RICHMOND, Va., Nov. 7, 2017 /PRNewswire/ -- George C. Freeman, III, Chairman, President, and
Chief Executive Officer of Universal Corporation (NYSE: UVV),
announced today that the Company's Board of Directors declared a
quarterly dividend of fifty-five
cents ($0.55) per share on the
common shares of the Company, payable February 5, 2018, to common shareholders of
record at the close of business on January
8, 2018. This increase indicates an annualized rate of
$2.20 per common share and a yield of
approximately 3.8% based on the $57.90 closing price on November 6, 2017.
Mr. Freeman noted, "As we approach our 100th
anniversary, we are proud to continue to deliver value to our
shareholders, and dividends are one of the main ways we accomplish
that. Today's increase is our 47th consecutive
annual common dividend increase. We have raised our common
dividend every year since 1971."
In addition, Mr. Freeman announced that the Company's Board of
Directors has approved a program for the repurchase of up to
$100 million of Universal Corporation
shares of common stock. The authorized purchases may be made from
time to time on the open market or in privately negotiated
transactions at prices not exceeding prevailing market rates.
Universal currently has approximately 25.1 million common shares
outstanding.
Headquartered in Richmond,
Virginia, Universal Corporation is the leading global leaf
tobacco supplier and conducts business in more than 30
countries. Its revenues for the fiscal year ended
March 31, 2017, were $2.1 billion. For more information on Universal
Corporation, visit its website at www.universalcorp.com.
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SOURCE Universal Corporation