Lancaster Colony Co. Declares Quarterly Dividend of $0.90 (NASDAQ:LANC)

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

Lancaster Colony has increased its dividend payment by an average of 6.6% annually over the last three years and has raised its dividend annually for the last 61 consecutive years. Lancaster Colony has a dividend payout ratio of 53.7% indicating that its dividend is sufficiently covered by earnings. Equities research 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 %

LANC stock opened at $177.59 on Friday. The business has a 50 day moving average of $185.66 and a 200 day moving average of $191.37. The firm has a market cap of $4.89 billion, a PE ratio of 36.84 and a beta of 0.35. Lancaster Colony has a twelve month low of $158.88 and a twelve month high of $215.31.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on LANC shares. Loop Capital lowered their price target on Lancaster Colony from $236.00 to $232.00 and set a “buy” rating for the company in a research report on Monday, August 26th. StockNews.com lowered shares of Lancaster Colony from a “buy” rating to a “hold” rating in a research note on Friday, August 23rd. Benchmark reiterated a “hold” rating on shares of Lancaster Colony in a research note on Friday. Finally, Stephens reduced their price target on shares of Lancaster Colony from $205.00 to $200.00 and set an “equal weight” rating for the company in a research report on Friday, August 23rd. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $195.75.

Insider Activity

In related news, Director Elliot K. Fullen acquired 3,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were bought at an average price of $169.00 per share, for a total transaction of $507,000.00. Following the completion of the transaction, the director now directly owns 5,298 shares in the company, valued at $895,362. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 29.60% of the company’s stock.

Lancaster Colony Company Profile

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.