Target Corp.'s board declared a quarterly dividend of 25 cents, up 45 percent from 17 cents previously.

The dividend will be paid Sept. 10 to shareholders of record as of Aug. 20. The discounter, based in Minneapolis, announced the dividend ahead of its annual shareholders' meeting Wednesday afternoon.

Target announced in March a quarterly dividend of 17 cents, to be paid June 10 to shareholders of record as of May 20.

The company's shares rose 65 cents, or more than 1 percent, to $53.07 in early afternoon trading.