U.S. Bancorp Raises Quarterly Dividend By 9.8%

U.S. Bancorp said Monday it will raise its quarterly dividend by 9.8% to 28 cents a share from 25.5 cents a share. The new dividend will be payable Oct. 17 to shareholders of record on Sept. 30. Based on Friday's share closing price of $42.60, the new annual dividend implies a dividend yield of 2.63%, compared with the aggregate S&P 500 dividend yield of 2.14%, according to FactSet. The stock, which was still inactive in premarket trade, has slipped 0.2% year to date through Friday, while the SPDR Financial Select Sector ETF has eased 0.9% and the S&P 500 has gained 4.7%.