Cintas increases dividend for 36th consecutive year

Dividend Aristocrat Cintas Corporation (CTAS) will raise its annual dividend by 24.4 percent to $3.55 per share in 2019. This marks the company's 36th consecutive year of dividend increases.

This is the 36th consecutive year that the annual dividend has increased, which is every year since Cintas’ initial public offering in 1983. This dividend is payable on December 6, 2019 to shareholders of record as of November 8, 2019.

The new dividend yields 1.3% based on Tuesday's closing price of $274.52.

Cintas also announced that the Board of Directors approved an additional share buyback program under which the Company may buy up to $1.0 billion of Cintas common stock at market prices. The number of shares to be purchased and the timing will be determined at the discretion of the Board, and purchases may be discontinued at any time.

Scott D. Farmer, Cintas’ Chairman and Chief Executive Officer, stated, “We achieved record revenue and net income in our fiscal 2019, and this fiscal year is off to a good start. Given our excellent financial results and strong financial position, we are pleased to announce an increase in the annual dividend. The dividend, accompanied by our share buyback program, continues to demonstrate our commitment to increasing shareholder value.”

Cintas Corporation is a provider of corporate identity uniforms through rental and sales programs, as well as a provider of related business services, including entrance mats, restroom cleaning services and supplies, carpet and tile cleaning services, first aid and safety services, compliance training and fire protection products and services. Headquartered in Cincinnati, Cintas is a publicly held company traded over the Nasdaq Global Select Market under the symbol CTAS and is a component of both the Standard & Poor’s 500 Index and the Nasdaq-100 Index.

Popular posts from this blog