Reynolds Consumer Products (REYN) will start paying a quarterly dividend of $0.15 per share. This is the first dividend paid by the consumer products company since the company went public this January.

Reynolds is a leading consumer products company that sells its products in 54 countries worldwide. RCP sells its products under brands such as Reynolds and Hefty and also under store brands. The 2020 initial public offering was one of the biggest announced this year.

The company expects to pay this first dividend on April 30, 2020 to shareholders of record as of March 16, 2020. An annualized dividend rate of 60 cents per share yields 2.2% at a stock price of $27. Reynolds will pay a total dividend of $126 million to shareholders annually based on the current number of shares outstanding and the $0.60 per share annual dividend rate.

Reynolds Consumer Products Inc. is a consumer products company with a product portfolio including aluminum foil, disposable bakeware, trash bags, food storage bags and disposable tableware. The company produces and sells cooking products, waste & storage products and tableware. The company's flagship products include Reynolds Wrap aluminum foil, Hefty bags, and Hefty party cups. The Hefty Tableware segment sells both branded and store brand disposable plates, platters, cups and cutlery. The Presto Products segment primarily sells store brand products in four categories: food storage bags, trash bags, disposable storage containers and food wrap. Its Presto Products segment also includes its specialty business which sells re-sealable closure systems. Reynolds Consumer Products became a public company on January 31, 2020 and initiated a quarterly dividend in March 2020.