Alico board raises quarterly dividend to 50 cents a share vs. 18 cents
Alico Inc. (ALCO) said Monday its board has approved an increase in its quarterly dividend to 50 cents a share from 18 cents. The higher dividend will come into effect in the company's fiscal third quarter. The move will boost the company's dividend yield to 6% from 2.26%. Alico has two operating divisions; Alico Citrus, which is one of the biggest citrus producers in the U.S.; and Land Management and Other Operations, which include environmental services and land leasing. The company said in May it was taking actions to boost long-term shareholder returns and planned to contract or sell about 15,000 acres of the Alico Ranch. The company has so far sold about 12,500 acres and has made progress on ESG initiatives. Shares were not active premarket, but have gained 2.6% in the year to date, while the S&P 500 has gained 13%.
-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
June 14, 2021 08:38 ET (12:38 GMT)
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