Yet another special dividend for UTZ Brands
Snacking company UTZ will pay second extra dividend in 2024
UTZ Brands (UTZ) announced its second special dividend for 2024 with a small extra payment of $0.011 per share. This comes on top of a $0.021 special dividend paid on July 3.
On September 5, 2024, the U.S. manufacturer of branded salty snacks announced that its Board of Directors has declared a regular quarterly cash dividend of approximately $0.059 per share on the Company's Class A Common Stock, as well as an additional cash dividend of approximately $0.011 per share. Payment is expected to be made by the Company on October 3, 2024, to stockholders of record at the close of business on September 16, 2024.
Earlier this year UTZ already hiked the dividend by 3.5%, marking the fourth year of increases.
The cash dividend includes a regular quarterly cash dividend of $0.059 per share and an additional cash dividend in the aggregate amount of approximately $0.9 million, which is approximately $0.011 per share.
This additional cash dividend reflects growth in the Company's pre-tax income from improved operating performance and will be funded from a portion of the tax distribution paid or to be paid by Utz Brands Holdings to Utz that is in excess of corporate taxes payable by the Company.
Earlier in 2024 UTZ had announced a dividend hike of 3.5% to $0.059 quarterly per share. The dividend yield for the regular dividend is 1.3% at a stock price of $17.62.
Utz Brands manufactures a portfolio of savory snacks with brands including Utz, On The Border Chips & Dips, Zapp's, and Boulder Canyon, among others. Utz's products are distributed nationally through grocery, mass merchandisers, clubs, convenience stores, drug stores, and other channels. Based in Hanover, Pennsylvania, Utz has multiple manufacturing facilities across the U.S. The company has been paying a dividend to shareholders since 2020.
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