Steelcase (SCS) will raise its quarterly dividend by 45 percent to $0.145 per share in 2021. Last year SCS last hiked its dividend by 42.9 percent to ten cents per share in the third quarter of 2020. This followed a dividend cut of 51.7 percent to $0.07 per share in the previous quarter because of the COVID-19 pandemic. Last year the furniture products maker had also raised its quarterly dividend to $0.145 per share, marking the 9th consecutive year of higher dividends. The dividend cut ended this record.
The next dividend of $0.145 per share will be paid on or before July 20, 2021, to shareholders of record as of July 6, 2021. A new annual dividend rate of 58 cents per share will yield 3.8% at a stock price of $14.69.
Steelcase Inc. provides an integrated portfolio of furniture, architectural products and technology solutions. The company's furniture portfolio includes panel, fence and beam-based furniture systems, storage, fixed and height-adjustable desks, benches and tables and complementary products such as worktools. Seating products include task chairs and the company's technology solutions support group collaboration by integrating furniture and technology. The interior architectural products include full and partial height walls and architectural pods. The company’s brands include Steelcase, Coalesse, Designtex, PolyVision, Smith System, Orangebox, AMQ and Turnstone. Steelcase was founded in 1912 and has paid a dividend every year since it became a public company in 1998.