Codorus Valley Bancorp Dividend Offers 2.4% Yield

Codorus Valley Bancorp, Inc. CVLY, the parent company of PeoplesBank, said its Board has declared a regular quarterly cash dividend of $0.13 per common share. On a full year basis, that translated into $0.52 a share. The dividend provided 2.4 percent yield, which is the same average in the last-five year period.

Codorus Valley fixed July 26 as the record date and the company would pay the dividend on August 9 to its shareholders. The company added that in the previous quarter too, it paid the same cash dividend.

The dividend represented 30 percent payout of the company's profit. That was better than the average 24 percent in the last five-year period. The company has also been boosting its dividend rate in the last straight years. As a result, its average growth rate was 13.5 percent in the last five-year period while it was 11.04 percent in the three-year period.

On Wednesday, the stock traded 0.75 percent higher.