Espey (ESP) hikes dividend 3 times in 2024
New 25% increase to $0.25 quarterly per share for power supplies maker
The Board of Directors of Espey Mfg. & Electronics Corp. (ESP) has declared a regular quarterly dividend of $0.25 per share, a 25% increase over the prior dividend. The dividend will be payable on September 27, 2024 to all shareholders of record on September 20, 2024.
This marks the third dividend hike by Espey in 2024 for a total increase of 66.7%. A new annual dividend of $1.00 per share yields 4.2% at a stock price of $23.88 for Espey. The new annual dividend matches the dividend that Espey paid prior to the dividend suspension in 2021. Last year a quarterly dividend was reinstated at 10 cents per share, with now three increases since.
Espey's primary business is the development, design, and production of specialized military and industrial power supplies/transformers.The cCompany’s primary products are power supplies, power converters, filters, power transformers, magnetic components, power distribution equipment, uninterruptible power supply (UPS) systems, antennas and high-power radar systems. Espey reinstated its quarterly dividend in 2023.
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