Green Plains Renewable Energy (NASDAQ:GPRE) is a new member of the dividend club. The company has declared its first-ever quarterly distribution, which will be $0.04 per share of its common stock paid on Sept. 26 to holders of record as of Sept. 5.
In the press release announcing the happy news, Green Plains quoted its CEO Todd Becker as saying that in the future, "we intend to continue our focus on strengthening and diversifying our business, with an emphasis on organic growth and accretive acquisitions, which we believe will contribute to long-term shareholder value."
The company cautioned, however, that although it aims to keep paying a dividend, that payout "may be adjusted as business needs or market conditions change."
The distribution annualizes to $0.16 per share. That yields just under 1% at Green Plains' most recent closing stock price of $16.26.
Fool contributor Eric Volkman has no position in Green Plains Renewable Energy. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.