Content provider Viacom announced yesterday its second-quarter dividend of $0.30 per share for its Class A and Class B stock, a 9% increase from the $0.275 per share payout made last quarter.
The board of directors said the quarterly dividend is payable on July 1 to the holders of record at the close of business on June 14. The bank has raised the payout every year for the past three years.
Viacom President and CEO Philippe Dauman said:
Viacom is pleased to provide even greater value to shareholders through another increase in our quarterly dividend -- the third increase since we initiated our dividend three years ago. Our solid balance sheet and strong cash flow provide us the flexibility for continued investment in our popular brands and properties while delivering substantial capital directly to stockholders through dividends and our ongoing $10 billion share repurchase program.
The regular dividend payment equates to a $1.20-per-share annual dividend, yielding 1.7% based on the closing price of Viacom's stock on May 22.
The article Viacom Ups Dividend by 9% originally appeared on Fool.com.Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.