Paychex (PAYX) will raise its quarterly dividend by 10.7 percent to $0.62 per share in the second quarter of 2019. This follows a dividend hike of 12.0 percent by the integrated human capital management solutions provider last year.

The next dividend is payable May 30, 2019 to shareholders of record May 15, 2019. A new annual rate of $2.48 per share yields 2.9% at a stock price of $84.61.

“This dividend increase demonstrates our strong commitment to providing ongoing, outstanding shareholder value,” said Martin Mucci, Paychex president and CEO. “Through the combination of our financial strength and investment in strategic growth opportunities, we are able to expand the returns we deliver to our shareholders.”

Paychex, Inc., incorporated in 1979, is a provider of integrated human capital management solutions for payroll, HR, retirement, and insurance services for small- to medium-sized businesses. The company has clients throughout the U.S. and Europe. Paychex Flex is the company's proprietary HCM SaaS platform through which an integrated product suite, covering the employee life cycle from recruiting and hiring to retirement, is provided.