Paychex says its board of directors has approved a 12% increase in the company’s regular quarterly dividend.
The dividend will go from $.50 per share to $0.56 per share and is payable on May 24, 2018 to shareholders of record on May 9, 2018.
“This dividend increase demonstrates our commitment to providing a benefit to our shareholders as a result of the Tax Cuts and Jobs Act (TCJA) and continues the company’s history of providing outstanding shareholder value and a leading dividend yield,” said Paychex president and CEO Marty Mucci.
He also said that, “Paychex is uniquely positioned in our industry to benefit from the TCJA due to our strong margins. As we realize these tax benefits, we continue to invest in strategic growth opportunities. These investments, combined with our financial strength, enable us to expand the returns we deliver to our shareholders.”
