PPG Industries Inc. said Thursday that it will raise its quarterly dividend by 9.3%, to 59 cents a share from 54 cents a share. The new dividend will be payable Sept. 10 to shareholders of record on Aug. 10. The paint, coatings and specialty materials company's stock edged up 0.3% in morning trading. Based on current stock prices, the new annual dividend rate would imply a dividend yield of 1.38%, compared with the yield for the SPDR Materials Select Sector ETF of 1.63% and the implied yield for the S&P 500 of 1.35%. PPG said the raised dividend marks the 50th consecutive year of annual increases in the dividend. The stock has rallied 18.4% year to date, while the materials ETF has gained 13.8% and the S&P 500 has advanced 16.2%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
