Pentair plc PNR revealed that it would pay a regular quarterly cash dividend of $0.33 per share. On an annualized basis, it worked out to $1.42 a share. The company indicated that the dividend would be payable on August 5 to all the eligible shareholders. For that purpose, the company has fixed a record date of July 22, 2016.
Earlier on December 8 last year, Pentair disclosed the approval of its Board of Directors to pay dividends in 2016 in four quarterly installments of $0.33 in each of the first and second quarters and that $0.34 in each of the third and fourth quarters. This will turn out to be $1.46 a share on an annualized basis.
The company said that the current year would mark the 40th straight year that Pentair has boosted its dividend rate. The current dividend provided a yield of 2.3 percent, which was better than the five-year average yield of 2.2 percent. The dividend payout ratio was 48 percent, which was lower than the five-year average dividend payout ratio of 69 percent. Similarly, the five-year average dividend growth rate was 7.85 percent
Shares of the company traded 1.13 percent higher on Tuesday.
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