Dick's Sporting Goods Boosts Dividend By Nearly 12%

Dick's Sporting Goods Inc. said Tuesday it was raising its quarterly dividend to 17 cents a share, a 11.5% increase over the previous dividend of 15.25 cents a share. The sporting goods retailer's new dividend is payable on March 31 to shareholders of record on March 10. Based on Monday's stock closing price of $52.42, the new annual dividend rate of 68 cents a share represents a dividend yield of 1.30%, compared with the aggregate S&P 500 dividend yield of 2.04%, according to FactSet. Dick's shares, which were still inactive in premarket trade, have dropped 14% over the past three months, while the SPDR S&P Retail ETF has lost 3.9% and the S&P 500 has gained 7.6%.