Food/beverage company, J&J Snack Foods Corp.’s (JJSF - Snapshot Report) board recently announced a 100% increase in its dividend.
The quarterly dividend was increased from 16 cents to 32 cents per common share, equivalent to an annual dividend of $1.28 per share for fiscal 2014, up from 64 cents per share for fiscal 2013. The new dividend will yield 1.5% annually. The increased quarterly dividend will be payable on Jan 7, 2014 to shareholders on record as of Dec 20, 2013.
The dividend increase comes exactly after a year. Last November, the company increased its quarterly dividend by 23.1% from 13 cents to 16 cents. In fact, the company has been increasing its dividend regularly for the past few years.
The doubling of dividend comes on the heels of a soft quarterly result announced earlier this month. On Nov 7, J&J Snack Foods announced fourth-quarter fiscal 2013 results; managing to meet the Zacks Consensus Estimate for earnings but missing the same for revenues.
Based in Pennsauken, New Jersey, J&J Snack Foods manufactures nutritional snack foods and distributes frozen beverages to the food service and retail supermarket industry in the U.S., Canada and Mexico. Its products include soft pretzels, frozen juice treats and desserts, churros, dough enrobed handheld products and baked goods, Italian ice and frozen fruit bars.
Two other food companies raised their quarterly dividends earlier this month. Last week, Sysco Corp. (SYY - Analyst Report) increased its quarterly dividend by 3.6% from 28 cents to 29 cents and Pinnacle Foods Inc. (PF - Snapshot Report) raised it by 16.7% from 18 cents to 21 cents per common share. Another company, Kraft Foods Group, Inc. (KRFT - Analyst Report), also increased its dividend by 5% in October. This is Kraft’s first dividend hike after becoming an independent company.