Paychex (PAYX) will raise its quarterly dividend by 6.5 percent to 66 cents per share in 2021. This follows a dividend hike of 10.7 percent to $0.62 per share in the second quarter of 2019. The integrated human capital management solutions provider has raised its dividend 11 consecutive years now based on dividends paid in calendar years.

The next dividend is payable May 27, 2021 to shareholders of record May 12, 2021.  The next ex-dividend date for PAYX is May 11, 2021. A new annual rate of $2.64 per share yields 2.7% at a stock price of $97.49. Paychex will pay shareholders an estimated $952 million in dividends annually.

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 with operations in Germany. 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.