Ford Motor Co (NYSE:F) said on Thursday it will pay a second-quarter dividend of 10 cents per share on outstanding shares of the company's common and Class B stock.
What Happened: This is the third such payout for the legacy automaker that had suspended its quarterly dividend in March 2020 to deal with a capital crunch caused by shutdowns in production due to the fast-spreading virus outbreak.
The dividend is payable on June 1 to shareholders of record at the close of business on April 26, the automaker said.
Ford had in the first quarter of this year and the fourth quarter of 2021 paid a dividend of 10 cents per share as well.
Why It Matters: Unlike Ford, rival General Motors Co (NYSE:GM) had in February decided against reinstating its dividend after it suspended the payout in the second quarter of 2020 because of the pandemic.
“We will consider all opportunities to return excess capital to shareholders, but we will not reinstate a dividend at this time,” GM CEO Mary Barra had told analysts in February, adding that the company is focused on accelerating its EV plan and driving growth.
Price Action: Ford stock closed 2.8% lower at $14.96 a share on Thursday.
