Target Corporation (TGT) today announced a 20 percent dividend increase to $1.08 quarterly per share. The board of directors of Target Corporation declared a quarterly dividend of $1.08 per common share, a 20% increase from the prior quarterly dividend of 90 cents.

The dividend is payable Sept. 10, 2022 to shareholders of record at the close of business August 17, 2022. The 3rd quarter dividend will be the company's 220th consecutive dividend paid since October 1967 when the company became publicly held. With the increase announced today, 2022 is on track to be the 51st consecutive year in which Target has increased its annual dividend.

A new annual rate of $4.32 per share for TGT yields 2.8% at a stock price of $154.55. Target now pays an estimated $2 billion in dividends annually to shareholders.

Target Corporation is a general merchandise retailer selling a wide assortment of general merchandise and food. The majority of Target's stores offer an edited food assortment comparable to traditional supermarkets, including perishables, dry grocery, dairy, and frozen items. The company sells national branded merchandise and its own branded products. Target was incorporated in Minnesota in 1902 and became publicly held in 1967. Target Corporation is one of the S&P500 Dividend Aristocrats having raised its dividend for more than 25 consecutive years.