The Wendy's Company (WEN) will raise its quarterly dividend to $0.065 per share. The Company's new quarterly dividend rate of 6.5 cents per share will be effective with its next dividend payment on December 15, 2016 to shareholders of record as of December 1, 2016.

"As part of our previously announced share repurchase authorization, we intend to enter into an accelerated share repurchase transaction for $150 million," Chief Financial Officer Gunther Plosch said. "This is in addition to the approximately $185 million we have already returned to shareholders this year through share repurchases. We expect to announce the execution of an accelerated share repurchase agreement in the near future. In addition, our Board of Directors has authorized an 8-percent increase in our quarterly dividend rate, from 6 cents per share to 6.5 cents per share."

The new annual dividend of $0.26 per share translates into an estimated yield of 2.3% at the current $11.13 stock price for Wendy's.

The Wendy's Company is quick-service hamburger company. Wendy's is best known for its made-to-order square hamburgers, using fresh, never frozen beef, freshly-prepared salads with hand-chopped lettuce, and other signature items like chili, baked potatoes and the Frosty dessert. The Wendy's system includes franchise and company-operated restaurants in the United States and worldwide. Wendy's is also a partner in a Canadian restaurant real estate joint venture with a subsidiary of Restaurant Brands International Inc. (Tim Hortons and Burger King). Wendy's was founded in 1969 by Dave Thomas in Columbus, Ohio.