Lancaster Colony hikes dividend by 5.3% to $0.95 quarterly

LancasterColony (LANC) will raise its quarterly dividend by 5 cents to $0.95 quarterly per share in 2024. This marks 62 consecutive years of increased dividends by the food processing company. 

Last year the company hiked its dividend by 5.9% to $0.90 quarterly per share. At a stock price of $200 the dividend yield for LANC is 1.9%. 

CEO David A. Ciesinski said, “The increased regular cash dividend reflects the company’s continued strong financial position and will be the 246th consecutive 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, 2025 is $3.75 per share, up from the $3.55 per share paid in fiscal 2024.

Lancaster Colony Corporation is a manufacturer and marketer of specialty food products for the retail and foodservice markets. Lancaster Colony is the parent of the T. Marzetti Company. The company's brands include Marzetti (salad dressings and dips), New York Brand (frozen garlic breads and croutons), Sister Schubert’s (homemade rolls) and Flatout (flatbread wraps). Lancaster Colony went public in 1969, the same year the company entered the specialty foods business with the purchase of the T. Marzetti Company. The company has paid consecutive quarterly dividends since 1963.