Retailer Target (TGT) rose in pre-market trading after the company announced plans to raise its quarterly dividend.
DIVIDEND INCREASE: Target said this morning that it will raise its quarterly dividend 7.1% to 60c per share from 55c. The new dividend is payable on September 10 to shareholders of record as of August 17.
WHAT'S NOTABLE: The retailer noted in a statement that with today's increase, 2016 is expected to be the 45th consecutive year in which it has raised its annual dividend.
ALSO NOTABLE: In May, Target was one of several major retailers to give a lower than expected outlook. On its last earnings conference call, however, the retailer said its $5.20-$5.40 earnings per share range for the fiscal year is still "achievable" despite the challenging short-term landscape.
PRICE ACTION: Target is up about 0.5% to $68.56 per share in pre-market trading.
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