Specialty-foods maker Lancaster Colony (NASDAQ:LANC) announced yesterday its second-quarter dividend of $0.40 per share, a 5% increase over the $0.38 per share payout it's made the last two quarters. It marks the 200th consecutive dividend payment it has made putting it in elite company, as only 16 other companies have increased its regular cash dividend each year for 50 consecutive years.
The board of directors said the quarterly dividend is payable on June 28 to the holders of record at the close of business on June 10.
Lancaster Chairman and CEO John B. Gerlach, Jr. said, "The board felt that the higher dividend provides an appropriate return of value to shareholders while retaining adequate financial resources to support future growth."
The regular dividend payment equates to a $1.52-per-share annual dividend, yielding 1.8% based on the closing price of Lancaster Colony's stock on May 22.