PPG Industries boosts dividend 11%
PPG Industries Inc. said Thursday it raised its quarterly dividend by 4 cents, or 11%, to 40 cents a share. The paint seller's new dividend will be payable June 10 to shareholders of record on May 10. Based on the stock's Wednesday closing price of $116.07, the new dividend implies an annual dividend yield of 1.4%, compared with the aggregate S&P 500 dividend yield of 2.1%, according to FactSet. "This 11% increase in our per-share quarterly dividend reaffirms PPG's commitment to sustainable dividend increases as an integral part of our capital allocation strategy," said Chief Financial Officer Frank Sklarsky. The stock, which was still inactive in premarket trade, has soared 17% year to date, while the S&P 500 has gained 2.9%.
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