Greif Inc (NYSE: GEF.B) said on Tuesday that its Board of Directors had authorized a regular quarterly cash dividend of $0.81 per share on its Class B Common Stock.

The latter represents an increase of 3.85% compared to the previous quarterly dividend of $0.78 per share.

The dividend will be paid on October 1st to shareholders of record as of the close of business on September 16th 2024, the company said.

”In-line with our disciplined capital allocation framework, which promotes strong cash conversion that ensures robust and steadily increasing shareholder return, our Board has once again raised our quarterly dividend,” Larry Hilsheimer, Greif’s Executive Vice President and Chief Financial Officer, said in a press release.

”Our dividend is a critical part of our value creation. Our execution of the Build to Last Strategy has proven the ability to continue increasing dividend yield while also investing in our business for long-term growth.”

Stock Performance

The shares of Greif Inc (GEF.B) closed 0.02% ($0.01) lower at $66.40 in New York on Tuesday, as they extended the loss from the previous market session.

The company’s total market cap now stands at $3.048 billion.

The shares of Greif Inc (GEF.B) went down 15.62% in 2023, compared with a 10.99% gain for the benchmark index, NYSE Composite (NYA).

The company’s shares have risen 0.59% so far this year.

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