Boston, MA 09/26/2014 (wallstreetpr) – A financial institution holding company, Bank of S C Corporation (NASDAQ:BKSC) said that its Board of Directors has declared a quarterly cash dividend of 13 cents a share to all the shareholders. This is the fifth quarter that the company has been paying the same dividend of 13 cents a share. This apart, it has also declared a special dividend.
Since the company’s dividend growth rate has slowed after the year 2009, there was not much of an average dividend growth rate for the three-year period.
Payment of Dividend
The company disclosed that it would pay the quarterly cash dividend to all those eligible shareholders, whose name appears in the record books of Bank of S C Corporation (NASDAQ:BKSC) as on October 8, its statement revealed. It would pay a dividend on October 31 to the eligible shareholders.
On an annualized basis, the latest dividend rate works out to 52 cents a share.
This apart, Bank of S C said that its board has also cleared the proposal of a special cash dividend of ten cents a share in memory of its 100th quarterly cash dividend. The company has fixed the same date for record date, and the payment would also be made by October end.
Bank of S C Corporation (NASDAQ:BKSC)’s President and Chief Executive Officer, Fleetwood Hassell, said that it was excited to celebrate the dividend milestone in view of its strong capital position and the Bank’s outstanding performance.
On an annualized basis, the latest dividend rate works out to 52 cents a share. The current dividend represents 3.50% yield, which was 20 basis points higher than the five-year average dividend yield of 3.30%. However, the projected ten-year dividend yield worked out to 9.82%.
The current quarter’s dividend payout ratio was 58.00%, up from 54% in the average-five-year period. The average dividend growth rate for the three-year, as well as, five-year reached 9.2% and 15.74% respectively.
According to a data in Nasdaq, Bank of S C Corporation (NASDAQ:BKSC) was paying a dividend of 26 cents a share at the end of December 2002. It was reduced to eleven cents a share and it remained for nearly two years till 2004. Later, it was gradually increased to 16 cents a share in the second quarter of 2007. It was subsequently slashed to ten cents a share from 2010. It has again increased it to 12 cents a share till the second quarter of 2013 and was increased to 13 cents a share for the fifth straight quarter.