Packaging Corp. (PKG) Declares $0.55 Quarterly Dividend; Approves $200M Common Stock Buyback

Packaging Corp. (NYSE: PKG) declared a quarterly dividend of $0.55 per share, or $2.2 annualized.

The dividend will be payable on April 15, 2016, to stockholders of record on March 15, 2016, with an ex-dividend date of March 11, 2016.

The annual yield on the dividend is 4.6 percent.

Packaging Corp. announced that its Board of Directors has authorized the repurchase of an additional $200 million of the company’s outstanding common stock. The company completed repurchases under its previously-announced authorization earlier this month.

Repurchases may be made from time to time in open market or privately negotiated transactions in accordance with applicable securities regulations. The timing and amount of repurchases will be determined by the company in its discretion based on factors such as PCA’s stock price and market and business conditions.

Commenting on the additional authorization, Mark W. Kowlzan, Chairman and Chief Executive Officer of PCA, said, “Our substantial operating cash flow provides us with an excellent opportunity to continue to repurchase shares and return value to our shareholders. We have repurchased 3.6 million shares since our last repurchase authorization was announced on July 21, 2015, including 1.9 million shares since the beginning of 2016.”

For a dividend history and other dividend-related data on Packaging Corp. (PKG) click here.

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