After bombarding investors over the past few weeks with poor news, Target (NYSE:) finally gave investors something to cheer about today, although it likely won’t make up for the 32% year-to-date drop in the stock.

Target has announced it is increasing its quarterly dividend from $1.08 to $20 per share by raising 20%. Target will increase its dividend by $4.32 per share on an annual basis to $1.08 per share, with a 2.8% annual yield.

Today’s news follows the retailer’s second-quarter profit warning in May and the second warning for the same quarter announced only on Tuesday. Target stated that it expects to have a Q2 operating profit margin of around 2.2%. That’s down from 5.3%. It is also aggressively managing its large inventory growth.

This year’s dividend hike compares to last year’s hike of 32% but is still well above the hikes of only 3% for 2017-2020. Meanwhile, the yield on the dividend hasn’t been this high since 2019.

Target is a member of the S&P Dividend Aristocrat, having raised its dividend for 51 consecutive years.

Stockholders with record dates of August 17-2022 and August 16-2022 will receive the newly declared dividend on September 10, 2022.