PARSIPPANY, N.J.--(BUSINESS WIRE)--B&G Foods, Inc. (NYSE:BGS) announced today that its Board of Directors has increased the Company’s quarterly cash dividend rate by 20% from $0.35 per share of common stock to $0.42 per share of common stock. On an annualized basis, the dividend increases from $1.40 per share to $1.68 per share. The quarterly dividend declared today is payable on May 2, 2016, to shareholders of record as of March 31, 2016.
At the closing market price of the common stock on February 22, 2016, the new dividend rate represents an annualized yield of 4.5%. This is the 46th consecutive quarterly dividend declared by the Board of Directors since B&G Foods’ initial public offering in October 2004.
“Today our Board of Directors expressed its continuing confidence in our base business and the strong cash flows generated by our recent Green Giant acquisition by increasing our dividend by 20%,” stated Robert C. Cantwell, President and Chief Executive Officer of B&G Foods. “Dividend growth remains a key component of B&G Foods’ total shareholder return.”
About B&G Foods, Inc.
B&G Foods and its subsidiaries manufacture, sell and distribute a diversified portfolio of high-quality, branded shelf-stable and frozen foods across the United States, Canada and Puerto Rico. Based in Parsippany, New Jersey, B&G Foods’ products are marketed under many recognized brands, including Ac’cent, B&G, B&M, Baker’s Joy, Bear Creek Country Kitchens, Brer Rabbit, Canoleo, Cary’s, Cream of Rice, Cream of Wheat, Devonsheer, Don Pepino, Emeril’s, Grandma’s Molasses, Green Giant, JJ Flats, Joan of Arc, Las Palmas, Le Sueur, MacDonald’s, Mama Mary’s, Maple Grove Farms, Molly McButter, Mrs. Dash, New York Flatbreads, New York Style, Old London, Original Tings, Ortega, Pirate’s Booty, Polaner, Red Devil, Regina, Rickland Orchards, Sa-són, Sclafani, Smart Puffs, Spring Tree, Sugar Twin, Trappey’s, TrueNorth, Underwood, Vermont Maid and Wright’s. B&G Foods also sells and distributes Static Guard, a household product brand.