GE Boosts Dividend 5%

(RTTNews) - General Electric Co (GE) Friday boosted its dividend by 5 percent to 23 cents per share as the diversified conglomerate continues to return more cash to shareholders while also investing in long-term growth.

This is the seventh time in five years that GE raised its quarterly dividend, reflecting its commitment to enthuse shareholders and make its stock more attractive, but still the 23 cents per share dividend does not match the levels seen before the financial crisis.

In February 2009, GE cut its quarterly dividend to 10 cents per share from 31 cents, when the markets bore the brunt of the financial crisis.

Commenting on today's dividend increase, GE Chief Executive Jeff Immelt said, "Returning cash to shareowners remains our top priority, while we continue to invest in long-term growth."

GE reported cash and cash equivalent of $90 billion as at September 30.

In October, the company reported an 11 percent increase in third-quarter earnings, helped by increased profit and margin expansion in Industrial segment.

GE is trading at $25.19, down $0.22 or 0.85%, on a volume of 25 million shares on the NYSE.