August 20, 2010, Greensboro, NC the third largest manufacturer of cigarettes in the United States, announced today that its Board of Directors approved a 12.5% increase in the quarterly dividend on its common stock from $1.00 per share to $1.125 per share. The dividend is payable on September 10, 2010 to stockholders of record as of September 1, 2010.
The company's board of directors also approved a share repurchase program, authorizing the company to repurchase in the aggregate up to $1.0 billion of its outstanding common stock. Purchases by the company under this program may be made from time to time at prevailing market prices in open market purchases, privately negotiated transactions, block purchase techniques or otherwise, as determined by the company's management. The purchases will be funded from existing cash balances.
This program does not obligate the company to acquire any particular amount of its common stock. The timing, frequency and amount of repurchase activity will depend on a variety of factors such as levels of cash generation from operations, cash requirements for investment in the company's business, current stock price, market conditions and other factors. The share repurchase program may be suspended, modified or discontinued at any time and has no set expiration date.
Lorillard is the third largest manufacturer of cigarettes in the United States. Founded in 1760, Lorillard is the oldest continuously operating tobacco company in the U.S. Newport, Lorillard's flagship menthol-flavored premium cigarette brand, is the top selling menthol and second largest selling cigarette in the U.S. In addition to Newport, the Lorillard product line has five additional brand families marketed under the Kent, True, Maverick, Old Gold and Max brand names. These six brands include 41 different product offerings which vary in price, taste, flavor, length and packaging. Lorillard maintains its headquarters and manufactures all of its products in Greensboro, North Carolina.
MGE Energy (NASDAQ: MGEE) August 20, 2010 Madison, WI. The board of directors of MGE Energy, Inc. increased the regular quarterly dividend to $0.3751 per share on the company's common stock. The dividend is payable Sept. 15, 2010, to shareholders of record Sept. 1, 2010. With this increase, the new dividend is equivalent to an annual rate of $1.50 per share.
The company has increased its dividend annually for the past 35 years. MGE Energy is listed as a "Dividend Achiever" by Mergent, Inc., a financial information publisher for more than a century.
Only 7% of all dividend-paying companies meet the Mergent test of increasing dividends annually for at least 10 years.
Northrim Bancorp ((NASDAQ: NRIM) August 20, 2010, Anchorage, AK, announced its board of directors increased its regular quarterly cash dividend 20% to $0.12 per share on its common stock. The dividend is payable September 17, 2010, to shareholders of record at the close of business September 9, 2010. Northrim has paid a regular quarterly cash dividend since 1995. “We are happy to be able to raise our dividend to our shareholders this quarter” said Marc Langland, Northrim president and chief executive officer. “The increase in our dividend is a reflection of the strength of our operations and our capital.” At the stock price of $16.61 per share as of August 18, 2010, the current dividend equates to a yield of 2.9% on an annualized basis. On July 21, 2010, Northrim reported net income in the second quarter of 2010 increased 14% to $2.1 million, or $0.33 per diluted share, compared to $1.9 million, or $0.29 per diluted share, in both the first quarter of 2010 and the second quarter a year ago. For the first half of 2010, profits grew 5% to $4.0 million, or $0.62 per diluted share, from $3.8 million, or $0.60 per diluted share, in the first half of 2009. Northrim’s tangible common equity to tangible assets at quarter end was 10.53%, up from 10.23% a year earlier.
Petrofac Limited (LSE: PFC) August 23, 2010, London, England UK announced that its first-half net profit more than doubled to $331.9 million from $145.6 million a year earlier as revenue jumped 34% to $2.13 billion. CEO Ayman Asfari said the company has achieved an order intake of around $2 billion so far in 2010 and that Petrofac is confident it will be able to grow its backlog over the full year.
For the whole of 2010, the company said it expects comparable net profit, which excludes sold operations, to rise around 20%. Petrofac also increased its interim dividend by 29% to 13.80 cents a share.
