PHH Corp. announced yesterday it has increased its quarterly dividend 7 percent -- its 33rd increase since going public in 1958.
The move will raise the quarterly payout for the Hunt Valley-based business services company by 2 cents to 32 cents a share. The new annual dividend rate will be $1.28 a share.
PHH Chairman and Chief Executive Robert D. Kunisch said the company's strong financial condition led to the increase. In each of the past 10 quarters, the company's net income rose by an average of 14 percent over the year-earlier period, he said.
PHH had $2.1 billion in sales last year. Its main businesses involve corporate automobile fleet servicing, executive relocation and mortgage banking.