Deutsche Bank: Packaging America Returning Cash to Shareholders

In a research report published earlier today by Deutsche Bank, Packaging Corporation of America

is returning cash to shareholders after it announced an increase in its annual dividend. Deutsche Bank commented on the cash-back: “This move isn't a huge surprise. PKG noted on its recent 4Q earnings call that it was reviewing the dividend policy. At $1/share, this implies a dividend yield of 3.4% at current price levels. The dividend increase comes only 2 months after PKG increased its share buyback program by $150MM.” Deutsche Bank maintains its Buy rating and $34 PT on Packaging America, which is currently trading at $28.85.