Cato Corp. (CATO) announced that its board approved a 9% increase in the Company's dividend to an annualized rate of $1.00 per Class A Common and Class B Common share. The dividend is payable quarterly at the rate of $0.25 per share with the first payable date of June 25, 2012 to shareholders of record on June 11, 2012. At the closing market price on May 23, 2012, the dividend represents an annualized yield of 3.5%.
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