President Barack Obama shakes hands with General Electric CEO Jeff Immelt during a meeting of the President's Council on Jobs at the International Brotherhood of Electrical Workers (IBEW) Local No. 5 Training Center in Pittsburgh, Tuesday, Oct. 11, 2011. (AP Photo/Susan Walsh)
General Electric Co. (GE) raised its quarterly dividend to 17 cents a share from 15 cents, matching analysts’ forecasts, as Chief Executive Officer Jeffrey Immelt increased the payout for the fourth time in two years.
The dividend is payable Jan. 25 to shareholders of record on Dec. 27, GE said today in a statement. The shares rose 2.9 percent to $16.79 at 11:23 a.m. in New York.
Analysts including JPMorgan Chase & Co.’s C. Stephen Tusa, Citigroup Inc.’s Deane Dray and Bernstein & Co.’s Steven Winoker have estimated in recent weeks a raise that would push the yield over 4 percent from 3.62 percent, or about 17 cents. Bloomberg analysts also projected an increase of 2 cents.
Full story: GE Dividend Boost of 2 Cents a Share – Bloomberg.