Boston, MA 09/29/2014 (wallstreetpr) – Provider of filtration products and services, CLACOR Inc. (NYSE:CLC) announced that its Board of Directors has recommended an increase of nearly 18% in its quarterly cash dividend to 20 cents a share from 17 cents a share. This marks the thirty-third year of consecutive increase in dividend in the history of the company. As a result, the average dividend growth rate for the three-year and five-year periods witnessed a solid uptick.
Dividend Payment
CLARCOR Inc. (NYSE:CLC) said that it has fixed October 10 as the record date for determining the eligible shareholders for a dividend, its statement revealed. The dividend would be paid to all the qualified shareholders on October 17. The stock would become ex-dividend from October 8.
The latest dividend rate suggests an annualized payout of 80 cents a share. Its current dividend provides yield of 1.27%, which was higher than the five-year average dividend yield of 0.92%. The projected ten-year average dividend worked out to 8.62%.
Growth And History
The steady increase in dividend every year has lifted the average three-year dividend growth rate to 18.69% while the five-year average dividend growth represented 15.61%. CLARCOR Inc. (NYSE:CLC) has been paying a dividend since 1921 and increasing the dividend rate since 1983. Therefore, the current year is the thirty-third year of increase in the dividend rate in the history of the company.
According to a data from Nasdaq, the company paid a dividend of 11.75 cents a share at the end of the year 2000 to the third quarter of the calendar year 2001. The dividend rate was steadily increasing to 12.75 cents a share till April 2005 and it has issued a stock split of 2:1 in May 2005. As a result, the dividend rate came down to 6.375 cents a share in July 2005. It gradually increased dividend rate to 10.5 cents a share in October 2010. It reached 12 cents a share at the end of 2011 and to 13.5 cents a share towards the end of 2012. The last two dividend rate saw a significant percentage of increase of nearly 26% and 18% respectively. Going by the history, the stock seems to be a perfect bet for those who are looking for a constant increase in dividend.
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