Lancaster Colony Co. (LANC) to Issue Quarterly Dividend of $0.90 on September 30th

Lancaster Colony Co. (NASDAQ:LANC) announced a quarterly dividend on Wednesday, August 14th, Zacks reports. Investors of record on Monday, September 9th will be given a dividend of 0.90 per share on Monday, September 30th. This represents a $3.60 annualized dividend and a yield of 2.03%. The ex-dividend date is Monday, September 9th.

Lancaster Colony has raised its dividend payment by an average of 6.6% per year over the last three years and has increased its dividend every year for the last 61 years. Lancaster Colony has a payout ratio of 53.7% meaning its dividend is sufficiently covered by earnings. Analysts expect Lancaster Colony to earn $7.24 per share next year, which means the company should continue to be able to cover its $3.60 annual dividend with an expected future payout ratio of 49.7%.

Lancaster Colony Stock Up 0.0 %

NASDAQ LANC opened at $177.59 on Friday. Lancaster Colony has a 12-month low of $158.88 and a 12-month high of $215.31. The firm has a 50-day moving average price of $185.89 and a two-hundred day moving average price of $191.47. The company has a market capitalization of $4.89 billion, a P/E ratio of 36.84 and a beta of 0.37.

Insiders Place Their Bets

In related news, Director Elliot K. Fullen bought 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The shares were acquired at an average cost of $169.00 per share, with a total value of $507,000.00. Following the completion of the purchase, the director now directly owns 5,298 shares in the company, valued at $895,362. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 29.60% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts recently commented on LANC shares. Stephens decreased their price target on Lancaster Colony from $205.00 to $200.00 and set an “equal weight” rating on the stock in a research report on Friday, August 23rd. Loop Capital reduced their target price on shares of Lancaster Colony from $236.00 to $232.00 and set a “buy” rating on the stock in a report on Monday, August 26th. StockNews.com cut shares of Lancaster Colony from a “buy” rating to a “hold” rating in a research note on Friday, August 23rd. Finally, Benchmark reiterated a “hold” rating on shares of Lancaster Colony in a research report on Friday. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $195.75.

About Lancaster Colony

Lancaster Colony Corporation engages in the manufacturing and marketing of specialty food products for the retail and foodservice channels in the United States. It operates in two segments, Retail and Foodservice. The company offers frozen garlic bread under the New York BRAND Bakery; frozen Parkerhouse style yeast and dinner rolls under the Sister Schubert's brand; salad dressings under the Marzetti, Simply Dressed, Cardini's, and Girard's brands; vegetable and fruit dips under the Marzetti brand; croutons and salad toppings under the New York BRAND Bakery, Chatham Village, and Marzetti brands; and frozen pasta under the Marzetti Frozen Pasta brand.