Discover Community Bank System, Inc.'s (CBU) 31st Consecutive Annual Dividend Increase - A Testament to Consistent Returns and Investor Confidence
In a recent announcement, Community Bank System, Inc. (CBU), a leading financial institution, declared a quarterly cash dividend of $0.45 per share on its common stock. The dividend increase of $0.01, or 2.27%, is a testament to the Company's commitment to providing consistent and favorable long-term returns to its shareholders. With an annualized yield of 3.71%, this marks the 31st consecutive year in which CBU has increased its annual dividend. The dividend will be payable on October 10, 2023, to shareholders of record as of September 15, 2023.
The recently announced quarterly cash dividend of $0.45 per share represents a $0.01, or 2.27%, increase compared to the previous dividend. Based on the closing share price of $48.58 on July 18, 2023, the annualized yield of the dividend stands at an attractive 3.71%. This increase highlights the Company's dedication to enhancing shareholder value and rewarding its investors for their continued support.
Mark E. Tryniski, the President and Chief Executive Officer of Community Bank System, Inc., expressed his satisfaction with the dividend increase. He stated, "The payment of a meaningful and growing dividend is an important component of our commitment to provide consistent and favorable long-term returns to our Shareholders. This dividend increase reflects the Board of Director's confidence in our ability to continue to deliver consistent earnings and marks the 31st consecutive year in which the Company has increased its annual dividend."
CBU's consistent dividend growth over the past 31 years showcases the Company's stable financial performance and commitment to shareholders. By continuously raising dividends, CBU demonstrates its belief in its future prospects and the ability to generate sustained earnings.
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