Canadian forestry company West Fraser Timber (WFG) is raising its quarterly dividend by 20%.
The Vancouver-based company said it will now pay a quarterly dividend of $0.30 U.S. per share starting with its July 8 payment to shareholders of record on June 22.
West Fraser Timber had previously paid a quarterly dividend of $0.25 U.S. per share.
The company said the increased payment to shareholders follows its recent share buyback plan that reduced its number of shares outstanding.
West Fraser Timber produces lumber, engineered wood products, pulp, newsprint, wood chips and other residual lumber products. The company has more than 60 facilities in Canada, the U.S., U.K. and Europe.
West Fraser Timber’s stock is down 3% this year at $114.72 per share.
