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Cato Corp. increases dividend 24 percent

Cato Corp. said its board of directors has approved a 24 percent increase in the company’s dividend.

The increase means an annualized rate of 92 cents per Class A Class B common share.

The dividend is payable quarterly at a rate of 23 cents per share. The first dividend is payable June 27 to shareholders of record on June 13.

Cato Corp. is a clothing retailer. As of April 30, the company operated 1,282 stores in 31 states.

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