Benzinga | Jun 14, 2021 10:36AM EDT

Alico Hikes Quarterly Dividend By 178%

* Alico Inc (NASDAQ:ALCO) announced a quarterly dividend of $0.50 per common share for the third quarter FY21. It represents a 178% increase from the previous dividend of $0.18.

* The increased annual common dividend yield would exceed 6%, based on Friday's closing stock price of $31.83.

* "We are also pleased with the continued buyer interest in our Ranch land, which has allowed us to close sales transactions at premium prices," said John Kiernan, Chief Executive Officer.

* The company holds $10.3 million in cash and cash equivalents.

* Price action: ALCO shares are trading higher by 6.77% at $33.99 on last check Monday.