Computer Services (CSVI) will raise its quarterly dividend by 8 percent to $0.27 per share in 2021. This follows a dividend hike of 19.1 percent to 25 cents per share announced in 2020 and will mark the 50th consecutive year of annual dividend increases by the it services company.
The next dividend of $0.27 per share is payable on September 24, 2021, to shareholders of record as of the close of business on September 1, 2021. A new indicated annual dividend rate of $1.08 per share yields 1.9% at a stock price of $56.73.
“We are pleased to announce our 50th consecutive year of increased cash dividends paid to shareholders,” stated Executive Chairman Steven A. Powless. “CSI is one of the few public companies that has increased its cash dividend annually for half a century. Over the past 10 years, our cash dividend has grown at a compounded rate of 15.9%, and our total return to shareholders has averaged more than 21% annually. We believe these records highlight our focus on growing shareholder value and CSI’s long track record of financial performance.
“CSI reported its 21st consecutive year of increased revenues and 24th consecutive year of increased net income in fiscal 2021. We continued this record by reporting higher revenues and net income for our first fiscal quarter of 2022. We expect to report continued growth in revenues and net income in fiscal 2022 based on new banks coming online for core services in our Enterprise Banking Group, and increased demand for our products and services from our Business Solutions Group. We remain focused on leveraging 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.