Flowserve Pays 35% Of Its Profit As Dividend

Flowserve Corporation FLS disclosed that its Board of Directors has authorized a quarterly cash dividend of $0.19 per share on its outstanding shares of common stock. That meant the company has paid 35 percent of its profit as the dividend to its shareholders. This is higher than the 21.0 percent five-year average dividend payout ratio.

According to Flowserve, the dividend would be payable on July 8, 2016, to all its shareholders. The company also fixed the record date as on June 24, 2016.

The company intends to pay regular quarterly cash dividends for the foreseeable future currently, any future dividends, at this $0.19 per share rate or otherwise, would be reviewed individually and declared by the Board at its discretion, dependent on the Board's assessment of the company's financial condition and business outlook at the applicable time.

The stock traded 1.78 percent down on Thursday.