Alico Hikes Quarterly Dividend By 178%

Alico Inc ALCO announced a quarterly dividend of $0.50 per common share for the third quarter FY21. It represents a 178% increase from the previous dividend of $0.18.
The increased annual common dividend yield would exceed 6%, based on Friday’s closing stock price of $31.83.
“We are also pleased with the continued buyer interest in our Ranch land, which has allowed us to close sales transactions at premium prices,” said John Kiernan, Chief Executive Officer.
The company holds $10.3 million in cash and cash equivalents.
Price action: ALCO shares are trading higher by 6.77% at $33.99 on last check Monday.

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