Shares of General Dynamics Corp. GD, +0.85% rose 0.9% in afternoon trading Wednesday, after the aerospace and defense company raised its dividend by 8.2%, to push the yield even further above its industrial peer group. The new quarterly dividend, which was raised to $1.19 a share from $1.10, will be payable May 7 to shareholders of record on April 9. Based on current stock prices, the new annual dividend rate implies a dividend yield of $2.81%, compared with the yield for the SPDR Industrial Select Sector ETF XLI, +0.89% of 1.46% and the implied yield for the S&P 500 SPX, -0.77% of 1.50%, according to FactSet. General Dynamics said it has now raised its annual dividend for 24 straight years. The stock has edged up 5.1% over the past 12 months, while the industrial ETF has rallied 27.1% and the S&P 500 has climbed 28.4%.
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