After rocking EPS expectations for its Q2 earlier this week, RockTenn (NYSE: RKT ) is celebrating with a higher dividend. The company has declared a payout of $0.30 per share of its class A common stock, to be distributed on May 20 to shareholders of record as of May 7.
That amount is 33% higher than RockTenn's previous disbursement of $0.225 per share. This was paid in mid-December. Prior to that, the company had handed out $0.20 in every quarter between November 2010 and August 2012.
The new dividend annualizes to $1.20 per share, which yields 1.2% at RockTenn's most recent closing stock price of $96.16.