DOW JONES NEWSWIRES
J.M. Smucker Co. (SJM) raised its quarterly dividend 9.1%, adding onto a 10% increase the food maker unveiled in January in an effort to disburse more cash to shareholders.
Smucker, which makes jams, jellies, Jif peanut butter and Pillsbury products, has joined a long list of companies that are raising payouts to make use of cash stockpiled during the recession.
The 4-cent increase to 48 cents a share will cost the company about $18.3 million a year.
Shares were off 8 cents at $79.92 after-hours Friday. The stock was up 29% over the past 12 months.
-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com