United Parcel Service Inc. UPS raised its quarterly dividend by 6.6%, to $1.62 a share from $1.52 a share, and set a new $5 billion share repurchase program. The package delivery giant’s new dividend will be payable March 10 to shareholders of record on Feb. 21. Based on Monday’s stock closing price of $176.97, the new annual dividend rate implies a dividend yield of 3.66%, which compares with rival FedEx Corp.’s FDX current yield of 2.50% and the implied yield for the S&P 500 SPX of 1.69%. And the new stock buyback program represents 3.3% of UPS’s market capitalization of $153.05 billion. Earlier, the company reported fourth-quarter profit that topped expectations but missed on revenue. The stock has lost 12.5% over the past 12 months through Monday, while FedEx shares have dropped 25.1% and the S&P 500 has shed 11.0%.
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