Chemical packaged goods company Zep (NYSE:ZEP) has increased its quarterly dividend payout by 25%, from $0.04 to $0.05 per share of common stock. This is the first time the company has upped its quarterly dividend since initiating a payout in February 2008. The amount will be payable on November 1 to shareholders of record as of the close of business on October 17.
On an annualized basis, Zep's new dividend adds up to $0.20 per share. The company's stock was trading at a price of $16.15 as of the close of business on October 3, which means Zep currently has a dividend yield of 1.2%.
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