Apogee boosts dividend by 10%, increases share repurchase program

Apogee Enterprises Inc. said Wednesday it will raise its quarterly dividend by 10%, to 22 cents a share from 20 cents. The new dividend will be payable Feb. 15 to shareholders of record on Jan. 31. Based on Tuesday's stock closing price of $47.34, the new annual dividend rate implies a dividend yield of 1.86%, compared with the implied yield for the S&P 500 SPX, +0.92% of 1.31%. Separately, the enclosing commercial buildings and framing art company said it increased its current share repurchase program by 2 million shares, bringing the total available repurchase program to 2.6 million shares, which represents about 10.5% of the shares outstanding. The stock, which was still inactive in premarket trading, has rallied 20.3% over the past three months while the S&P 500 has gained 8.3%.