Reynolds Consumer Products (REYN) will raise its quarterly dividend by 4.5 percent to 23 cents per share in 2021. This follows a dividend hike of 46.7 percent to 22 cents per share in 2020, marking the first dividend hike announced by the leading consumer products company since a quarterly dividend of $0.15 per share was initiated earlier in 2020.

The next dividend will be paid on March 9, 2021 to shareholders of record as of February 23, 2021. A new annualized dividend rate of 92 cents per share yields 3.1% at a stock price of $29.08.

The annual dividend payment to shareholders by Reynolds Consumer Products will jump from $185 million to $193 million based on the current number of shares outstanding and the $0.92 per share annual dividend rate. This compares to a current market cap of $6.1 billion for the company behind the Hefty and Presto brands.

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.