Universal Corporation Announces 54th Annual Dividend Increase and Sets Annual Meeting Date

Rhea-AI Summary

Universal (NYSE: UVV) announced a quarterly dividend increase to $0.81 per share, reflecting an annualized rate of $3.24 per share and a yield of approximately 6.08% based on the May 20, 2024, closing price of $53.29. The dividend is payable on August 5, 2024, to shareholders of record at the close of business on July 8, 2024. This marks the 54th annual dividend increase for the company, signaling the Board's confidence in its business strategy and investment decisions.

The annual meeting of shareholders is set for August 6, 2024, at the company's headquarters. The record date for the meeting is June 6, 2024. Universal , a global agricultural company with over 100 years of experience, operates in over 30 countries and focuses on providing high-quality, traceable products through a diverse network of farmers and partners.

Positive

• Quarterly dividend increased to $0.81 per share.
• Annualized dividend rate of $3.24 per share.
• Dividend yield approximately 6.08%.
• 54th annual dividend increase, indicating strong business confidence.
• Annual shareholders meeting scheduled, providing transparency and engagement.
• Global operation in over 30 countries, reflecting broad market reach.
• Commitment to sustainability and high-quality, traceable products.

Negative

• Dividend payout depends on financial stability; any downturn could impact future dividends.
• The high yield might attract scrutiny on the sustainability of such returns.
• Global operations expose the company to risks related to geopolitical and economic instability.

RICHMOND, Va., May 22, 2024 /PRNewswire/ -- George C. Freeman, III, Chairman, President, and Chief Executive Officer of Universal Corporation (NYSE:UVV), announced today that the Company's Board of Directors declared a quarterly dividend of eighty-one cents ($0.81) per share on the common shares of the Company, payable August 5, 2024, to common shareholders of record at the close of business on July 8, 2024.  This increase indicates an annualized rate of $3.24 per common share and a yield of approximately 6.08% based on the $53.29 closing price on May 20, 2024.

Mr. Freeman noted, "We are pleased to announce our 54th annual dividend increase for our shareholders. This decision reflects the Universal Corporation Board's confidence in our business strategy and disciplined investment decisions."

The Board of Directors set the date of the Annual Meeting of Shareholders as Tuesday, August 6, 2024.  It will be held at 11:00 a.m. at the Company's headquarters building. The Board of Directors set the record date for the Annual Meeting of Shareholders as June 6, 2024.

Universal Corporation (NYSE: UVV), is a global agricultural company with over 100 years of experience supplying products and innovative solutions to meet our customers' evolving needs and precise specifications. Through our diverse network of farmers and partners across more than 30 countries on five continents, we are a trusted provider of high-quality, traceable products. We leverage our extensive supply chain expertise, global reach, integrated processing capabilities, and commitment to sustainability to provide a range of products and services designed to drive efficiency and deliver value to our customers. For more information, visit www.universalcorp.com.

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SOURCE Universal Corporation

FAQ

What is the dividend amount announced by Universal on May 22, 2024?

The dividend amount announced is $0.81 per share.

When is the dividend payable to Universal shareholders?

The dividend is payable on August 5, 2024.

What is the yield of the new dividend announced by Universal ?

The yield of the new dividend is approximately 6.08%.

When is Universal 's annual meeting of shareholders for 2024?

The annual meeting of shareholders is set for August 6, 2024.

What is the record date for Universal 's annual meeting of shareholders in 2024?

The record date for the annual meeting is June 6, 2024.