H&R Block is Raising Its Dividend Despite Client Declines

Shares of H&R Block (HRB) - Get Report traded up as much as 11 percent in midday trading Friday, on news the company is boosting its dividend by 10 percent. The Kansas City-based tax-services provider, whose shares are still down 28 percent on the year, will boost its quarterly dividend to $0.22 a share. 'We are committed to arresting the client decline and ultimately achieving client growth,' CEO Bill Cobb said in a statement. HR & Block announced its dividend hike simultaneously to a fiscal 2016 earnings release, in which net income fell 21 percent year over year to $384 million, and the company cited concerns of declining client volume.

This article was written by a staff member of TheStreet.