About two years after reducing its dividend to a penny, Waterbury-based Webster Financial Corp. said Tuesday that it was finally raising its quarterly payout to shareholders.
The parent company to Webster Bank said its board voted to raise the company’s common stock cash dividend to 5 cents from the previous 1 cents per share payout.
The dividend will be payable on May 23 to shareholders of record on May 9.
 Webster recently reported first quarter earnings of $33.5 million or 36 cents per diluted share.
Webster Bank CEO James C. Smith told the Hartford Business Journal earlier this year he expected the company would increase its dividend as it continued to recover from the economic downturn.
“Giving consideration to Webster’s strong capital position and consistently improving operating performance, the Board is pleased to announce an increase in the cash dividend,” Smith said. ” The board will consider further increases in the dividend based on future performance and capital needs.” Â
