Cato Corp. CATO, +8.64% said Friday it will raise its quarterly dividend by 55%, to 17 cents a share from 11 cents a share. The new dividend, for shareholders of record on Sept. 13, will be paid out on Sept. 27. The discount fashion apparel retailer’s stock was still inactive in premarket trading. Based on Thursday’s closing price of $16.66, the new annual dividend rate implies a dividend yield of 4.08%, compared with the yield for the SPDR S&P Retail ETF XRT, +0.81% of 0.69% and the implied yield for the S&P 500 SPX, +0.88% of 1.34%, according to FactSet. Cato’s stock has rallied 73.7% year to date, while the retail ETF has climbed 48.4% and the S&P 500 has gained 19.0%.
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