Packaging Corp of America Hikes Dividend 28%

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Corrugated packaging specialist Packaging Corp of America  announced yesterday that it was hiking its annual dividend to shareholders by 28%, raising the payout to $1.60 per share, from $1.25 per share.

The board of directors said the first quarterly dividend of $0.40 per share will be paid on July 15 to shareholders of record as of June 14. PCA has increased the dividend three times in the past three years.

Packaging Corp of America CEO Mark W. Kowlzan said: "Today's announcement of a common stock dividend increase reflects the overall operating and financial strength of the company and our continuing commitment to return value to our shareholders."


The new $1.60 per share dividend payment yields 3.2% based on the closing price of Packaging Corp of America's stock on May 15.

PKG Dividend Chart

PKG Dividend data by YCharts
Chart does not reflect new, higher dividend announcement.

The article Packaging Corp of America Hikes Dividend 28% originally appeared on Fool.com.

Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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