Northrop Grumman Raises Dividend 14%

Northrop Grumman Corp. on Wednesday raised its quarterly dividend by 14% to 80 cents a share. The government contractor's new dividend will be paid out on June 17 to shareholders of record at the close of business on June 1. The new annual rate of $3.20 a share implies a dividend yield of 2%, based on the stock's closing price of $158.93 on Tuesday. "Returning cash to shareholders continues to be a core element of our value creation strategy," said Chief Executive Wes Bush. The stock, which was still inactive in premarket trade, has climbed 7.8% year to date, outperforming the S&P 500's 3.4% gain.