AZZ (NYSE:AZZ) is again opening its coffers for a shareholder payout. The company has decided to keep its dividend steady by declaring a fresh distribution of $0.14 per share. This will be paid on July 26 to shareholders of record as of July 12. That amount matches each of the firm's previous three distributions, the most recent of which was handed out in early May. Prior to that, AZZ paid $0.25 per share, although this was in advance of a two-for-one stock split effected in July 2012.
The just-declared dividend annualizes to $0.56 per share. That yields 1.5% at AZZ's most recent closing stock price of $38.56.
The company also announced that David Dingus, its president and CEO, is to retire due to health issues. He will formally step down on March 1 of next year. The firm's board of directors has appointed a succession committee to find a replacement.
Fool contributor Eric Volkman has no position in AZZ. The Motley Fool owns shares of AZZ. 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.