J.M. Smucker (SJM 1.18%) is slathering on a little extra jelly for its shareholders. The company has elected to lift its dividend to $0.58 per share, to be paid on Sept. 3 to shareholders of record as of Aug. 16. That amount is $0.06, or 12%, higher than the preceding distribution of $0.52, which was handed out in each of Smucker's past four quarters.
In the press release announcing the pleasant news, the company quoted CEO Richard Smucker as saying that the increase "reflects the confidence we have in the long-term growth of our business and our ability to generate strong cash flow."
The new dividend annualizes to $2.32 per share. That yields 2.2% at Smucker's most recent closing stock price of $106.66.
