Franchise Group jumps after boosting quarterly dividend by 50%

Franchise Group last night announced that its board approved a quarterly dividend to common stockholders of 37.5 per share, an increase of 50% compared to each of the last four quarters. Brian Kahn, CEO of Franchise Group commented, "Our businesses have continued to generate strong free cash flow and have positive momentum heading into 2021. This increase in dividend moves us closer to our long-term goal of distributing 25% of Adjusted EBITDA in dividends to our common stockholders." The dividend will be paid on or about January 8, 2021 to holders of record of the company's common stock on the close of business on December 24. Shares of Franchise Group are up 8%, or $1.97, to $27.87 in afternoon trading.