CATO Corp. (NYSE:CATO) increased the dividend payment by 24% to an annual rate of $0.92 per share. That is certainly good news and one of the catalysts I had mentioned in my value ideas competition entry for CATO.
At the closing market price on May 25, 2011, the dividend represents an annualized yield of 3.5%.
Mr. Cato discussed the company's 2011 growth plans, including that the company continues to believe both the Cato and It's Fashion divisions, as well as the company's newest concept, Versona Accessories, provide growth opportunities for the future. He added the company expects to open 10 Cato stores and 34 It's Fashion Metro stores this year.
Read the full press release here.
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