Motor fuel and convenience gear retailer CST Brands (NYSE:CST) announced yesterday it would pay its first quarterly dividend to investors in the amount of $0.0625 per share. The board of directors said the quarterly dividend is payable on Oct. 15 to the holders of record at the close of business on Sept. 30.
Noting that the company's financial position has improved since it was spun off from Valero, CST Chairman and CEO Kim Bowers said, "This dividend is a reflection of the great cash flow generated by our business along with CST's strong balance sheet" since the separation.
The regular dividend payment equates to a $0.25-per-share annual dividend, yielding 0.8% based on the closing price yesterday of CST Brands' stock.
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