There are many reasons to buy shares of breakfast and snack food giant Kellogg (K) - Get Report .

The stock, at around $68, is up nearly 4% so far this year and 4% in the past 52 weeks. These may not be breathtaking gains but the stock has outperformed the Dow Jones Industrial Average (DJI) and S&P 500 (SPX) index for both periods.

Another reason: the company's Project K initiative, which is designed to lower capital expenses and can only enhance any stock gains.

Yet another: Kellogg shares will trade ex-dividend Friday, which means if you want to receive the 50-cent quarterly payout you have to own Kellogg stock by that day. After that the company will finalize its roster of shareholders to whom it will send dividend checks. Shareholders as of Dec. 1 will get the check on Dec. 15. 

The dividend yields around 3.02% annually, over 1% higher than the S&P 500. If you are buying the stock just for the dividend, you only have a short period for selling the stock within days after the dividend cash payment has been paid.

But this is a stock that will satisfy for the long term. The Michigan-based company is projected to grow fiscal 2016 earnings at more than 7% year over year, reaching $3.75 a share. This puts shares of the Pop Tarts maker at just 17 times those estimates, in line with the S&P 500 index. Kellogg is projected to outgrow the average S&P 500 company's earnings in fiscal 2016 by more than two percentage points, thanks to the Project K initiative.

As it stands, patience is still the best play here for Kellogg stock. Not only does its 50-cent quarterly dividend yield about 3% annually but the money it saves from its Project K initiative could allow it to raise the dividend in future quarters while putting the company in a position to buy back more of its stock.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.