Delphi Automotive's Stock Climbs After Dividend Hike

Delphi Automotive PLC's stock climbed 1.9% in morning trade Tuesday, after the automotive technology company said it raised its annual dividend rate by 16% to $1.16 a share. The new quarterly dividend of 29 cents a share, up from 25 cents a share, will be payable Feb. 29 to shareholders of record on Feb. 17. Based on Monday's closing price of $75.84, the new dividend would imply an annual dividend yield of 1.5%, compared with the S&P 500 dividend yield of 2.3%, according to FactSet. Delphi's stock has lost 5.8% over the past three months, while the S&P 500 has slipped 4%.

Copyright © 2016 MarketWatch, Inc.