Computer Services (CSVI) will raise its quarterly dividend by 16.7 percent to a split adjusted $0.21 per share in 2019. This marks the 48th consecutive year of annual dividend increases by the it services company.
The next dividend is payable on September 25, 2019, to shareholders of record as of the close of business on September 3, 2019. A new indicated annual dividend rate of $0.84 per share yields 2.2% at a stock price of $37.85.
“We are pleased to announce our 48th consecutive year of increased cash dividends paid to stockholders,” stated Chairman and CEO Steven A. Powless. “The new dividend amount represents a 16.7% increase over the cash dividend per share paid in fiscal 2019. We expect to fund the increased dividend with our strong cash flow from operations.
“We are very proud of our 48-year record of growing our cash dividend and believe it has been an important part of building long-term shareholder value. We also remain focused on using our strong financial position and cash flow to invest in CSI’s technology, infrastructure and people to support our continued growth,” Powless concluded.
Computer Services, Inc. (CSI), including its subsidiaries, delivers core processing, digital banking, managed services, payments processing, print and electronic distribution, treasury management and regulatory compliance solutions to financial institutions and corporate customers in the United States. CSI derives its revenues from processing services, maintenance and support fees; software licensing and installation fees; professional services; and equipment and supply sales. The company's integrated banking solutions include digital banking; check imaging; cash management; branch and merchant capture; print and mail, and electronic document delivery services; corporate intranets; secure Web hosting; e-messaging; teller and platform services; ATM and debit card service and support; payments solutions; risk assessments; network management; cloud-based managed services; and compliance software and services for regulatory compliance, homeland security, anti-money laundering, anti-terrorism financing and fraud prevention. CSI was incorporated on March 19, 1965 and paid its first dividend in 1968.