Summer is coming, and with it come revised dividends. Target Corp. (NYSE: TGT) already made the list of companies that 24/7 Wall St. expected to increase dividends this summer. Target’s news came late in the session on Tuesday.

The company announced that it is increasing its dividend by 7.7% to a quarterly $0.56 per share, or an annual $2.24 per share. At the same time, Target increased its stock buyback plan by $5 billion to a total of $10 billion.

The dividend will be paid on September 10, 2015, to shareholders of record at the close of August 19.

24/7 Wall St. predicted this move by Target just last week when we released The Next Big Dividend Hikes You Can Bank On This Summer. We included a few other companies that have the potential to do so as well, just like Target.

Our verdict was that management put the pedal to the metal last year, but with a yield already of 2.6%, we expected close to a 10% payout hike this year. That would put Target’s yield near 3%, if the stock pulls back much at all.

After Target announced its hike in 2015, the dividend yield would become 2.8% and the payout ratio came out to 48.5%.

Target times its dividend hike news around the annual meeting in June, but investors have to be patient after the news because they do not get paid out until the fall. The 2014 annual dividend hike was by more than 20%, but 2015 expectations may have to be a bit tempered. After all, the data breach is now well over a year old. With annual earnings expected to be $4.62 per share this year, the $0.52 per quarter, or $2.08 per year, is still less than half of the annualized operating income.

Shares of Target were relatively flat at $78.88 at the close Tuesday and inactive in premarket trading Wednesday. The stock has a consensus analyst price target of $80.90 and a 52-week trading range of $56.61 to $83.98.

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