Dividend Hikes: Crane

Crane will increase its quarterly dividend payment by 15%
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BOSTON (TheStreet) -- Crane (CR) - Get Report shares rose Tuesday after the industrial products company raised its dividend by 15% and raised its guidance for full-year earnings.


raised its quarterly dividend to 23 cents per share from 20 cents. The new dividend is payable on Sept. 10 to shareholders of record as of the close of business on Aug. 31. Based on an annual dividend of 92 cents, Crane's dividend yield moves higher to 2.59% from 2.25%.

The dividend announcement came as Crane reported second-quarter adjusted earnings of 66 cents a share on revenue of $552.8 million, topping the Thomson Reuters average estimate for earnings of 59 cents a share on revenue of $543.1 million.

For the full year, Crane now expects to report a profit of $2.35 to $2.50 a share, compared with the consensus target of $2.39 a share.

Shares of Crane were lately up 69 cents, or 2%, to $35.55.

In other dividend news,


(RCII) - Get Report

initiated a quarterly cash dividend of 6 cents per share, which would yield 1.06% on an annualized basis. The dividend will be paid on Aug. 26 to shareholders of record at the close of business on Aug. 12.

However, shares of Rent-A-Center dropped after the company said it had revenue of $671.5 million in the second quarter, coming in below the Thomson Reuters average estimate for revenue of $678.8 million.

Rent-A-Center reported second-quarter earnings of 72 cents a share, which topped the consensus estimate of 67 cents a share. The company also offered in-line earnings guidance for the full year.

Rent-A-Center shares were lately down 55 cents, or 2.4%, to $22.74.

-- Written by Robert Holmes in Boston


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