Sanderson Farms announces increase in quarterly dividend
The company also declares special dividend
Sanderson Farms, Inc. (NASDAQ: SAFM), has announced that its Board of Directors has declared a regular quarterly cash dividend of $0.24 (twenty-four cents) per share, an increase of $0.02 (two cents) per share per quarter. This represents a new annual dividend rate of $0.96 (ninety-six cents) per share, or an annual increase of $0.08 (eight cents) per share. The Board has also declared a special cash dividend of $1.00 (one dollar) per share. Both the regular quarterly cash dividend and the special cash dividend are payable on Oct. 18 to stockholders of record on Oct. 4. Declaration of the regular quarterly cash dividend will remain subject to Board approval each quarter.
Commenting on the announcement, Joe F. Sanderson, Jr., chairman and chief executive officer of Sanderson Farms, Inc., said, "The Board's decision to declare these new dividend payments reflects our commitment to delivering value to our shareholders and demonstrates our confidence in Sanderson Farms' future growth prospects.
“We are especially pleased that our operating performance to date in fiscal 2016 and our strong balance sheet have provided this opportunity to declare another special dividend. At the same time, we have the financial strength to continue to execute our growth strategy and take advantage of additional market opportunities that will reward Sanderson Farms and our shareholders," he added.