Rayonier Announces Dividend Increase and Stock Split
Rayonier announced today that the company will increase their quarterly dividend by 11 percent and will give investors a three-for-two stock split.
On a post-split basis, Rayonier investors will now receive a quarterly dividend of $.40 per share. That will push the current dividend yield on Rayonier stock to approximately 3.6 percent based on today’s closing price.
Lee Thomas, Chairman and CEO, said, “The stock split recognizes the significant appreciation in value of Rayonier’s common shares in the past two years and should further improve trading liquidity and volume. The increased dividend reflects our strong operating performance and confidence in continued growth.
“Our significant cash balances and strong balance sheet provide continuing strategic and operational flexibility,” Thomas concluded.
Rayonier’s stock price has climbed over 27 percent in 2011 and has easily outperformed the S&P 500 index.
The increased dividend from Rayonier will be payable on September 30, 2011 to shareholders of record as of September 16, 2011.