Lancaster Colony raises dividend for 54th consecutive year

Lancaster Colony Corporation (LANC) will increase its dividend by 10 percent.

The food products maker will raise its quarterly dividend to $0.55 per share, marking 54 years of dividend increases.

The dividend will be payable December 30, 2016 to shareholders of record on December 9, 2016.

John B. Gerlach, Jr., Chairman and Chief Executive Officer of Lancaster Colony, said, "The increased regular cash dividend reflects the company's continued strong financial position and will be the 214th consecutive regular quarterly cash dividend paid by the company since September 1963." He noted that the indicated annual payout for the current fiscal year ending June 30, 2017 is $2.15 per share, up from the $1.96 per share paid in fiscal 2016, excluding the special dividend of $5.00 per share paid in December 2015.

Some of Lancaster Colony's specialty food products (source: company website)

Today’s dividend increase indicates an annualized rate of $2.20 per common share and a yield of approximately 1.6% based on the $138.26 current stock price.

Lancaster Colony Corporation is a manufacturer and marketer of specialty food products, including salad dressings, sauces, fruit dips, frozen breads and rolls, noodles, caviar, wraps and pizza crusts.