Petrofac Limited is engaged in the provision of facilities solutions to the oil and gas production and processing industry. Petrofac Limited is the holding company for the international group of Petrofac subsidiaries. The Company has operates in four business segments: Engineering & Construction, Offshore Engineering & Operations, Engineering, Training Services and Production Solutions, and Energy Developments. On January 14, 2010, the Company acquired Scotvalve Services Limited, a United Kingdom-based company providing servicing and repair of oilfield pressure control equipment. In April 2010, it acquired Stephen Gillespie Consultants Ltd. In April 2010, the Company completed demerger of Petrofac Energy Developments Limited to EnQuest PLC (EnQuest). In April 2010, the Company acquired CO2DeepStore Limited. In June 2010, it purchased TNEI Services Limited through the acquisition of its holding company New Energy Industries Limited.
Ship Finance International Limited (NYSE: SFL) August 26, 2010, Hamilton, Bermuda announced its preliminary financial results for the quarter ended June 30, 2010 and an increased quarterly dividend of $0.35.
The board of directors declared an increased quarterly dividend of $0.35 per share. This is the second dividend increase in 2010 and the Company has now paid dividends the last 26 consecutive quarters.
The company reported net income for the quarter was $43.6 million, or $0.55 per share. Accrued profit share in the second quarter was $11.4 million, or $0.14 per share. Total accrued profit share for the first half of 2010 is $22.7 million. The company has agreed to acquire three 57,000 dwt Supramax dry bulk carries for a total investment of $100.7 million. The vessels have been chartered to an Asia-based logistics company on long-term time charters at approximately $17,000 per day, adding approximately $160 million to our fixed-rate charter backlog.
Dividends and Results for the Quarter ended June 30, 2010. The board of directors has declared an increased quarterly cash dividend of $0.35 per share. The dividend will be paid on or about September 30, 2010 to
shareholders of record as of September 10, 2010. The ex-dividend date will be September 8, 2010.
The profit share accrued in the second quarter was $11.4 million, or $0.14 per share, compared to $11.3 million, or $0.14 per share in the first quarter of
2010. The accrued profit share in the quarter was on the back of strong revenues in the tanker sector in the second quarter.
Stage Stores, Inc. (NYSE: SSI) August 27, 2010, Houston, TX, announced that its board of directors has declared a quarterly cash dividend of $0.075 per common share, $0.30 annualized. The dividend is a 50% increase over the previous rate of $0.05. The dividend is payable on September 22, 2010 to shareholders of record at the close of business on September 7, 2010. The ex-dividend date is September 3, 2010. Yield on the dividend is 2.7%.
Stage Stores, Inc. is a specialty department store retailer offering brand name and private label apparel, accessories, cosmetics and footwear. As of January 30, 2010, the Company operated 758 stores located in 39 states. The Company operates its stores under the five names of Bealls, Goody’s, Palais Royal, Peebles and Stage. Its average store size is approximately 18,600 selling square feet and approximately 87% of the Company's stores are located in strip shopping centers. An additional 10% of the Company's stores are located in local or regional shopping malls, while the remaining 3% are located in either free standing or downtown buildings. During the fiscal year ended January 30, 2010 (fiscal 2010), the Company closed nine stores.
Todd Shipyards Corporation (NYSE: TOD) August 23, 2010, Seattle, WA announced that its board of directors, at its August meeting, declared an increase in its dividend of two and one-half cents ($0.025) per share, bringing its quarterly dividend to ten cents ($0.10) per share. This dividend will be paid December 23, 2010, to all shareholders of record as of December 8, 2010. The Company's previously announced seven and one-half cent ($0.075) dividend payable on September 23, 2010, to all shareholders of record as of September 8, 2010, remains unchanged.
The company's wholly owned subsidiary, Todd Pacific, performs a substantial amount of repair and maintenance work on commercial and federal government vessels engaged in various seagoing trade activities in the Pacific Northwest and provides new construction and industrial fabrication services for a wide variety of customers. Its customers include the U.S. Navy, the U.S. Coast Guard, NOAA, the Washington State Ferry system, the Alaska Marine Highway System, and various other commercial and governmental customers. Todd has operated a shipyard in Seattle since 1916.
