Lancaster Colony Corporation (NASDAQ:LANC) declared a quarterly dividend on Wednesday, November 15th, RTT News reports. Stockholders of record on Friday, December 8th will be given a dividend of 0.60 per share on Friday, December 29th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date is Thursday, December 7th. This is an increase from Lancaster Colony’s previous quarterly dividend of $0.55.

Lancaster Colony has decreased its dividend payment by an average of 1.5% annually over the last three years and has raised its dividend every year for the last 54 years. Lancaster Colony has a dividend payout ratio of 51.9% meaning its dividend is sufficiently covered by earnings.

Lancaster Colony (NASDAQ:LANC) opened at $133.49 on Wednesday. Lancaster Colony has a one year low of $113.33 and a one year high of $149.30. The stock has a market cap of $3,688.83, a P/E ratio of 30.00 and a beta of 1.06.

Lancaster Colony (NASDAQ:LANC) last released its quarterly earnings data on Thursday, October 26th. The company reported $1.07 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.11 by ($0.04). Lancaster Colony had a net margin of 9.20% and a return on equity of 21.50%. The business had revenue of $298.92 million for the quarter, compared to the consensus estimate of $298.75 million. During the same quarter in the prior year, the business posted $1.22 earnings per share. Lancaster Colony’s revenue for the quarter was up 2.6% on a year-over-year basis. equities analysts expect that Lancaster Colony will post 4.62 EPS for the current fiscal year.

A number of equities analysts have recently issued reports on LANC shares. Wedbush reiterated a “buy” rating on shares of Lancaster Colony in a research note on Friday, August 18th. Zacks Investment Research raised shares of Lancaster Colony from a “sell” rating to a “hold” rating in a research report on Wednesday, November 8th. Finally, BidaskClub raised shares of Lancaster Colony from a “sell” rating to a “hold” rating in a research report on Saturday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $154.67.

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About Lancaster Colony

Lancaster Colony Corporation is a manufacturer and marketer of specialty food products for the retail and foodservice channels. The Company’s food products include Salad dressings and sauces, Vegetable dips and fruit dips, Frozen garlic breads, Frozen Parkerhouse style yeast rolls and dinner rolls, Premium dry egg noodles, Frozen specialty noodles, Croutons and salad toppings, Flatbread wraps and pizza crusts, and Caviar.

Dividend History for Lancaster Colony (NASDAQ:LANC)

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