SS&C Technologies Holdings (SSNC) will raise its quarterly dividend by 12 percent to 14 cents per share in 2020. This follows a double dividend hike for a total increase of 56.3 percent announced by the software and services provider for the financial services and healthcare industries last year. This year's dividend hike will mark 4 consecutive years of dividend increases for SS&C Technologies.

The next dividend of $0.14 per share is payable on September 15, 2020, to stockholders of record as of the close of business on September 1, 2020. The new annual dividend of 56 cents per share yields 0.9% at a stock price of $62.37 for SS&C Technologies.

In the company's press release dated August 19, 2020, Bill Stone, Chairman and CEO, commented: "SS&C is a strong company with powerful cash flow characteristics. We expect in 2020 to generate over $1 billion in operating cash flow, which represents a 30.0% compound annual growth rate over the past 10 years. Effective capital allocation is core to SS&C's strategy, and we prioritize shareholder returns. In the absence of high quality acquisitions at a fair price, we will increase cash dividends, allocate more capital towards stock buybacks, and continue to pay down debt."

In 2020 SS&C's stock price is almost unchanged with a 1.6 percent gain year-to-date. The company has a market cap of $16.1 billion and pays an estimated $143 million in dividends to shareholders annually after this latest dividend hike. SS&C has now increased its dividend by at least double digits every year since 2017.

SS&C Technologies Holdings, Inc. is a provider of investment and financial software-enabled services and software for the financial services and healthcare industries. The companies customers range from the world's largest companies to small and mid-market firms. Founded in 1986, SS&C is headquartered in Windsor, Connecticut and has offices worldwide. Financial services and healthcare organizations manage and account for their investments using SS&C's products and services. SSNC became a public company in 2010 and has been paying a dividend since 2014.