Movado Group (MOV) Raises Quarterly Dividend 100% to $0.20; Approves $25M Buyback Plan
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Movado Group (NYSE: MOV) declared a quarterly dividend of $0.20 per share, or $0.8 annualized. This is a 100% increase from the prior dividend of $0.10.
The dividend will be payable on April 21, 2021, to stockholders of record on April 7, 2021, with an ex-dividend date of April 6, 2021.
The annual yield on the dividend is 3.7 percent.
On March 25, 2021, the Company’s Board of Directors approved a new share buyback program under which the Company may purchase up to $25 million of its outstanding common shares from time to time, depending upon a variety of factors, including market and industry conditions, share price, regulatory requirements and other corporate considerations, as determined by the Company. The authorization expires on September 30, 2022, subject to extension or earlier termination by the Board of Directors. The Company may purchase shares of its common stock in open-market and/or privately negotiated transactions in accordance with applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, and repurchases may be executed pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934. The authorization may be suspended or discontinued at any time without notice.
The dividend and share buyback program announced today are consistent with the terms of the Company’s $100.0 million senior secured revolving credit facility after giving effect to the termination today of the previously-announced “Suspension Period” under that facility. During the Suspension Period, which commenced on April 30, 2020 in the early stages of the COVID-19 pandemic, the financial maintenance covenants in the Credit Agreement were temporarily relaxed while certain other covenants, including covenants related to dividends, share repurchases, debt incurrence, investments and capital expenditures, were temporarily tightened. The Suspension Period has ended today as a result of the Company’s achievement of certain financial milestones as of and for the periods ended January 31, 2021.
For a dividend history and other dividend-related data on Movado Group (MOV) click here.
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