Cato Corp. (CATO) Declares $0.33 Quarterly Dividend; Increases Stock Buyback to 2M Shares
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Cato Corp. (NYSE: CATO) declared a quarterly dividend of $0.33 per share, or $1.32 annualized.
The dividend will be payable on January 2, 2017, to stockholders of record on December 12, 2016, with an ex-dividend date of December 8, 2016.
The annual yield on the dividend is 4.3 percent.
Cato also announced that its Board of Directors has authorized an increase in the Company's share repurchase program of 2 million shares. Prior to this authorization, the Company had approximately 840,000 shares remaining in open authorizations. Purchases under the share repurchase program will be made from time to time on the open market or in privately negotiated transactions and will be subject to market conditions and applicable SEC rules. The board's last authorization was in 2014.
John Cato, the Company's Chairman, President and Chief Executive Officer, commented that, "We believe the increase in our stock repurchase program will be beneficial to Cato and continues our focus on enhancing the value of our long-term shareholders' investment. The Company's substantial cash reserves enable the Company to repurchase these shares while maintaining the financial flexibility to pursue its growth plans and continue to pay regular dividends."
For a dividend history and other dividend-related data on Cato Corp. (CATO) click here.
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