Alico, Inc. (ALCO) will raise its quarterly dividend by 50.0 percent to 9 cents per share in 2019. A new annual dividend rate of 36 cents yields 1.1% at a stock price of $33.
John Kiernan, President and Chief Executive Officer, said: “Our Board of Directors has decided to increase the quarterly dividend by 50%. This decision is a significant endorsement of our business momentum and strategic plan. Since 2014, Alico has returned almost $100 million of capital to shareholders and lenders through dividends, buybacks, a tender offer and debt repayments. At the same time, our debt balance has been reduced by over 17% over the past three years.”
Alico is one of the largest citrus producers in the United States of America. The company owns acres of land in eight Florida counties (Charlotte, Collier, DeSoto, Glades, Hardee, Hendry, Highlands and Polk) including mineral rights acres. Alico's principal lines of business are citrus groves and conservation. The company operates two divisions: Alico Citrus, a citrus producer, and Water Resources and Other Operations, a water storage and environmental services division. Alico, Inc. was incorporated under the laws of the state of Florida in 1960.