Press Release: Kansas City Southern Announces Dividend Increase; Establishes Annual Meeting Date
Kansas City Southern Announces Dividend Increase; Establishes Annual Meeting Date
Kansas City Southern (KCS or the Company) (NYSE:KSU) announced that its Board of Directors approved at its meeting today a 23% increase in the quarterly dividend on KCS's common stock, from $0.44 to $0.54 per share. The board declared a common stock dividend at this increased amount payable on April 7, 2021, to common stockholders of record at the close of business on March 8, 2021.
The increase in the quarterly dividend on KCS's common stock aligns with the Company's approach to maintaining a target payout ratio in the low 20% range. This approach was communicated in a November 2020 press release as part of KCS's updated capital allocation policy, and it represents the Company's commitment to returning capital to its stockholders.
Also at today's meeting, the Board of Directors declared a regular dividend of $0.25 per share on the outstanding KCS 4% non-cumulative preferred stock. The dividend is payable on April 6, 2021 to preferred stockholders of record at the close of business on March 8, 2021.
The Board of Directors also set the Annual Meeting of Stockholders to be held on Thursday, May 20, 2021. Stockholders of record of KCS's common stock and KCS's 4% non-cumulative preferred stock as of March 22, 2021, will be entitled to notice of the meeting and to vote at such meeting.
Headquartered in Kansas City, Mo., Kansas City Southern (KCS) (NYSE: KSU) is a transportation holding company that has railroad investments in the U.S., Mexico and Panama. Its primary U.S. holding is The Kansas City Southern Railway Company, serving the central and south central U.S. Its international holdings include Kansas City Southern de Mexico, S.A. de C.V., serving northeastern and central Mexico and the port cities of Lázaro Cárdenas, Tampico and Veracruz, and a 50 percent interest in Panama Canal Railway Company, providing ocean-to-ocean freight and passenger service along the Panama Canal. KCS' North American rail holdings and strategic alliances are primary components of a railway network, linking the commercial and industrial centers of the U.S., Mexico and Canada. More information about KCS can be found at www.kcsouthern.com.
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KCS: Ashley Thorne, 816-983-1530, firstname.lastname@example.org
(END) Dow Jones Newswires
February 04, 2021 16:30 ET (21:30 GMT)