Wrangler, Lee jeans parent Kontoor raises dividend, to lift yield above 4.2%

Wrangler and Lee jeans parent Kontoor Brands Inc.
KTB,
-1.14%
raised its quarterly dividend by 4.2%, to 50 cents a share from 48 cents a share. Shareholders of record on Dec. 8 will be paid the new dividend on Dec. 18. Based on Thursday’s stock closing price of $47.20, the new annual dividend rate implies a dividend yield of 4.23%, compared with the implied yield for the S&P 500
SPX,
-0.48%
of 1.68% and the yield on the 10-year Treasury note
TMUBMUSD10Y,
4.840%
of 4.845%. Kontoor’s stock, which was still inactive in the premarket, has rallied 13.5% over the past three months while the S&P 500 has declined 8.8%.