SARATOGA SPRINGS, N.Y. - Espey Mfg. & Electronics Corp. (NYSE AMERICAN: ESP), a developer of specialized military and industrial power supplies, has announced an increase in its quarterly dividend. Shareholders will receive a dividend of $0.20 per share, marking a 14% rise from the previous payout. The dividend is set to be distributed on June 24, 2024, to shareholders on record as of June 17, 2024.
In addition to the dividend increase, Espey Mfg. & Electronics Corp. has confirmed a new employment agreement with David O'Neil, the company's President and CEO. The details of the agreement have not been disclosed. The company's board also appointed Ms. Jennifer Pickering as Assistant Corporate Secretary. Pickering, who became the Chief HR Officer in April 2024, brings extensive experience from her previous roles in human resources within the semiconductor and building materials manufacturing sectors.
In other recent news, Espey Mfg. & Electronics Corp. has announced a 16% increase in its regular quarterly dividend, signaling the company's financial stability and commitment to its shareholders. The new dividend of $0.175 per share is set to be distributed to shareholders on record as of a recent date.
InvestingPro Insights
Espey Mfg. & Electronics Corp. (NYSE AMERICAN: ESP) recently announced an increased quarterly dividend, reflecting a positive signal to shareholders amidst a challenging market. According to InvestingPro data, the company has a Price/Earnings (P/E) Ratio of 13.55 and a Price/Book (P/B) Ratio of 1.65 as of the last twelve months ending Q3 2024. These metrics suggest a valuation that could be seen as reasonable in the current market environment, particularly when considering the company's solid profitability with an Operating Income Margin of 15.2%.
Moreover, Espey's dividend yield stands at 3.4%, a compelling figure for income-seeking investors, especially considering the recent dividend hike. The company's liquid assets also exceed short-term obligations, as highlighted by one of the InvestingPro Tips, indicating a stable financial position that supports the dividend increase.
While the company's stock has experienced a downward trend over the last three months, with a 3-month price total return of -18.53%, it remains profitable over the last twelve months, which is another key point from InvestingPro Tips. Investors may find additional insights on Espey's performance and future prospects by exploring the 3 additional tips available on InvestingPro, which can be accessed with the promo code PRONEWS24 for an extra 10% off a yearly or biyearly Pro and Pro+ subscription.
With the next earnings date scheduled for September 20, 2024, stakeholders and potential investors will be keen to see how the company's strategic and operational developments will influence its financial trajectory.
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