LyondellBasell raises dividend, to boost dividend yield above 5.5%

LyondellBasell Industries N.V.
LYB,
+0.99%
said Friday that it raised its quarterly dividend by 5.0%, to $1.25 a share from $1.19 a share. Shareholders as of May 30 will be paid the new dividend on June 6. The chemicals company’s stock was still inactive in premarket trading. Based on Thursday’s closing price of $90.04, the new annual dividend rate of $5.00 a share implies a dividend yield of 5.55%, which compares with the yield for the Materials Select Sector SPDR exchange-traded fund
XLB,
+0.59%
of 2.25% and the implied yield for the S&P 500
SPX,
+0.94%
of 1.63%. LyondellBasell’s stock has gained 8.4% year to date, while the materials ETF has tacked on 1.0% and the S&P 500 has advanced 9.3%.