Weyco Group pays $2.00 per share special dividend

Weyco (WEYS) will pay a $2.00 per share special dividend in 2024. This comes after the footwear company had raised its dividend by 4% earlier this year. The regular dividend yields 2.7%.

Weyco is a former Dividend champion with 39 years of increases through 2019. This dividend track record ended with no hikes in 2020, 2021 and 2022. 

Op top of that WEYS will also pay a $2.00 special dividend with a 5.2% yield at a current stock price of $38. The special dividend will be paid on January 2, 2025 to shareholders of record on November 18, 2024.

Weyco stock has held up pretty well

“We are pleased to announce this return of capital to shareholders,” stated Thomas W. Florsheim, Jr., Chairman and CEO. “Our strong financial performance over the past few years led to a buildup of cash in excess of the amount necessary to fund operations, capital expenditures, and fulfill corporate obligations. As a result, we are returning capital to shareholders in the form of a one-time special cash dividend alongside our regular quarterly dividend. Looking ahead, we believe our strong balance sheet and liquidity will continue to allow us to fund organic growth, invest in our business, and remain opportunistic with respect to future strategic opportunities or share repurchases.”

Last year the dividend was hiked by 4.2% with a 4.0% follow up in 2024. Several other companies also annnounced special dividends recently including insurer American Financial Group (AFG).  

Weyco Group, Inc., designs and markets footwear for men, women and children. Its brands include Florsheim, Nunn Bush, Stacy Adams, BOGS, Rafters and Umi.  The Company's products can be found in footwear, department, and specialty stores worldwide.