87.6 F
San Fernando
Saturday, Mar 2, 2024
Array

Ryland Declares Dividend

Surging Ryland Group Inc. announced a quarterly dividend on Friday of 3 cents a share, which will be paid Jan. 30 to shareholders of record Jan. 15. The Westlake Village company is one of the country’s largest home builders and mortgage lenders, and has been doing well of late. Ryland surprised Wall Street by turning a $10.6 million profit in the third quarter, far bigger than expected, on revenue that grew by nearly half to $359 million. The results were driven by the recovering housing market and a 56 percent increase in new orders. Shares in the company are up more than 70 percent this year. Unlike many companies that have announced dividends this month, Ryland is not paying its dividend early to avoid possible tax consequences should an agreement not be reached on Capitol Hill on taxes and spending cuts. Shares closed up 15 cents, or less than 1 percent, to $32.58 on the New York Stock Exchange.

Featured Articles

Related Articles