Lancaster Colony Corporation (LANC) will raise its quarterly dividend by 9.1 percent to $0.65 per share in the fourth quarter of 2018. This marks the 56th consecutive year of annual dividend increases for specialty food products maker.

The increased dividend will be payable December 28, 2018 to shareholders of record on December 7, 2018. Last year the dividend was also hiked by five cents to 60 cents per share quarterly.

The indicated annual payout for the current fiscal year ending June 30, 2019 is $2.55 per share and yields 1.4% at a stock price of $182.64.

David A. Ciesinski, Chief Executive Officer of Lancaster Colony, commented, "The increased regular cash dividend reflects the company's continued strong financial position and will be the 222(nd) consecutive quarterly cash dividend paid by the company since September 1963."

Lancaster Colony Corporation is a manufacturer and marketer of specialty food products for the retail and foodservice markets. Lancaster Colony is the parent of the T. Marzetti Company. The company's brands include Marzetti (salad dressings and dips), New York Brand (frozen garlic breads and croutons), Sister Schubert’s (homemade rolls) and Flatout (flatbread wraps). Lancaster Colony went public in 1969, the same year the company entered the specialty foods business with the purchase of the T. Marzetti Company. The company has paid consecutive quarterly dividends since 1963.