Torchmark Corporation (NYSE: TMK) August 12, 2010, McKinney, TX, announced that its board of directors has raised the quarterly dividend to $.16 per share on all of the outstanding common stock of the company held of record as of the close of business of the company's transfer agent on October 2, 2010. The dividend will be paid on November 1, 2010.
Torchmark Corporation is a holding company specializing in life and supplemental health insurance for "middle income" Americans marketed through multiple distribution channels including direct response, and exclusive and independent agencies. Torchmark has several nationally recognized insurance subsidiaries. Globe Life And Accident is a direct-response provider of life insurance known for its administrative efficiencies. American Income Life provides individual life insurance to labor union members. Liberty National Life is one of the oldest traditional life insurers in the Southeast. United American is a consumer-oriented provider of supplemental life and health insurance.
TrustCo Bank Corp NY (Nasdaq: TRST) August 17, 2010, Glenville, NY, announced that its board of directors increased the quarterly cash dividend by 5%. This amounts to a quarterly cash dividend of approximately $0.066 per share, or an annualized dividend of approximately $0.26 per share. The increased dividend will be payable October 1, 2010, to shareholders of record at the close of business on September 3, 2010. TrustCo has paid a cash dividend every year since 1904.
Chairman, president and chief executive officer Robert J. McCormick noted, “We are very pleased to be able to provide our shareholders with an increased cash dividend, reflecting our improved earnings in recent quarters. The higher cash dividend will improve shareholder returns on their investment in TrustCo, regardless of the stock price. Our cash dividend continues a tradition that extends back over 100 years. Our solid execution of a sound, conservative business plan has enabled TrustCo to continue to report profitability levels that are in the upper tier of the banking industry, and produced a balance sheet that provides our customers with an extremely strong financial partner. We
recently reported solid second quarter earnings with continued progress in growing loans and deposits, the core of our future success. We are encouraged by the continuation of these positive trends.”
TrustCo recently announced that it ranked 11th on SNL Financial's annual ranking of the 100 largest U.S. thrifts for 2009. TrustCo has ranked in the top twenty on this study every year since 2005. The study rates thrifts based on six financial performance metrics including core return on average assets, core return on average equity, the compound annual growth rate in tangible book value per share, the efficiency ratio, nonperforming assets plus loans more than 90 days past due as a percentage of total assets and net charge-offs as a percentage of average loans. In addition, the ABA Banking Journal recently ranked TrustCo 13th on its list of top performing banks with at least $3 billion of
assets. TrustCo was one of only six banks of the top fifteen that repeated from the prior year.
TrustCo Bank Corp NY is a $3.8 billion bank holding company and through its subsidiary, Trustco Bank, operates 133 offices in New York, Florida, Massachusetts, New Jersey and Vermont.
United Bankshares, Inc. (NASDAQ: UBSI) August 30, 2010, Charleston, WV, announced that its board of directors declared a third quarter dividend of $0.30 per share for shareholders of record as of September 10, 2010. This is a 3% increase over the $0.29 per share paid in the third quarter of 2009.
The dividend payout of approximately $13.1 million on 43.6 million shares is payable October 1, 2010. The annualized 2010 dividend of $1.20 equates to a yield of approximately 5% based on recent UBSI market prices. United has increased its dividend to shareholders for 36 consecutive years.
United Bankshares, with $7.5 billion in assets, has 113 full-service offices in West Virginia, Virginia, Maryland, Ohio, and Washington, D.C.
Westlake Chemical Corporation (NYSE: WLK) August 23, 2010, Houston, TX declared a dividend of 6.35 cents per share, payable on September 16, 2010, to stockholders of record on September 1, 2010. This represents an increase of 0.6 cent per share, or 10%, over the 5.75 cents per share that the company has previously paid.
This is the 24th successive quarterly dividend that Westlake has declared since completing its initial public offering in August 2004.
Westlake Chemical Corporation is a manufacturer and supplier of petrochemicals, polymers and fabricated products with headquarters in Houston, Texas. The company's range of products includes: ethylene, polyethylene, styrene, propylene, caustic, VCM, PVC and PVC pipe, windows and fence.
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