BATTLE CREEK, Mich. - WK Kellogg Co (NYSE: KLG) has announced a 3% increase in its quarterly dividend, raising the payout to $0.165 per share from the previous $0.16, bringing the annual dividend yield to 3.

WK Kellogg raised its quarterly dividend to 16.5 cents per share from 16 cents. The company said Thursday that its board approved the new payout, which is equal to 49.5 cents per share on an annual basis. Based on the company's latest closing share price of $16.28 the new dividend represents a yield of about 3.1%.

WK Kellogg Co (NYSE: KLG) today announced that its Board of Directors has approved an increase in its quarterly dividend to $0.165 per share on the common stock of WK Kellogg Co, an increase of 3% from the prior quarterly dividend of $0.

The quarterly dividend is payable on March 14 to shareowners of record at the close of business on February 28. The ex-dividend date is

WK Kellogg Co (NYSE:KLG – Get Free Report)’s stock price dropped 6% during trading on Tuesday after Jefferies Financial Group lowered their price target on the stock from $19.00 to $16.00. Jefferies Financial Group currently has a hold rating on the stock.