Century Communities Inc.
CCS,
-0.18%
said Wednesday that it start paying a dividend for the first time, at an implied dividend yield that is more than double the home builder's peer group. The company said it will pay a quarterly cash dividend of 15 cents a share, on June 16 to shareholders of record on June 2. The stock was down 1.4% at $73.14, prior to a trading halt for new. Based on that stock price, the annual dividend rate implies a yield of 0.82%, compared with the payout yield for the iShares U.S. Home Construction ETF
ITB,
-0.84%
of 0.37%, and the implied yield for the S&P 500
SPX,
-0.63%
of 1.43%, according to FactSet. "We are pleased with the Board's decision to initiate a quarterly dividend, which reflects our achievements in becoming a larger and more profitable company, strengthening our balance sheet and generating sustainable free cash flows," said Chief Executive Dale Francescon. The company went public in June 2014. The stock has soared 176.9% over the past 12 months, while the home builder ETF has run up 73.5% and the S&P 500
SPX,
-0.63%
has advanced 40.4%.