Aramark hikes dividend by 10.5% after 2023 dividend cut

Aramark (ARMK) will raise its quarterly dividend by 10.5% in 2024. This is the first dividend hike since 2018 by the provider of food and facilities services. Last year Aramark lowered the dividend from 11 cents to 9.5 cents quarterly.

Aramark's Board of Directors approved an 10.5% increase to the quarterly dividend. The dividend of $0.105 cents per share of common stock will be payable on December 12, 2024, to stockholders of record at the close of business on December 2, 2024.

At a new annualized rate of 42 cents per share the new dividend yields 1.0% at a stock price of $40.81. Aramark last hiked the dividend in 2018 with a 4.8% increase to 11 cents quarterly. Last year the dividend was cut by 13.6% to $0.095 quarterly per share.

Aramark is a global provider of food, facilities and uniform services to education, healthcare, business & industry, and sports, leisure & corrections clients. The company's core market is the United States. Aramark operates its business in three reportable segments. Aramark was founded in 1959 and went public in December 2001. The company has paid a dividend since 2014.