Saul Centers Inc. (BFS) will raise its quarterly dividend from $0.47 to $0.51 per share. The increased dividend will be paid on January 31, 2017 to holders of record on January 17, 2017.

Saul Centers operates and manages a real estate portfolio of community and neighborhood shopping center and office properties. It's the second dividend hike in 2016 for the real estate investment trust (REIT).

The new annual dividend of $2.04 per share translates into an estimated yield of 3% based on a stock price of $67.

Saul Centers operates and manages a real estate portfolio of community and neighborhood shopping center and office properties. The Company engages in the ownership, operation, management, leasing, acquisition, renovation, expansion, development and financing of community and neighborhood shopping centers and mixed-used properties in the Washington, District of Columbia/Baltimore metropolitan area.