SYNNEX Corporation (SNX) will raise its quarterly dividend by 6.7 percent to $0.40 per share in the first quarter of 2020. This marks the 6th consecutive year of higher dividends by the business process services company.

The increased dividend is payable on January 31, 2020 to stockholders of record as of the close of business on January 24, 2020. The new annualized dividend rate of $1.60 per share yields 1.1% at a stock price of $145.56.

SYNNEX Corporation is a business process services company, providing distribution, logistics and integration services for the technology industry and providing outsourced services focused on customer engagement strategy to a broad range of enterprises. Founded in 1980, SYNNEX Corporation has operations in North and South America, Asia-Pacific and Europe. In 1994 the company changed its name from Compac to SYNNEX (SYNNEX = Synergy + Nexus) and in 2003 SYNNEX became a public company through its Initial Public Offering on the New York Stock Exchange.