Zions Bancorporation (NASDAQ: ZION ) is moving along with some of its peers in the banking industry by raising its shareholder payout. The company will distribute $0.04 per share of its common stock on May 30 to holders of record as of May 23. This amount is four times the company's previous distribution, which had been handed out in every quarter stretching back to August 2009.
Zions is a habitual dividend payer, but its disbursement was severely curtailed during last decade's crisis. In mid-2007, the firm was paying $0.43 per share, but barely one year later, that amount fell to $0.01, and stayed there until this current declaration.
The new dividend annualizes to $0.16 per share. That yields 0.7% at Zions' current stock price of $23.71.