Universal Corporation Announces Quarterly Dividend and Share Repurchase Program

Rhea-AI Summary

Universal Corporation (NYSE: UVV) announced a quarterly dividend of $0.77 per share, payable on February 1, 2021, to shareholders on record by January 11, 2021. Additionally, the Board approved a share repurchase program for up to $100 million of its common stock, which will be executed on the open market or through negotiated transactions, with approximately 24.5 million shares outstanding. The company reported revenues of $1.9 billion for the fiscal year ending March 31, 2020.

Positive

• Dividend of $0.77 per share enhances shareholder returns.
• Share repurchase program of $100 million may increase earnings per share (EPS) and shareholder value.

Negative

• None.

RICHMOND, Va., Nov. 5, 2020 /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 seventy-seven cents ($0.77) per share on the common shares of the Company, payable February 1, 2021, to common shareholders of record at the close of business on January 11, 2021.  

In addition, Mr. Freeman announced that the Company's Board of Directors has approved a program for the repurchase of up to $100 million of Universal Corporation shares of common stock. The authorized purchases may be made from time to time on the open market or in privately negotiated transactions at prices not exceeding prevailing market rates. Universal currently has approximately 24.5 million common shares outstanding.

Universal Corporation (NYSE: UVV), headquartered in Richmond, Virginia, is a global agri-products supplier, operating in over 30 countries on five continents, that sources, processes, and supplies leaf tobacco and plant-based ingredients.  Tobacco has been the Company's principal focus since its founding in 1918, and Universal is the leading global leaf tobacco supplier. Through the Company's plant-based ingredients platform, it provides high-quality, specialty vegetable- and fruit-based ingredients to food and beverage end markets.  Universal has been finding innovative solutions to serve its customers and meet their agri-product needs for more than 100 years.  The Company's revenues for the fiscal year ended March 31, 2020, were $1.9 billion.  Visit universalcorp.com for more information on Universal Corporation and the latest Company news.

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SOURCE Universal Corporation

FAQ

What is the dividend amount declared by Universal Corporation (UVV)?

Universal Corporation declared a quarterly dividend of $0.77 per share.

When is the dividend payment date for Universal Corporation (UVV)?

The dividend is payable on February 1, 2021.

What is the purpose of Universal Corporation's share repurchase program?

The share repurchase program aims to buy back up to $100 million of its common stock, potentially increasing shareholder value and EPS.

How many shares are outstanding for Universal Corporation (UVV)?

Universal Corporation has approximately 24.5 million common shares outstanding.

What were the revenues of Universal Corporation for the fiscal year ending March 31, 2020?

Universal Corporation reported revenues of $1.9 billion for that fiscal year.