7 big dividend moves weekly: New York Times, MGM | Pro Recap
By Davit Kirakosyan
Investing.com -- Here is your weekly Pro Recap of the biggest dividend headlines you may have missed on InvestingPro. Start your free 7-day trial to get this news first.
Sharp hike at New York Times
The New York Times Company (NYSE:NYT) hiked its dividend by 22% to $0.11 per share, or $0.44 annualized, for an annual yield of 1.1%. The dividend will be payable on April 20, 2023, to stockholders of record on April 5, 2023, with an ex-dividend date of April 4, 2023.
The company also approved a new $250 million Class A share repurchase program.
Following these announcements, as well as a strong Q4 beat, shares jumped more than 12% on Wednesday and closed the week with more than a 7% gain.
Park Aerospace ups payout by 25%, declares special dividend
Park Aerospace (NYSE:PKE) shares gained more than 7% on Friday after the company raised its regular quarterly dividend and declared a special dividend.
The company hiked its dividend by 25% to $0.125 per share, or $0.5 annualized, for an annual yield of 3.5%. The dividend will be payable on May 5, 2023, to stockholders of record on April 3, 2023, with an ex-dividend date of March 31, 2023.
It also declared a special dividend of $1.00 per share, for an annual yield of 7.1%. The dividend will be payable on April 6, 2023, to stockholders of record on March 9, 2023, with an ex-dividend date of March 8, 2023.
MGM halts its payout
MGM Resorts (NYSE:MGM) shares rose more than 6% on Thursday after the company announced a new share repurchase plan, suspended dividends, and reported its Q4 results.
The company decided to suspend its ongoing regular dividends in order to focus on its preferred method of returning value to shareholders through share buybacks. The Board of Directors approved a new $2B share repurchase plan.
Q4 EPS was ($1.53), missing the consensus estimate of ($1.47), while revenue came in at $3.6B, better than the consensus estimate of $3.34B.
A parade of further hikes and special dividends
Monarch Casino & Resort (NASDAQ:MCRI) declared a special dividend of $5.00 per share, for an annual yield of 6.5%. The dividend will be payable on March 15, 2023, to stockholders of record on March 1, 2023, with an ex-dividend date of February 28, 2023.
The company will report its Q4 earnings results on Feb 22 after the market close.
First Bancorp (NASDAQ:FBNC) hiked its dividend by 16.7% to $0.14 per share, or $0.56 annualized, for an annual yield of 4%. The dividend will be payable on March 10, 2023, to stockholders of record on February 24, 2023, with an ex-dividend date of February 23, 2023.
Northern Oil And Gas (NYSE:NOG) hiked its dividend by 13.3% to $0.34 per share, or $1.36 annualized, for an annual yield of 4.4%. The dividend will be payable on April 28, 2023, to stockholders of record on March 30, 2023, with an ex-dividend date of March 29, 2023.
The company will report its Q4 earnings results on Feb 23 after the market close.
Shares gained more than 6% for the week.
Phillips 66 (NYSE:PSX) hiked its dividend by 8.2% to $1.05 per share, or $4.2 annualized, for an annual yield of 4.1%. The dividend will be payable on March 1, 2023, to stockholders of record on February 21, 2023, with an ex-dividend date of February 17, 2023.
Shares closed more than 8% higher for the week.
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