Flowserve Corp (FLS, Financial) and Renasant Corp (RNST, Financial) announced their next dividends on Thursday, Aug. 12.
Dividend investors may want to consider these stocks as they have been paying dividends for several years and have increased their payments faster than the S&P 500 over the past year. Furthermore, they grant a higher dividend yield than the benchmark index for the U.S. market, which stood at 1.30% as of Thursday.
Flowserve Corp (FLS, Financial)
On Thursday, the Irving, Texas-based provider of pump systems, industrial valve and automation solutions announced that on Oct. 8, it will pay a quarterly cash dividend of 20 cents per common share to shareholders of record as of Sept. 24. The ex-dividend date is scheduled for Sept. 23. The payment will be in line with the previous distribution.
Flowserve Corp has distributed consecutive dividends for approximately 14 years and increased them by 2.6% over the past year compared to the S&P 500’s drop of 2.3%.
The company funds the payment of the quarterly dividend with about $630 million available in cash on hand and $350 million in trailing 12-month operating cash flow as of June 29, 2021.
GuruFocus has assigned a score of 5 out of 10 to the company's financial strength and of 7 out of 10 to its profitability.
The share price has risen by 27% over the past year to trade at $40.46 at close on Thursday for a forward dividend yield of 1.98% (versus the S&P 500 yield of 1.30%), a market cap of $5.28 billion and a 52-week range of $25.87 to $44.39.
On Wall Street, the stock has a median recommendation rating of hold with an average target price of $44.73 per share.
Renasant Corp (RNST, Financial)
On Thursday, the Tupelo, Mississippi-based regional bank announced that on Sept. 30, it will pay a quarterly cash dividend of 22 cents per common share. The payment will be in line with the previous distribution. Shareholders must be on the company's records no later than Sept. 16 if they want to benefit. The ex-dividend date is scheduled for Sept. 15.
Renasant Corp has been paying consecutive dividends for about 28 years, increasing them by a 1.1% over the past year compared to the S&P 500’s drop of 2.3%.
The company has almost $1.63 billion in cash on hand and nearly $80 million in trailing 12-month operating cash flow as of June 29, 2021 to support the payment of the quarterly dividend.
GuruFocus has assigned a score of 2 out of 10 to the company's financial strength and of 5 out of 10 to its profitability.
The share price has climbed by 41.31% over the past year up to $36.74 at close on Thursday for a forward dividend yield of 2.4% (versus the S&P 500 yield of 1.30%), a market cap of $2.07 billion and a 52-week range of $20.89 to $46.97.
On Wall Street, the stock has a median recommendation rating of hold with an average price target of $38.75 per share.
Disclosure: I have no positions in any securities mentioned.
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