Lawn care equipment maker Toro (NYSE:TTC) announced today its third-quarter dividend of $0.14 per share, the same rate it's paid for the past two quarters after raising the payout 27% from $0.11 per share. The lawn care specialist had split its stock 2-for-1 in June of 2012. Prior to the split, Toro's dividend had been $0.22 per share.
The board of directors said the quarterly dividend is payable on October 15 to holders of record at the close of business on September 30. The regular dividend payment equates to a $0.56-per-share annual dividend, yielding 1% based on the closing price today of Toro's stock.
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