Stewart Enterprises reported that its Board of Directors increased the annual cash dividend on its Class A and Class B Common Stock by 14% to 16c per share, compared to the previous 14c per share. As a result, the Board declared a quarterly cash dividend of 4c per share. The dividend is payable on April 26, 2012 to holders of record of Class A and Class B Common Stock as of the close of business on April 12, 2012. Thomas M. Kitchen, President and CEO, said, "The Board's decision to increase the cash dividend reflects its continued confidence in our solid balance sheet and our ability to consistently generate strong cash flow. This represents a 60% increase in our dividend rate in the last two and one-half years."
The S&P 500 declined for a third day on Friday with the three major stock indexes posting their first negative …