B&G Foods, Inc. (NYSE:BGS) Declares $0.19 Quarterly Dividend

Key Points

• B&G Foods, Inc. declared a quarterly dividend of $0.19 per share, with a yield of 17.82%, to be paid on October 27th to shareholders of record on September 30th.
• The company has a high dividend payout ratio of 126.7%, indicating reliance on its balance sheet for dividend payments and concerns about future profitability.
• Analysts have downgraded B&G Foods' stock price targets, with Barclays lowering their estimate from $5.00 to $4.00, reflecting a consensus rating of "Hold."

B&G Foods, Inc. (NYSE:BGS - Get Free Report) declared a quarterly dividend on Tuesday, July 29th, RTT News reports. Investors of record on Tuesday, September 30th will be given a dividend of 0.19 per share on Monday, October 27th. This represents a c) annualized dividend and a yield of 18.4%. The ex-dividend date of this dividend is Tuesday, September 30th.

B&G Foods has a payout ratio of 126.7% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect B&G Foods to earn $0.67 per share next year, which means the company may not be able to cover its $0.76 annual dividend with an expected future payout ratio of 113.4%.

B&G Foods Stock Performance

NYSE:BGS traded up $0.04 during trading hours on Friday, hitting $4.14. 2,211,930 shares of the company traded hands, compared to its average volume of 2,675,216. The stock has a market capitalization of $330.36 million, a price-to-earnings ratio of -1.56 and a beta of 0.54. B&G Foods has a twelve month low of $3.97 and a twelve month high of $9.44. The firm has a 50-day moving average of $4.30 and a 200 day moving average of $5.61. The company has a current ratio of 3.32, a quick ratio of 1.07 and a debt-to-equity ratio of 3.90.

B&G Foods (NYSE:BGS - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.12). The company had revenue of $425.40 million for the quarter, compared to analyst estimates of $459.40 million. B&G Foods had a negative net margin of 11.16% and a positive return on equity of 7.00%. B&G Foods's revenue for the quarter was down 10.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.18 earnings per share. On average, analysts forecast that B&G Foods will post 0.7 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have issued reports on BGS. Barclays lowered their price target on shares of B&G Foods from $5.00 to $4.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 15th. Piper Sandler lowered their price target on shares of B&G Foods from $7.00 to $5.00 and set a "neutral" rating on the stock in a report on Thursday, May 8th. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $7.10.

B&G Foods Company Profile

B&G Foods, Inc is a holding company, which engages in the manufacture, sale, and distribution of shelf-stable frozen food, and household products in the U.S., Canada, and Puerto Rico. It operates through the following segments: Specialty, Meals, Frozen & Vegetables, and Spices & Flavor Solutions.