Stepan raises dividend for 55th consecutive year in 2022
Specialty chemicals maker Stepan Co (SCL) announced a dividend hike of 9.0% to 36.5 cents quarterly per share. This marks 55 straight years of dividend growth for Stepan.
On October 18, 2022, the Board of Directors of Stepan Company approved an increase of $0.030 per share, or 9.0%, on its quarterly cash dividend on its common stock. The dividend of $0.365 per share is payable on December 15, 2022, to common stockholders of record on November 30, 2022. The increase marks the 55th consecutive year in which the quarterly dividend rate on the Company's common stock has increased.
|Stepan hiked its dividend for the 55th consecutive year in 2022.|
Based on a stock price of $100 the dividend yield for Stepan is 1.5%. Last year Stepan announced a dividend hike of 9.8%.
Another US stock with now 50 consecutive years of increased dividends is Middlesex Water. Water utility Middlesex Water Company (trading symbol MSEX) on October 21, 2022 announced a 7.8% dividend hike.
Stepan Company is a major manufacturer of specialty and intermediate chemicals used in a broad range of industries. Stepan is a leading merchant producer of surfactants, which are the key ingredients in consumer and industrial cleaning compounds and in agricultural and oilfield solutions. The Company is also a leading supplier of polyurethane polyols used in the expanding thermal insulation market, and CASE (Coatings, Adhesives, Sealants, and Elastomers) industries.