Computer Services Inc. rose to its highest level in 18 years after the company’s board increased the quarterly cash dividend issued to shareholders.
The financial software and data-service company rose 3.5 percent to $33 at the close of trading in New York, the stock’s highest point since at least April 1994. The stock has risen 17 percent in the past year through yesterday.
The Paducah, Kentucky based company will issue a 12.5 cent cash dividend on March 30, up 13.6 percent from 2011 for an annual dividend rate of 50 cents per share, according to a release yesterday.
“We believe our 23 consecutive years of dividend growth highlights the success of CSI’s growth strategy and our solid financial condition,” CEO Steve Powless said in the release.