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GM's stock surges after reinstatement of dividend 2 years after it was suspended

·1 min read
GM's stock surges after reinstatement of dividend 2 years after it was suspended

Shares of General Motors Co. surged 1.9% in premarket trading Friday, after the automobile maker said it will reinstate the payment of a quarterly dividend, more than two years after suspending it, and resume "opportunistic" repurchases of its common stock. The new quarterly dividend of 9 cents a share will be payable Sept. 15 to shareholders of record on Aug. 31. Based on Thursday's closing price of $38.72, the annual dividend rate implies a dividend yield of 0.93%, compared with the yield for