Touting bright prospects for executive recruiting in general and for its own growth in particular, Heidrick & Struggles International reported on Thursday that it would begin paying a dividend.
The headhunting giant, which has placed its fair share of finance executives, said its board of directors has approved the start of a quarterly cash dividend of 13 cents per share. This works out to a 52 cent dividend yearly.
“We are confident we can initiate a quarterly dividend while we continue our share repurchase program, invest in the growth of our business, and make accretive acquisitions,” Kevin Kelly, chief executive officer of Heidrick & Struggles he added.
Heidrick can easily afford to pay a dividend. It has 18.1 million shares outstanding and had more than $109 million in cash and equivalents on its balance sheet at the end of the June quarter.