Paychex has increased its quarterly dividend by 9 percent. The company announced on Thursday that its board of directors approved increasing the dividend by 4 cents to $0.50 a share, which is payable on August 24 to shareholders of record on August 1.
“The dividend increase continues the company’s history of providing outstanding shareholder value,” said Martin Mucci, Paychex president and CEO. “As we begin a new fiscal year, we continue to invest in strategic growth opportunities and our employees.
These investments, combined with our financial strength, enable us to expand the returns we deliver to our shareholders.”
The company says that during the fiscal year that ended May 31, 2017, it returned more than $662 million in dividends, or 81 percent of net income to shareholders.
On Thursday, Paychex stock fell four cents a share, closing at $57.20.